Discounted Cash Flow (DCF) Analysis Unlevered

Equity LifeStyle Properties, Inc. (ELS)

$66.82

+0.10 (+0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 21.57 | 66.82 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,020.521,080.271,260.121,431.101,489.421,638.911,803.411,984.412,183.592,402.75
Revenue (%)
EBITDA 491.71506.08571.45615.04523.79716.28788.17867.28954.331,050.11
EBITDA (%)
EBIT 337.73348.32380.02407.99320.06476.90524.76577.43635.39699.16
EBIT (%)
Depreciation 153.98157.76191.43207.05203.74239.38263.41289.85318.94350.95
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 28.8624.06123.402.6555.9861.5967.7874.5882.0690.30
Total Cash (%)
Account Receivables 37.5635.8439.9545.3649.6754.6560.1466.1772.8180.12
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 124.66129.67172.28175.15186.66205.40226.01248.70273.66301.12
Accounts Payable (%)
Capital Expenditure -257.99-217.08-290.29-372.80-351.74-387.04-425.89-468.63-515.67-567.42
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 66.82
Beta 0.699
Diluted Shares Outstanding 195.43
Cost of Debt
Tax Rate -3.01
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.584
Total Debt 3,387.98
Total Equity 13,058.57
Total Capital 16,446.55
Debt Weighting 20.60
Equity Weighting 79.40
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,020.521,080.271,260.121,431.101,489.421,638.911,803.411,984.412,183.592,402.75
EBITDA 491.71506.08571.45615.04523.79716.28788.17867.28954.331,050.11
EBIT 337.73348.32380.02407.99320.06476.90524.76577.43635.39699.16
Tax Rate 42.88%49.18%44.57%39.01%-3.01%34.53%34.53%34.53%34.53%34.53%
EBIAT 192.91177.01210.63248.85329.68312.24343.58378.06416.01457.76
Depreciation 153.98157.76191.43207.05203.74239.38263.41289.85318.94350.95
Accounts Receivable -1.71-4.11-5.40-4.31-4.98-5.49-6.04-6.64-7.31
Inventories ----------
Accounts Payable -542.622.8611.5118.7320.6222.6824.9627.47
Capital Expenditure -257.99-217.08-290.29-372.80-351.74-387.04-425.89-468.63-515.67-567.42
UFCF 88.89124.40150.2880.56188.88178.33196.23215.92237.60261.44
WACC
PV UFCF 166.82171.71176.75181.94187.28
SUM PV UFCF 884.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.90
Free cash flow (t + 1) 271.90
Terminal Value 9,375.88
Present Value of Terminal Value 6,716.20

Intrinsic Value

Enterprise Value 7,600.71
Net Debt 3,385.34
Equity Value 4,215.37
Shares Outstanding 195.43
Equity Value Per Share 21.57