Discounted Cash Flow (DCF) Analysis Unlevered

New England Realty Associates Limit... (NEN)

$72.5

+0.25 (+0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 516.80 | 72.5 | 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 52.8358.0160.4862.1062.6465.4068.2871.2874.4277.70
Revenue (%)
EBITDA 31.5132.1333.4333.54-16.3325.9327.0728.2629.5130.81
EBITDA (%)
EBIT 18.0516.5618.7515.13-32.978.568.949.339.7410.17
EBIT (%)
Depreciation 13.4615.5714.6818.4116.6417.3718.1418.9319.7720.64
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 7.249.067.5518.6597.5429.7631.0732.4433.8735.36
Total Cash (%)
Account Receivables 1.081.260.931.951.391.451.521.581.651.73
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.343.934.273.894.144.324.514.714.925.13
Accounts Payable (%)
Capital Expenditure -50.78-55.77-58.14-59.70-60.22-62.87-65.64-68.53-71.54-74.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 72.5
Beta 0.285
Diluted Shares Outstanding 3.69
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -503.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.857
Total Debt 2.71
Total Equity 267.49
Total Capital 270.20
Debt Weighting 1.00
Equity Weighting 99.00
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 52.8358.0160.4862.1062.6465.4068.2871.2874.4277.70
EBITDA 31.5132.1333.4333.54-16.3325.9327.0728.2629.5130.81
EBIT 18.0516.5618.7515.13-32.978.568.949.339.7410.17
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 18.0516.5618.7515.13-32.978.568.949.339.7410.17
Depreciation 13.4615.5714.6818.4116.6417.3718.1418.9319.7720.64
Accounts Receivable --0.180.33-1.020.55-0.06-0.06-0.07-0.07-0.07
Inventories ----------
Accounts Payable -0.590.35-0.390.250.180.190.200.210.22
Capital Expenditure -50.78-55.77-58.14-59.70-60.22-62.87-65.64-68.53-71.54-74.69
UFCF -19.27-23.23-24.03-27.56-75.74-36.82-38.44-40.13-41.90-43.74
WACC
PV UFCF -36.90-38.62-40.42-42.30-44.27
SUM PV UFCF -202.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -0.24
Free cash flow (t + 1) -44.62
Terminal Value 1,991.84
Present Value of Terminal Value 2,015.91

Intrinsic Value

Enterprise Value 1,813.39
Net Debt -93.38
Equity Value 1,906.77
Shares Outstanding 3.69
Equity Value Per Share 516.80