Discounted Cash Flow (DCF) Analysis Unlevered
INDUS Realty Trust, Inc. (INDT)
$63.51
-0.27 (-0.42%)
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 | 43.88 | 33.80 | 44.05 | 37.65 | 10.75 | 8.64 | 6.94 | 5.58 | 4.48 | 3.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 23.05 | 16.53 | 21.66 | 13.65 | -1.34 | 3.01 | 2.42 | 1.95 | 1.56 | 1.26 |
| EBITDA (%) | ||||||||||
| EBIT | 12.99 | 5.12 | 9.86 | -0.04 | -5.27 | 0.31 | 0.25 | 0.20 | 0.16 | 0.13 |
| EBIT (%) | ||||||||||
| Depreciation | 10.06 | 11.40 | 11.80 | 13.69 | 3.94 | 2.70 | 2.17 | 1.74 | 1.40 | 1.13 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 30.07 | 25.59 | 6.88 | 28.12 | 6.31 | 5.07 | 4.07 | 3.27 | 2.63 | 2.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.45 | 6.01 | 6.64 | 0.25 | 1.30 | 1.04 | 0.84 | 0.67 | 0.54 | 0.43 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.93 | 2.65 | 2.14 | 2.15 | 0.61 | 0.49 | 0.40 | 0.32 | 0.26 | 0.21 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.33 | 1.21 | 2.14 | 1.19 | 0.45 | 0.37 | 0.29 | 0.24 | 0.19 | 0.15 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | -14.03 | -4.01 | -3.22 | -2.59 | -2.08 | -1.67 | -1.34 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 63.51 |
|---|---|
| Beta | 0.863 |
| Diluted Shares Outstanding | 7.72 |
| Cost of Debt | |
| Tax Rate | -0.68 |
| After-tax Cost of Debt | 4.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.711 |
| Total Debt | 161.39 |
| Total Equity | 490.55 |
| Total Capital | 651.95 |
| Debt Weighting | 24.76 |
| Equity Weighting | 75.24 |
| 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 | 43.88 | 33.80 | 44.05 | 37.65 | 10.75 | 8.64 | 6.94 | 5.58 | 4.48 | 3.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 23.05 | 16.53 | 21.66 | 13.65 | -1.34 | 3.01 | 2.42 | 1.95 | 1.56 | 1.26 |
| EBIT | 12.99 | 5.12 | 9.86 | -0.04 | -5.27 | 0.31 | 0.25 | 0.20 | 0.16 | 0.13 |
| Tax Rate | 36.62% | -43.99% | -6.16% | -43.01% | -0.68% | -11.45% | -11.45% | -11.45% | -11.45% | -11.45% |
| EBIAT | 8.23 | 7.38 | 10.47 | -0.05 | -5.31 | 0.35 | 0.28 | 0.22 | 0.18 | 0.14 |
| Depreciation | 10.06 | 11.40 | 11.80 | 13.69 | 3.94 | 2.70 | 2.17 | 1.74 | 1.40 | 1.13 |
| Accounts Receivable | - | 0.44 | -0.64 | 6.39 | -1.04 | 0.25 | 0.20 | 0.16 | 0.13 | 0.11 |
| Inventories | - | -0.72 | 0.52 | -0.01 | 1.53 | 0.12 | 0.10 | 0.08 | 0.06 | 0.05 |
| Accounts Payable | - | -1.11 | 0.93 | -0.96 | -0.73 | -0.09 | -0.07 | -0.06 | -0.05 | -0.04 |
| Capital Expenditure | - | - | - | -14.04 | -4.01 | -3.22 | -2.59 | -2.08 | -1.67 | -1.34 |
| UFCF | 18.30 | 17.38 | 23.08 | 5.02 | -5.62 | 0.12 | 0.09 | 0.07 | 0.06 | 0.05 |
| WACC | ||||||||||
| PV UFCF | 0.11 | 0.08 | 0.06 | 0.05 | 0.03 | |||||
| SUM PV UFCF | 0.33 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.92 |
| Free cash flow (t + 1) | 0.05 |
| Terminal Value | 1 |
| Present Value of Terminal Value | 0.71 |
Intrinsic Value
| Enterprise Value | 1.04 |
|---|---|
| Net Debt | 133.27 |
| Equity Value | -132.23 |
| Shares Outstanding | 7.72 |
| Equity Value Per Share | -17.12 |