Discounted Cash Flow (DCF) Analysis Unlevered
Monmouth Real Estate Investment Cor... (MNR)
$20.98
0.00 (0.00%)
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 | 113.55 | 139.37 | 158.52 | 167.82 | 183.13 | 206.70 | 233.30 | 263.32 | 297.21 | 335.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 98.72 | 128.14 | 113.85 | 65.50 | 172.51 | 158.72 | 179.14 | 202.20 | 228.22 | 257.59 |
| EBITDA (%) | ||||||||||
| EBIT | 66.03 | 88.36 | 66.71 | 14.23 | 116.06 | 97.35 | 109.88 | 124.02 | 139.98 | 157.99 |
| EBIT (%) | ||||||||||
| Depreciation | 32.69 | 39.79 | 47.14 | 51.26 | 56.45 | 61.37 | 69.27 | 78.18 | 88.24 | 99.60 |
| 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 | 133.99 | 164.25 | 205.43 | 132.35 | 192.12 | 227.05 | 256.26 | 289.24 | 326.46 | 368.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.75 | 1.25 | 1.33 | 18.29 | 20.76 | 10.55 | 11.91 | 13.44 | 15.17 | 17.12 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | 7.08 | 22.33 | -5.80 | -6 | -7.96 | 4.41 | 4.98 | 5.62 | 6.35 | 7.16 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.98 |
|---|---|
| Beta | 0.704 |
| Diluted Shares Outstanding | 98.44 |
| Cost of Debt | |
| Tax Rate | 3.69 |
| After-tax Cost of Debt | 3.37% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.817 |
| Total Debt | 1,082.18 |
| Total Equity | 2,065.33 |
| Total Capital | 3,147.52 |
| Debt Weighting | 34.38 |
| Equity Weighting | 65.62 |
| 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 | 113.55 | 139.37 | 158.52 | 167.82 | 183.13 | 206.70 | 233.30 | 263.32 | 297.21 | 335.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 98.72 | 128.14 | 113.85 | 65.50 | 172.51 | 158.72 | 179.14 | 202.20 | 228.22 | 257.59 |
| EBIT | 66.03 | 88.36 | 66.71 | 14.23 | 116.06 | 97.35 | 109.88 | 124.02 | 139.98 | 157.99 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 3.69% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| EBIAT | 66.03 | 88.36 | 66.71 | 14.23 | 111.78 | 96.63 | 109.07 | 123.10 | 138.94 | 156.82 |
| Depreciation | 32.69 | 39.79 | 47.14 | 51.26 | 56.45 | 61.37 | 69.27 | 78.18 | 88.24 | 99.60 |
| Accounts Receivable | - | 0.50 | -0.09 | -16.95 | -2.48 | 10.21 | -1.36 | -1.53 | -1.73 | -1.95 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | 7.08 | 22.33 | -5.80 | -6 | -7.96 | 4.41 | 4.98 | 5.62 | 6.35 | 7.16 |
| UFCF | 105.80 | 150.98 | 107.97 | 42.55 | 157.79 | 172.63 | 181.96 | 205.37 | 231.80 | 261.63 |
| WACC | ||||||||||
| PV UFCF | 163.43 | 163.08 | 174.25 | 186.20 | 198.96 | |||||
| SUM PV UFCF | 885.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.63 |
| Free cash flow (t + 1) | 266.87 |
| Terminal Value | 7,351.70 |
| Present Value of Terminal Value | 5,590.51 |
Intrinsic Value
| Enterprise Value | 6,476.42 |
|---|---|
| Net Debt | 1,033.57 |
| Equity Value | 5,442.86 |
| Shares Outstanding | 98.44 |
| Equity Value Per Share | 55.29 |