Discounted Cash Flow (DCF) Analysis Unlevered

LTC Properties, Inc. (LTC)

$37.56

+0.11 (+0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 61.76 | 37.56 | 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 168.06168.65185.30159.34155.32152.87150.46148.09145.75143.45
Revenue (%)
EBITDA 154.90222.73150.32164.07121.53148.77146.42144.11141.84139.60
EBITDA (%)
EBIT 117.29185.18111.1112583.24113.61111.82110.05108.32106.61
EBIT (%)
Depreciation 37.6137.5639.2239.0738.3035.1634.6034.0633.5232.99
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 5.212.664.247.7724.508.448.318.188.057.92
Total Cash (%)
Account Receivables 319.85350.24344.32328.91436.45327.52322.35317.27312.26307.34
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.91-1.25-0.61-0.35-0.71-0.70-0.69-0.68-0.67-0.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 37.56
Beta 0.867
Diluted Shares Outstanding 39.16
Cost of Debt
Tax Rate 0.65
After-tax Cost of Debt 3.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.733
Total Debt 722.72
Total Equity 1,470.70
Total Capital 2,193.42
Debt Weighting 32.95
Equity Weighting 67.05
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 168.06168.65185.30159.34155.32152.87150.46148.09145.75143.45
EBITDA 154.90222.73150.32164.07121.53148.77146.42144.11141.84139.60
EBIT 117.29185.18111.1112583.24113.61111.82110.05108.32106.61
Tax Rate 0.00%0.06%0.43%0.40%0.65%0.31%0.31%0.31%0.31%0.31%
EBIAT 117.29185.06110.63124.5082.70113.26111.48109.72107.99106.28
Depreciation 37.6137.5639.2239.0738.3035.1634.6034.0633.5232.99
Accounts Receivable --30.395.9315.40-107.53108.935.175.0854.93
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.91-1.25-0.61-0.35-0.71-0.70-0.69-0.68-0.67-0.66
UFCF 153.99190.98155.17178.6112.75256.65150.56148.18145.84143.54
WACC
PV UFCF 241.14132.91122.91113.67105.11
SUM PV UFCF 715.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.43
Free cash flow (t + 1) 146.41
Terminal Value 3,305.03
Present Value of Terminal Value 2,420.22

Intrinsic Value

Enterprise Value 3,135.97
Net Debt 717.56
Equity Value 2,418.41
Shares Outstanding 39.16
Equity Value Per Share 61.76