Discounted Cash Flow (DCF) Analysis Unlevered

Global Net Lease, Inc. (GNL)

$11.21

-0.17 (-1.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 159.99 | 11.21 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 259.30282.21306.21330.10391.23433.93481.30533.83592.10656.73
Revenue (%)
EBITDA 193.50196.48246.18230.33281.18317.89352.58391.07433.76481.10
EBITDA (%)
EBIT 75.1671.30115.0187.55117.86128.84142.90158.50175.80194.99
EBIT (%)
Depreciation 118.34125.18131.17142.78163.32189.05209.68232.57257.95286.11
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 102.42100.32270.30124.2489.67194.30215.51239.03265.12294.06
Total Cash (%)
Account Receivables 42.7547.2052.1561.3874.2276.2184.5393.75103.98115.34
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 23.2331.5322.9028.3125.8937.1541.2045.7050.6956.22
Accounts Payable (%)
Capital Expenditure -3.12-1.45-17.35-6.38-7.92-9.84-10.92-12.11-13.43-14.90
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.21
Beta 1.113
Diluted Shares Outstanding 98.28
Cost of Debt
Tax Rate 51.67
After-tax Cost of Debt 1.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.015
Total Debt 2,449.54
Total Equity 1,101.76
Total Capital 3,551.30
Debt Weighting 68.98
Equity Weighting 31.02
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 259.30282.21306.21330.10391.23433.93481.30533.83592.10656.73
EBITDA 193.50196.48246.18230.33281.18317.89352.58391.07433.76481.10
EBIT 75.1671.30115.0187.55117.86128.84142.90158.50175.80194.99
Tax Rate 11.83%18.26%8.53%31.56%51.67%24.37%24.37%24.37%24.37%24.37%
EBIAT 66.2758.29105.2059.9256.9697.45108.08119.88132.96147.48
Depreciation 118.34125.18131.17142.78163.32189.05209.68232.57257.95286.11
Accounts Receivable --4.44-4.95-9.24-12.84-1.99-8.32-9.23-10.23-11.35
Inventories ----------
Accounts Payable -8.30-8.635.41-2.4211.264.054.504.995.53
Capital Expenditure -3.12-1.45-17.35-6.38-7.92-9.84-10.92-12.11-13.43-14.90
UFCF 181.49185.86205.45192.49197.10285.92302.58335.61372.24412.87
WACC
PV UFCF 274.71279.32297.67317.22338.05
SUM PV UFCF 1,506.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.08
Free cash flow (t + 1) 421.13
Terminal Value 20,246.73
Present Value of Terminal Value 16,577.48

Intrinsic Value

Enterprise Value 18,084.45
Net Debt 2,359.87
Equity Value 15,724.58
Shares Outstanding 98.28
Equity Value Per Share 159.99