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 1,055.731,153.471,153.171,216.351,311.691,385.631,463.741,546.251,633.421,725.50
Revenue (%)
EBITDA 740.53956.141,034.721,097.48956.251,124.841,188.251,255.231,325.991,400.74
EBITDA (%)
EBIT 592.16697.17791.73845.43701.71854.07902.22953.081,006.811,063.56
EBIT (%)
Depreciation 148.36258.97242.99252.05254.55270.76286.03302.15319.19337.18
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 25.7826.82486.45724.602,142.28747.81789.97834.50881.54931.24
Total Cash (%)
Account Receivables 316.68303.68324.76342.55369.40390.22412.22435.46460.01485.94
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.511.010.370.786.562.552.702.853.013.18
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 1,055.731,153.471,153.171,216.351,311.691,385.631,463.741,546.251,633.421,725.50
EBITDA 740.53956.141,034.721,097.48956.251,124.841,188.251,255.231,325.991,400.74
EBIT 592.16697.17791.73845.43701.71854.07902.22953.081,006.811,063.56
Tax Rate 1.44%1.20%0.76%5.05%4.95%2.68%2.68%2.68%2.68%2.68%
EBIAT 583.63688.77785.71802.76666.94831.17878.03927.53979.811,035.05
Depreciation 148.36258.97242.99252.05254.55270.76286.03302.15319.19337.18
Accounts Receivable -13-21.07-17.79-26.85-20.82-22-23.24-24.55-25.93
Inventories ----------
Accounts Payable --1.51-0.630.405.78-4.010.140.150.160.17
Capital Expenditure -1,243.47-3.02-3.60-16.20-23.86-336.73-355.71-375.76-396.95-419.32
UFCF -511.47956.221,003.391,021.23876.56740.38786.49830.83877.66927.14
WACC
PV UFCF 691.88686.82678.01669.32660.73
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