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
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 |