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
Stock DCF: -17.12 | 63.51 | overvalue

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 43.8833.8044.0537.6510.758.646.945.584.483.60
Revenue (%)
EBITDA 23.0516.5321.6613.65-1.343.012.421.951.561.26
EBITDA (%)
EBIT 12.995.129.86-0.04-5.270.310.250.200.160.13
EBIT (%)
Depreciation 10.0611.4011.8013.693.942.702.171.741.401.13
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 30.0725.596.8828.126.315.074.073.272.632.11
Total Cash (%)
Account Receivables 6.456.016.640.251.301.040.840.670.540.43
Account Receivables (%)
Inventories 1.932.652.142.150.610.490.400.320.260.21
Inventories (%)
Accounts Payable 2.331.212.141.190.450.370.290.240.190.15
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 43.8833.8044.0537.6510.758.646.945.584.483.60
EBITDA 23.0516.5321.6613.65-1.343.012.421.951.561.26
EBIT 12.995.129.86-0.04-5.270.310.250.200.160.13
Tax Rate 36.62%-43.99%-6.16%-43.01%-0.68%-11.45%-11.45%-11.45%-11.45%-11.45%
EBIAT 8.237.3810.47-0.05-5.310.350.280.220.180.14
Depreciation 10.0611.4011.8013.693.942.702.171.741.401.13
Accounts Receivable -0.44-0.646.39-1.040.250.200.160.130.11
Inventories --0.720.52-0.011.530.120.100.080.060.05
Accounts Payable --1.110.93-0.96-0.73-0.09-0.07-0.06-0.05-0.04
Capital Expenditure ----14.04-4.01-3.22-2.59-2.08-1.67-1.34
UFCF 18.3017.3823.085.02-5.620.120.090.070.060.05
WACC
PV UFCF 0.110.080.060.050.03
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