Discounted Cash Flow (DCF) Analysis Unlevered

New York Mortgage Trust, Inc. (NYMTP)

$25.3205

+0.00 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -26.88 | 25.3205 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 105.04131.26146.47201.19-231.90-149.95-96.96-62.69-40.54-26.21
Revenue (%)
EBITDA 332.96403.63449.56684.44-49.72-387.79-250.75-162.14-104.84-67.79
EBITDA (%)
EBIT 325.31403.44478.90740.07-64.46-401.77-259.79-167.98-108.62-70.23
EBIT (%)
Depreciation 7.650.20-29.34-55.6314.7413.989.045.843.782.44
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 902.531,508.271,615.982,124.901,017.91-1,118.27-723.09-467.56-302.33-195.49
Total Cash (%)
Account Receivables 156.09117.82114.82169.21-232.40-150.27-97.17-62.83-40.63-26.27
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -7.0338.318.46-0.21-13.42-8.68-5.61-3.63-2.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.3,205
Beta 1.900
Diluted Shares Outstanding 109.44
Cost of Debt
Tax Rate -0.43
After-tax Cost of Debt 12.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.818
Total Debt 1,803.98
Total Equity 2,771.20
Total Capital 4,575.19
Debt Weighting 39.43
Equity Weighting 60.57
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 105.04131.26146.47201.19-231.90-149.95-96.96-62.69-40.54-26.21
EBITDA 332.96403.63449.56684.44-49.72-387.79-250.75-162.14-104.84-67.79
EBIT 325.31403.44478.90740.07-64.46-401.77-259.79-167.98-108.62-70.23
Tax Rate 4.39%-0.06%0.82%-0.73%-0.43%0.80%0.80%0.80%0.80%0.80%
EBIAT 311.02403.69474.97745.47-64.74-398.56-257.72-166.64-107.75-69.67
Depreciation 7.650.20-29.34-55.6314.7413.989.045.843.782.44
Accounts Receivable -38.273-54.39401.62-82.13-53.11-34.34-22.20-14.36
Inventories ----------
Accounts Payable ----------
Capital Expenditure -7.0338.318.46-0.21-13.42-8.68-5.61-3.63-2.35
UFCF 318.67449.18486.94643.91351.41-480.14-310.46-200.75-129.81-83.93
WACC
PV UFCF -428.54-247.32-142.74-82.38-47.54
SUM PV UFCF -948.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.04
Free cash flow (t + 1) -85.61
Terminal Value -852.72
Present Value of Terminal Value -482.99

Intrinsic Value

Enterprise Value -1,431.51
Net Debt 1,510.80
Equity Value -2,942.31
Shares Outstanding 109.44
Equity Value Per Share -26.88