Discounted Cash Flow (DCF) Analysis Unlevered

Gaming and Leisure Properties, Inc. (GLPI)

$50.36

+0.56 (+1.12%)

All numbers are in Millions, Currency in USD

Stock DCF: 45.35 | 50.36 | 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	1,055.73	1,153.47	1,153.17	1,216.35	1,311.69	1,385.63	1,463.74	1,546.25	1,633.42	1,725.50
Revenue (%)
EBITDA	740.53	956.14	1,034.72	1,097.48	956.25	1,124.84	1,188.25	1,255.23	1,325.99	1,400.74
EBITDA (%)
EBIT	592.16	697.17	791.73	845.43	701.71	854.07	902.22	953.08	1,006.81	1,063.56
EBIT (%)
Depreciation	148.36	258.97	242.99	252.05	254.55	270.76	286.03	302.15	319.19	337.18
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	25.78	26.82	486.45	724.60	2,142.28	747.81	789.97	834.50	881.54	931.24
Total Cash (%)
Account Receivables	316.68	303.68	324.76	342.55	369.40	390.22	412.22	435.46	460.01	485.94
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	2.51	1.01	0.37	0.78	6.56	2.55	2.70	2.85	3.01	3.18
Accounts Payable (%)
Capital Expenditure	-1,243.47	-3.02	-3.60	-16.20	-23.86	-336.73	-355.71	-375.76	-396.95	-419.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 50.36
Beta	1.003
Diluted Shares Outstanding	236.23
Cost of Debt
Tax Rate	4.95
After-tax Cost of Debt	4.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.216
Total Debt	6,364.23
Total Equity	11,896.59
Total Capital	18,260.82
Debt Weighting	34.85
Equity Weighting	65.15
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	1,055.73	1,153.47	1,153.17	1,216.35	1,311.69	1,385.63	1,463.74	1,546.25	1,633.42	1,725.50
EBITDA	740.53	956.14	1,034.72	1,097.48	956.25	1,124.84	1,188.25	1,255.23	1,325.99	1,400.74
EBIT	592.16	697.17	791.73	845.43	701.71	854.07	902.22	953.08	1,006.81	1,063.56
Tax Rate	1.44%	1.20%	0.76%	5.05%	4.95%	2.68%	2.68%	2.68%	2.68%	2.68%
EBIAT	583.63	688.77	785.71	802.76	666.94	831.17	878.03	927.53	979.81	1,035.05
Depreciation	148.36	258.97	242.99	252.05	254.55	270.76	286.03	302.15	319.19	337.18
Accounts Receivable	-	13	-21.07	-17.79	-26.85	-20.82	-22	-23.24	-24.55	-25.93
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-1.51	-0.63	0.40	5.78	-4.01	0.14	0.15	0.16	0.17
Capital Expenditure	-1,243.47	-3.02	-3.60	-16.20	-23.86	-336.73	-355.71	-375.76	-396.95	-419.32
UFCF	-511.47	956.22	1,003.39	1,021.23	876.56	740.38	786.49	830.83	877.66	927.14
WACC
PV UFCF						691.88	686.82	678.01	669.32	660.73
SUM PV UFCF										3,386.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.01
Free cash flow (t + 1)	945.68
Terminal Value	18,875.90
Present Value of Terminal Value	13,451.97

Intrinsic Value

Enterprise Value	16,838.73
Net Debt	6,125.14
Equity Value	10,713.58
Shares Outstanding	236.23
Equity Value Per Share	45.35