Discounted Cash Flow (DCF) Analysis Unlevered
Physicians Realty Trust (DOC)
$17.5
+0.04 (+0.23%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 335.10 | 410.99 | 404.38 | 437.50 | 457.70 | 496.43 | 538.43 | 584 | 633.41 | 687.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 210.31 | 280.80 | 285.94 | 160.90 | 301.97 | 302.37 | 327.96 | 355.71 | 385.81 | 418.45 |
| EBITDA (%) | ||||||||||
| EBIT | 85.15 | 122.41 | 139.51 | 11.31 | 144.10 | 122.88 | 133.28 | 144.55 | 156.79 | 170.05 |
| EBIT (%) | ||||||||||
| Depreciation | 125.16 | 158.39 | 146.44 | 149.59 | 157.87 | 179.49 | 194.68 | 211.15 | 229.02 | 248.40 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 2.73 | 19.16 | 2.35 | 2.52 | 79.67 | 23.87 | 25.89 | 28.08 | 30.45 | 33.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 133.76 | 149.41 | 282.90 | 198.80 | 219.33 | 237.88 | 258.01 | 279.84 | 303.52 | 329.20 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.02 | 3.89 | 6.35 | 7.01 | 6.65 | 8.80 | 9.54 | 10.35 | 11.22 | 12.17 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -23.24 | -34.64 | -40.14 | -33.89 | -32.57 | -39.86 | -43.24 | -46.90 | -50.86 | -55.17 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 17.5 |
|---|---|
| Beta | 0.781 |
| Diluted Shares Outstanding | 223.06 |
| Cost of Debt | |
| Tax Rate | 3.25 |
| After-tax Cost of Debt | 2.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.892 |
| Total Debt | 2,016.88 |
| Total Equity | 3,903.56 |
| Total Capital | 5,920.43 |
| Debt Weighting | 34.07 |
| Equity Weighting | 65.93 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 335.10 | 410.99 | 404.38 | 437.50 | 457.70 | 496.43 | 538.43 | 584 | 633.41 | 687.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 210.31 | 280.80 | 285.94 | 160.90 | 301.97 | 302.37 | 327.96 | 355.71 | 385.81 | 418.45 |
| EBIT | 85.15 | 122.41 | 139.51 | 11.31 | 144.10 | 122.88 | 133.28 | 144.55 | 156.79 | 170.05 |
| Tax Rate | 4.09% | 3.59% | 3.50% | 0.00% | 3.25% | 2.89% | 2.89% | 2.89% | 2.89% | 2.89% |
| EBIAT | 81.67 | 118.02 | 134.62 | 11.31 | 139.42 | 119.33 | 129.43 | 140.38 | 152.26 | 165.15 |
| Depreciation | 125.16 | 158.39 | 146.44 | 149.59 | 157.87 | 179.49 | 194.68 | 211.15 | 229.02 | 248.40 |
| Accounts Receivable | - | -15.65 | -133.49 | 84.10 | -20.53 | -18.55 | -20.13 | -21.83 | -23.68 | -25.68 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -7.14 | 2.46 | 0.66 | -0.36 | 2.15 | 0.74 | 0.81 | 0.88 | 0.95 |
| Capital Expenditure | -23.24 | -34.64 | -40.14 | -33.89 | -32.57 | -39.86 | -43.24 | -46.90 | -50.86 | -55.17 |
| UFCF | 183.59 | 218.99 | 109.90 | 211.77 | 243.84 | 242.56 | 261.49 | 283.62 | 307.62 | 333.65 |
| WACC | ||||||||||
| PV UFCF | 229.85 | 234.80 | 241.33 | 248.03 | 254.92 | |||||
| SUM PV UFCF | 1,208.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.53 |
| Free cash flow (t + 1) | 340.32 |
| Terminal Value | 9,640.82 |
| Present Value of Terminal Value | 7,366.04 |
Intrinsic Value
| Enterprise Value | 8,574.98 |
|---|---|
| Net Debt | 2,007 |
| Equity Value | 6,567.98 |
| Shares Outstanding | 223.06 |
| Equity Value Per Share | 29.44 |