Discounted Cash Flow (DCF) Analysis Unlevered

Physicians Realty Trust (DOC)

$17.5

+0.04 (+0.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 29.44 | 17.5 | undervalue

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 335.10410.99404.38437.50457.70496.43538.43584633.41687.01
Revenue (%)
EBITDA 210.31280.80285.94160.90301.97302.37327.96355.71385.81418.45
EBITDA (%)
EBIT 85.15122.41139.5111.31144.10122.88133.28144.55156.79170.05
EBIT (%)
Depreciation 125.16158.39146.44149.59157.87179.49194.68211.15229.02248.40
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 2.7319.162.352.5279.6723.8725.8928.0830.4533.03
Total Cash (%)
Account Receivables 133.76149.41282.90198.80219.33237.88258.01279.84303.52329.20
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 11.023.896.357.016.658.809.5410.3511.2212.17
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 335.10410.99404.38437.50457.70496.43538.43584633.41687.01
EBITDA 210.31280.80285.94160.90301.97302.37327.96355.71385.81418.45
EBIT 85.15122.41139.5111.31144.10122.88133.28144.55156.79170.05
Tax Rate 4.09%3.59%3.50%0.00%3.25%2.89%2.89%2.89%2.89%2.89%
EBIAT 81.67118.02134.6211.31139.42119.33129.43140.38152.26165.15
Depreciation 125.16158.39146.44149.59157.87179.49194.68211.15229.02248.40
Accounts Receivable --15.65-133.4984.10-20.53-18.55-20.13-21.83-23.68-25.68
Inventories ----------
Accounts Payable --7.142.460.66-0.362.150.740.810.880.95
Capital Expenditure -23.24-34.64-40.14-33.89-32.57-39.86-43.24-46.90-50.86-55.17
UFCF 183.59218.99109.90211.77243.84242.56261.49283.62307.62333.65
WACC
PV UFCF 229.85234.80241.33248.03254.92
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