Discounted Cash Flow (DCF) Analysis Unlevered

Mapletree Industrial Trust (ME8U.SI)

$2.28

-0.03 (-1.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.57 | 2.28 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 350.29379.13447.20553.70611.19703.45809.65931.881,072.551,234.47
Revenue (%)
EBITDA 310.07410.81264.20537.04406.67590.17679.26781.81899.831,035.67
EBITDA (%)
EBIT 310.03410.76264.13536.97406.61590.08679.16781.69899.701,035.52
EBIT (%)
Depreciation 0.040.060.070.070.060.090.100.120.140.16
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 40.0153.4460.46149.64146.61126.69145.82167.83193.17222.33
Total Cash (%)
Account Receivables 6.7514.0316.0913.9916.1620.2623.3126.8330.8835.55
Account Receivables (%)
Inventories -6.75-14.03119.8013.6117974.4385.6798.60113.49130.62
Inventories (%)
Accounts Payable 2.783.194.392.175.465.496.327.278.379.63
Accounts Payable (%)
Capital Expenditure -0.14-0.04-0.09-0.04-0.12-0.13-0.15-0.18-0.20-0.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.28
Beta 0.340
Diluted Shares Outstanding 2,701.59
Cost of Debt
Tax Rate 10.60
After-tax Cost of Debt 3.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.927
Total Debt 2,881.04
Total Equity 6,159.63
Total Capital 9,040.67
Debt Weighting 31.87
Equity Weighting 68.13
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 350.29379.13447.20553.70611.19703.45809.65931.881,072.551,234.47
EBITDA 310.07410.81264.20537.04406.67590.17679.26781.81899.831,035.67
EBIT 310.03410.76264.13536.97406.61590.08679.16781.69899.701,035.52
Tax Rate 0.00%0.02%16.87%8.22%10.60%7.14%7.14%7.14%7.14%7.14%
EBIAT 310.03410.69219.58492.83363.50547.95630.67725.87835.45961.58
Depreciation 0.040.060.070.070.060.090.100.120.140.16
Accounts Receivable --7.29-2.062.10-2.17-4.10-3.06-3.52-4.05-4.66
Inventories -7.29-133.83106.19-165.40104.57-11.24-12.93-14.89-17.13
Accounts Payable -0.401.20-2.223.290.030.830.951.101.26
Capital Expenditure -0.14-0.04-0.09-0.04-0.12-0.13-0.15-0.18-0.20-0.24
UFCF 309.93411.1284.87598.94199.17648.40617.15710.32817.55940.97
WACC
PV UFCF 615.94556.90608.89665.72727.87
SUM PV UFCF 3,175.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.27
Free cash flow (t + 1) 959.79
Terminal Value 29,351.28
Present Value of Terminal Value 22,704.08

Intrinsic Value

Enterprise Value 25,879.41
Net Debt 2,734.43
Equity Value 23,144.99
Shares Outstanding 2,701.59
Equity Value Per Share 8.57