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
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 | 424.50 | 450.39 | 470.30 | 499.63 | 534.82 | 566.64 | 600.35 | 636.07 | 673.91 | 714.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 223.37 | 287.34 | 273.16 | 320.48 | 323.43 | 338.98 | 359.15 | 380.52 | 403.16 | 427.15 |
| EBITDA (%) | ||||||||||
| EBIT | 77.02 | 120.14 | 92.29 | 125.67 | 116.92 | 126.31 | 133.82 | 141.79 | 150.22 | 159.16 |
| EBIT (%) | ||||||||||
| Depreciation | 146.35 | 167.20 | 180.87 | 194.82 | 206.51 | 212.67 | 225.33 | 238.73 | 252.94 | 267.99 |
| 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 | 6.22 | 8.38 | 0.66 | 15.30 | 199.92 | 49.76 | 52.72 | 55.86 | 59.18 | 62.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 74.10 | 79.20 | 83.50 | 87.93 | 94.12 | 99.72 | 105.65 | 111.94 | 118.60 | 125.65 |
| 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 | 424.50 | 450.39 | 470.30 | 499.63 | 534.82 | 566.64 | 600.35 | 636.07 | 673.91 | 714.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 223.37 | 287.34 | 273.16 | 320.48 | 323.43 | 338.98 | 359.15 | 380.52 | 403.16 | 427.15 |
| EBIT | 77.02 | 120.14 | 92.29 | 125.67 | 116.92 | 126.31 | 133.82 | 141.79 | 150.22 | 159.16 |
| Tax Rate | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 77 | 120.14 | 92.29 | 125.67 | 116.92 | 126.30 | 133.82 | 141.78 | 150.22 | 159.15 |
| Depreciation | 146.35 | 167.20 | 180.87 | 194.82 | 206.51 | 212.67 | 225.33 | 238.73 | 252.94 | 267.99 |
| 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 | 142.74 | 211.43 | 204.19 | 222.09 | 216.54 | 235.81 | 249.84 | 264.70 | 280.45 | 297.14 |
| WACC | ||||||||||
| PV UFCF | 224.92 | 227.30 | 229.71 | 232.14 | 234.60 | |||||
| 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 |