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 1,153.471,153.161,216.351,311.691,369.791,430.481,493.851,560.031,629.141,701.31
Revenue (%)
EBITDA 956.141,034.731,097.481,265.551,230.521,285.041,341.961,401.411,463.501,528.33
EBITDA (%)
EBIT 697.16791.73845.431,011944.06985.881,029.561,075.171,122.801,172.54
EBIT (%)
Depreciation 258.97242.99252.05254.55286.46299.15312.41326.25340.70355.79
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 26.82486.45724.59239.081,921.11751.16784.44819.19855.48893.38
Total Cash (%)
Account Receivables 303.68303.60320.24345.34360.64376.61393.30410.72428.92447.92
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.010.370.786.566.933.403.563.713.884.05
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 1,153.471,153.161,216.351,311.691,369.791,430.481,493.851,560.031,629.141,701.31
EBITDA 956.141,034.731,097.481,265.551,230.521,285.041,341.961,401.411,463.501,528.33
EBIT 697.16791.73845.431,011944.06985.881,029.561,075.171,122.801,172.54
Tax Rate 1.20%0.76%5.05%4.95%2.99%2.99%2.99%2.99%2.99%2.99%
EBIAT 688.77785.71802.76960.91915.82956.39998.761,043.011,089.211,137.47
Depreciation 258.97242.99252.05254.55286.46299.15312.41326.25340.70355.79
Accounts Receivable -0.08-16.64-25.10-15.30-15.98-16.68-17.42-18.20-19
Inventories ----------
Accounts Payable --0.630.405.780.37-3.530.150.160.160.17
Capital Expenditure -3.02-3.60-16.20-24.02-12.80-13.36-13.96-14.58-15.22-15.90
UFCF 944.721,024.551,022.391,172.121,174.561,222.681,280.681,337.411,396.661,458.53
WACC
PV UFCF 1,174.561,141.301,115.881,087.761,060.341,033.62
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