Discounted Cash Flow (DCF) Analysis Unlevered

Gaming and Leisure Properties, Inc. (GLPI)

$49.79

-0.34 (-0.68%)

All numbers are in Millions, Currency in USD

Stock DCF: 82.26 | 49.79 | undervalue

Operating Data

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	1,153.47	1,153.16	1,216.35	1,311.69	1,369.79	1,430.48	1,493.85	1,560.03	1,629.14	1,701.31
Revenue (%)
EBITDA	956.14	1,034.73	1,097.48	1,265.55	1,230.52	1,285.04	1,341.96	1,401.41	1,463.50	1,528.33
EBITDA (%)
EBIT	697.16	791.73	845.43	1,011	944.06	985.88	1,029.56	1,075.17	1,122.80	1,172.54
EBIT (%)
Depreciation	258.97	242.99	252.05	254.55	286.46	299.15	312.41	326.25	340.70	355.79
Depreciation (%)

Balance Sheet Data

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Total Cash	26.82	486.45	724.59	239.08	1,921.11	751.16	784.44	819.19	855.48	893.38
Total Cash (%)
Account Receivables	303.68	303.60	320.24	345.34	360.64	376.61	393.30	410.72	428.92	447.92
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	1.01	0.37	0.78	6.56	6.93	3.40	3.56	3.71	3.88	4.05
Accounts Payable (%)
Capital Expenditure	-3.02	-3.60	-16.20	-24.02	-12.80	-13.36	-13.96	-14.58	-15.22	-15.90
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 49.79
Beta	0.999
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	8.458
Total Debt	6,563.76
Total Equity	11,761.94
Total Capital	18,325.70
Debt Weighting	35.82
Equity Weighting	64.18
Wacc

Build Up Free Cash

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	1,153.47	1,153.16	1,216.35	1,311.69	1,369.79	1,430.48	1,493.85	1,560.03	1,629.14	1,701.31
EBITDA	956.14	1,034.73	1,097.48	1,265.55	1,230.52	1,285.04	1,341.96	1,401.41	1,463.50	1,528.33
EBIT	697.16	791.73	845.43	1,011	944.06	985.88	1,029.56	1,075.17	1,122.80	1,172.54
Tax Rate	1.20%	0.76%	5.05%	4.95%	2.99%	2.99%	2.99%	2.99%	2.99%	2.99%
EBIAT	688.77	785.71	802.76	960.91	915.82	956.39	998.76	1,043.01	1,089.21	1,137.47
Depreciation	258.97	242.99	252.05	254.55	286.46	299.15	312.41	326.25	340.70	355.79
Accounts Receivable	-	0.08	-16.64	-25.10	-15.30	-15.98	-16.68	-17.42	-18.20	-19
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-0.63	0.40	5.78	0.37	-3.53	0.15	0.16	0.16	0.17
Capital Expenditure	-3.02	-3.60	-16.20	-24.02	-12.80	-13.36	-13.96	-14.58	-15.22	-15.90
UFCF	944.72	1,024.55	1,022.39	1,172.12	1,174.56	1,222.68	1,280.68	1,337.41	1,396.66	1,458.53
WACC
PV UFCF					1,174.56	1,141.30	1,115.88	1,087.76	1,060.34	1,033.62
SUM PV UFCF										5,438.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.13
Free cash flow (t + 1)	1,487.70
Terminal Value	29,000.09
Present Value of Terminal Value	20,551.52

Intrinsic Value

Enterprise Value	25,990.42
Net Debt	6,556.94
Equity Value	19,433.48
Shares Outstanding	236.23
Equity Value Per Share	82.26