Discounted Cash Flow (DCF) Analysis Unlevered

Four Corners Property Trust, Inc. (FCPT)

$25.59

+0.16 (+0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: -76.18 | 25.59 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 143.63160.23170.94199.38223.19249.32278.50311.10347.51388.19
Revenue (%)
EBITDA 124.97125.71136.24152.43175.89199.66223.03249.14278.30310.87
EBITDA (%)
EBIT 102.6299.40106.81117.60134.41157.15175.55196.10219.05244.69
EBIT (%)
Depreciation 22.3526.3129.4334.8341.4742.5147.4853.0459.2566.19
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 92.045.0811.066.3026.3044.2149.3955.1761.6268.84
Total Cash (%)
Account Receivables 30.9239.731.031.3126.5529.6633.1337.0141.3446.18
Account Receivables (%)
Inventories 0.180.202.950.251.171.311.461.631.822.04
Inventories (%)
Accounts Payable 0.990.800.380.550.941.051.171.311.461.63
Accounts Payable (%)
Capital Expenditure -247.05-207.35-257.62-300.47-336.36-375.73-419.70-468.83-523.70-585
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.59
Beta 0.935
Diluted Shares Outstanding 81.81
Cost of Debt
Tax Rate 0.24
After-tax Cost of Debt 3.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.224
Total Debt 995.48
Total Equity 2,093.44
Total Capital 3,088.92
Debt Weighting 32.23
Equity Weighting 67.77
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 143.63160.23170.94199.38223.19249.32278.50311.10347.51388.19
EBITDA 124.97125.71136.24152.43175.89199.66223.03249.14278.30310.87
EBIT 102.6299.40106.81117.60134.41157.15175.55196.10219.05244.69
Tax Rate 0.95%0.80%0.62%-0.43%0.24%0.44%0.44%0.44%0.44%0.44%
EBIAT 101.6498.60106.15118.11134.09156.47174.78195.24218.09243.62
Depreciation 22.3526.3129.4334.8341.4742.5147.4853.0459.2566.19
Accounts Receivable --8.8138.70-0.28-25.24-3.11-3.47-3.88-4.33-4.84
Inventories --0.01-2.752.69-0.92-0.14-0.15-0.17-0.19-0.21
Accounts Payable --0.19-0.420.170.390.110.120.140.150.17
Capital Expenditure -247.05-207.35-257.62-300.47-336.36-375.73-419.70-468.83-523.70-585
UFCF -123.05-91.45-86.51-144.94-186.57-179.89-200.94-224.46-250.73-280.08
WACC
PV UFCF -168.51-176.33-184.52-193.08-202.04
SUM PV UFCF -924.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.75
Free cash flow (t + 1) -285.68
Terminal Value -6,014.35
Present Value of Terminal Value -4,338.60

Intrinsic Value

Enterprise Value -5,263.08
Net Debt 969.18
Equity Value -6,232.26
Shares Outstanding 81.81
Equity Value Per Share -76.18