Discounted Cash Flow (DCF) Analysis Unlevered

Healthcare Realty Trust Incorporate... (HR)

$26.86

+0.40 (+1.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 53.31 | 26.86 | 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 424.50450.39470.30499.63534.82566.64600.35636.07673.91714.01
Revenue (%)
EBITDA 223.37287.34273.16320.48323.43338.98359.15380.52403.16427.15
EBITDA (%)
EBIT 77.02120.1492.29125.67116.92126.31133.82141.79150.22159.16
EBIT (%)
Depreciation 146.35167.20180.87194.82206.51212.67225.33238.73252.94267.99
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 6.228.380.6615.30199.9249.7652.7255.8659.1862.70
Total Cash (%)
Account Receivables 74.1079.2083.5087.9394.1299.72105.65111.94118.60125.65
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -80.61-70.81-64.67-93.96-100.69-97.57-103.38-109.53-116.04-122.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.86
Beta 0.597
Diluted Shares Outstanding 143.82
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.941
Total Debt 1,920.01
Total Equity 3,862.94
Total Capital 5,782.96
Debt Weighting 33.20
Equity Weighting 66.80
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 424.50450.39470.30499.63534.82566.64600.35636.07673.91714.01
EBITDA 223.37287.34273.16320.48323.43338.98359.15380.52403.16427.15
EBIT 77.02120.1492.29125.67116.92126.31133.82141.79150.22159.16
Tax Rate 0.02%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 77120.1492.29125.67116.92126.30133.82141.78150.22159.15
Depreciation 146.35167.20180.87194.82206.51212.67225.33238.73252.94267.99
Accounts Receivable --5.10-4.30-4.43-6.19-5.60-5.93-6.29-6.66-7.06
Inventories ----------
Accounts Payable ----------
Capital Expenditure -80.61-70.81-64.67-93.96-100.69-97.57-103.38-109.53-116.04-122.95
UFCF 142.74211.43204.19222.09216.54235.81249.84264.70280.45297.14
WACC
PV UFCF 224.92227.30229.71232.14234.60
SUM PV UFCF 1,148.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.84
Free cash flow (t + 1) 303.08
Terminal Value 10,671.85
Present Value of Terminal Value 8,425.68

Intrinsic Value

Enterprise Value 9,574.35
Net Debt 1,906.84
Equity Value 7,667.51
Shares Outstanding 143.82
Equity Value Per Share 53.31