Discounted Cash Flow (DCF) Analysis Unlevered

NETSTREIT Corp. (NTST)

$19.43

+0.04 (+0.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 32.50 | 19.43 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 23.8319.8133.7359.1484.52120.80172.65246.75352.66
Revenue (%)
EBITDA -7.422.3520.9337.6122.4832.1345.9265.6393.80
EBITDA (%)
EBIT -20.30-8.075.476.80-20.75-29.66-42.39-60.58-86.59
EBIT (%)
Depreciation 12.8810.4215.4630.8143.2361.7988.31126.22180.39
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1.23169.3292.647.60242.51346.59495.35707.961,011.82
Total Cash (%)
Account Receivables 0.930.631.492.803.424.896.999.9914.28
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 0.221.170.920.422.163.094.426.329.03
Accounts Payable (%)
Capital Expenditure ---0.05-0.73-0.59-0.84-1.20-1.71-2.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.43
Beta 0.946
Diluted Shares Outstanding 21.16
Cost of Debt
Tax Rate 5.08
After-tax Cost of Debt 1.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.972
Total Debt 243.77
Total Equity 411.10
Total Capital 654.87
Debt Weighting 37.22
Equity Weighting 62.78
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 23.8319.8133.7359.1484.52120.80172.65246.75352.66
EBITDA -7.422.3520.9337.6122.4832.1345.9265.6393.80
EBIT -20.30-8.075.476.80-20.75-29.66-42.39-60.58-86.59
Tax Rate 0.00%0.00%-244.34%5.08%-59.82%-59.82%-59.82%-59.82%-59.82%
EBIAT -20.30-8.0718.846.46-33.17-47.40-67.75-96.82-138.38
Depreciation 12.8810.4215.4630.8143.2361.7988.31126.22180.39
Accounts Receivable -0.30-0.86-1.31-0.62-1.47-2.10-3-4.29
Inventories ---------
Accounts Payable -0.94-0.25-0.501.750.931.331.902.71
Capital Expenditure ---0.05-0.73-0.59-0.84-1.20-1.71-2.45
UFCF -7.423.5933.1334.7310.6013.0118.5926.5837.98
WACC
PV UFCF 10.6012.3316.6922.6130.61
SUM PV UFCF 87.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.54
Free cash flow (t + 1) 38.74
Terminal Value 1,094.41
Present Value of Terminal Value 835.79

Intrinsic Value

Enterprise Value 923.76
Net Debt 236.17
Equity Value 687.59
Shares Outstanding 21.16
Equity Value Per Share 32.50