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
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 | 143.63 | 160.23 | 170.94 | 199.38 | 223.19 | 249.32 | 278.50 | 311.10 | 347.51 | 388.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 124.97 | 125.71 | 136.24 | 152.43 | 175.89 | 199.66 | 223.03 | 249.14 | 278.30 | 310.87 |
| EBITDA (%) | ||||||||||
| EBIT | 102.62 | 99.40 | 106.81 | 117.60 | 134.41 | 157.15 | 175.55 | 196.10 | 219.05 | 244.69 |
| EBIT (%) | ||||||||||
| Depreciation | 22.35 | 26.31 | 29.43 | 34.83 | 41.47 | 42.51 | 47.48 | 53.04 | 59.25 | 66.19 |
| 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 | 92.04 | 5.08 | 11.06 | 6.30 | 26.30 | 44.21 | 49.39 | 55.17 | 61.62 | 68.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 30.92 | 39.73 | 1.03 | 1.31 | 26.55 | 29.66 | 33.13 | 37.01 | 41.34 | 46.18 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.18 | 0.20 | 2.95 | 0.25 | 1.17 | 1.31 | 1.46 | 1.63 | 1.82 | 2.04 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.99 | 0.80 | 0.38 | 0.55 | 0.94 | 1.05 | 1.17 | 1.31 | 1.46 | 1.63 |
| 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 | 143.63 | 160.23 | 170.94 | 199.38 | 223.19 | 249.32 | 278.50 | 311.10 | 347.51 | 388.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 124.97 | 125.71 | 136.24 | 152.43 | 175.89 | 199.66 | 223.03 | 249.14 | 278.30 | 310.87 |
| EBIT | 102.62 | 99.40 | 106.81 | 117.60 | 134.41 | 157.15 | 175.55 | 196.10 | 219.05 | 244.69 |
| Tax Rate | 0.95% | 0.80% | 0.62% | -0.43% | 0.24% | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
| EBIAT | 101.64 | 98.60 | 106.15 | 118.11 | 134.09 | 156.47 | 174.78 | 195.24 | 218.09 | 243.62 |
| Depreciation | 22.35 | 26.31 | 29.43 | 34.83 | 41.47 | 42.51 | 47.48 | 53.04 | 59.25 | 66.19 |
| Accounts Receivable | - | -8.81 | 38.70 | -0.28 | -25.24 | -3.11 | -3.47 | -3.88 | -4.33 | -4.84 |
| Inventories | - | -0.01 | -2.75 | 2.69 | -0.92 | -0.14 | -0.15 | -0.17 | -0.19 | -0.21 |
| Accounts Payable | - | -0.19 | -0.42 | 0.17 | 0.39 | 0.11 | 0.12 | 0.14 | 0.15 | 0.17 |
| 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 |