Discounted Cash Flow (DCF) Analysis Unlevered

Empire State Realty OP, L.P. (ESBA)

$7.84

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.18 | 7.84 | overvalue

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 712.47731.51731.34609.23624.09605.98588.40571.32554.75538.65
Revenue (%)
EBITDA 353.35369.18346.67265289.28287.61279.27271.16263.30255.66
EBITDA (%)
EBIT 192.64200.67165.0873.9979.64123.56119.97116.49113.11109.83
EBIT (%)
Depreciation 160.71168.51181.59191.01209.64164.06159.30154.67150.19145.83
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 464.34604.98233.95526.71423.69405.05393.30381.89370.80360.04
Total Cash (%)
Account Receivables 206.96230.34246.38191.35196.02190.33184.81179.44174.24169.18
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 32.5134.5835.08103.2041.6645.7044.3743.0841.8340.62
Accounts Payable (%)
Capital Expenditure -222.98-243.02-250.25-143.12-190.71-185.17-179.80-174.58-169.51-164.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.84
Beta 1.138
Diluted Shares Outstanding 277.72
Cost of Debt
Tax Rate 11.85
After-tax Cost of Debt 3.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.150
Total Debt 2,339.26
Total Equity 2,177.29
Total Capital 4,516.55
Debt Weighting 51.79
Equity Weighting 48.21
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 712.47731.51731.34609.23624.09605.98588.40571.32554.75538.65
EBITDA 353.35369.18346.67265289.28287.61279.27271.16263.30255.66
EBIT 192.64200.67165.0873.9979.64123.56119.97116.49113.11109.83
Tax Rate 5.95%4.51%3.82%23.35%11.85%9.90%9.90%9.90%9.90%9.90%
EBIAT 181.18191.62158.7756.7270.20111.33108.10104.96101.9298.96
Depreciation 160.71168.51181.59191.01209.64164.06159.30154.67150.19145.83
Accounts Receivable --23.38-16.0455.03-4.675.695.525.365.215.06
Inventories ----------
Accounts Payable -2.080.5068.12-61.544.03-1.33-1.29-1.25-1.21
Capital Expenditure -222.98-243.02-250.25-143.12-190.71-185.17-179.80-174.58-169.51-164.60
UFCF 118.9195.8074.56227.7622.9299.9491.8089.1386.5584.03
WACC
PV UFCF 94.0581.3074.2967.8862.03
SUM PV UFCF 379.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.26
Free cash flow (t + 1) 85.71
Terminal Value 2,012.09
Present Value of Terminal Value 1,485.24

Intrinsic Value

Enterprise Value 1,864.79
Net Debt 1,915.56
Equity Value -50.77
Shares Outstanding 277.72
Equity Value Per Share -0.18