Discounted Cash Flow (DCF) Analysis Unlevered

AG Mortgage Investment Trust, Inc. (MITT)

$5.88

-0.15 (-2.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,338.59 | 5.88 | 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 128.5414.80117.68-391.5999.80111.85125.37140.52157.49176.52
Revenue (%)
EBITDA 162.2875.96183.03-389.19137.52230.90258.80290.07325.11364.39
EBITDA (%)
EBIT 162.2873.63164.46-327.39121.77213.25239.01267.89300.26336.54
EBIT (%)
Depreciation -2.3418.57-61.8015.7517.6519.7922.1824.8527.86
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 15.2031.5881.6947.9368.0878.4287.9098.52110.42123.76
Total Cash (%)
Account Receivables 13.4624.8315.243.8747.4453.1759.6066.8074.8783.92
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.6419.9312.0553.2634.2438.3743.0148.2154.0360.56
Accounts Payable (%)
Capital Expenditure -3.40-140.85-561.481,868.34-476.14-533.67-598.15-670.42-751.42-842.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.88
Beta 1.795
Diluted Shares Outstanding 16.08
Cost of Debt
Tax Rate -44.11
After-tax Cost of Debt 0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.987
Total Debt 2,776.96
Total Equity 94.53
Total Capital 2,871.49
Debt Weighting 96.71
Equity Weighting 3.29
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 128.5414.80117.68-391.5999.80111.85125.37140.52157.49176.52
EBITDA 162.2875.96183.03-389.19137.52230.90258.80290.07325.11364.39
EBIT 162.2873.63164.46-327.39121.77213.25239.01267.89300.26336.54
Tax Rate -11.91%111.18%-3.60%-0.23%-44.11%10.27%10.27%10.27%10.27%10.27%
EBIAT 181.61-8.23170.38-328.14175.48191.36214.48240.39269.43301.99
Depreciation -2.3418.57-61.8015.7517.6519.7922.1824.8527.86
Accounts Receivable --11.379.5811.38-43.57-5.73-6.42-7.20-8.07-9.05
Inventories ----------
Accounts Payable -12.29-7.8841.21-19.024.144.645.205.826.53
Capital Expenditure -3.40-140.85-561.481,868.34-476.14-533.67-598.15-670.42-751.42-842.21
UFCF 178.21-145.83-370.841,530.99-347.51-326.26-365.68-409.86-459.38-514.88
WACC
PV UFCF -321.94-356.07-393.82-435.56-481.73
SUM PV UFCF -1,989.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.34
Free cash flow (t + 1) -525.18
Terminal Value 79,573.09
Present Value of Terminal Value 74,449.49

Intrinsic Value

Enterprise Value 72,460.37
Net Debt 2,708.88
Equity Value 69,751.49
Shares Outstanding 16.08
Equity Value Per Share 4,338.59