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
Stock DCF: 55.29 | 20.98 | 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 113.55139.37158.52167.82183.13206.70233.30263.32297.21335.46
Revenue (%)
EBITDA 98.72128.14113.8565.50172.51158.72179.14202.20228.22257.59
EBITDA (%)
EBIT 66.0388.3666.7114.23116.0697.35109.88124.02139.98157.99
EBIT (%)
Depreciation 32.6939.7947.1451.2656.4561.3769.2778.1888.2499.60
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 133.99164.25205.43132.35192.12227.05256.26289.24326.46368.48
Total Cash (%)
Account Receivables 1.751.251.3318.2920.7610.5511.9113.4415.1717.12
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure 7.0822.33-5.80-6-7.964.414.985.626.357.16
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 113.55139.37158.52167.82183.13206.70233.30263.32297.21335.46
EBITDA 98.72128.14113.8565.50172.51158.72179.14202.20228.22257.59
EBIT 66.0388.3666.7114.23116.0697.35109.88124.02139.98157.99
Tax Rate 0.00%0.00%0.00%0.00%3.69%0.74%0.74%0.74%0.74%0.74%
EBIAT 66.0388.3666.7114.23111.7896.63109.07123.10138.94156.82
Depreciation 32.6939.7947.1451.2656.4561.3769.2778.1888.2499.60
Accounts Receivable -0.50-0.09-16.95-2.4810.21-1.36-1.53-1.73-1.95
Inventories ----------
Accounts Payable ----------
Capital Expenditure 7.0822.33-5.80-6-7.964.414.985.626.357.16
UFCF 105.80150.98107.9742.55157.79172.63181.96205.37231.80261.63
WACC
PV UFCF 163.43163.08174.25186.20198.96
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