Discounted Cash Flow (DCF) Analysis Unlevered

Corporate Office Properties Trust (OFC)

$24.94

+0.39 (+1.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.55 | 24.94 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 641.23609.36664.45739.03684.98698.65712.59726.81741.32756.11
Revenue (%)
EBITDA 165.94173.57178.80192.233.75150.67153.68156.75159.87163.06
EBITDA (%)
EBIT 27.0333.5428.1548.64-145.25-0.93-0.95-0.97-0.99-1.01
EBIT (%)
Depreciation 138.90140.03150.64143.59149151.60154.63157.71160.86164.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 14.7318.3713.2612.3415.3715.6815.9916.3116.6416.97
Total Cash (%)
Account Receivables 196.70203.27231.90253.10228.07232.62237.26242246.83251.75
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 148.75142.72186.20158164.43167.71171.06174.47177.95181.50
Accounts Payable (%)
Capital Expenditure -24.66-32.76-30.03-36.38-31.96-32.60-33.25-33.91-34.59-35.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.94
Beta 1.044
Diluted Shares Outstanding 112.18
Cost of Debt
Tax Rate 0.04
After-tax Cost of Debt 4.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.180
Total Debt 2,471.55
Total Equity 2,797.72
Total Capital 5,269.27
Debt Weighting 46.91
Equity Weighting 53.09
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 641.23609.36664.45739.03684.98698.65712.59726.81741.32756.11
EBITDA 165.94173.57178.80192.233.75150.67153.68156.75159.87163.06
EBIT 27.0333.5428.1548.64-145.25-0.93-0.95-0.97-0.99-1.01
Tax Rate 4.05%5.67%2.33%-15.59%0.04%-0.70%-0.70%-0.70%-0.70%-0.70%
EBIAT 25.9431.6427.5056.22-145.19-0.94-0.96-0.97-0.99-1.01
Depreciation 138.90140.03150.64143.59149151.60154.63157.71160.86164.07
Accounts Receivable --6.56-28.64-21.2025.03-4.55-4.64-4.73-4.83-4.93
Inventories ----------
Accounts Payable --6.0343.49-28.206.433.283.353.413.483.55
Capital Expenditure -24.66-32.76-30.03-36.38-31.96-32.60-33.25-33.91-34.59-35.28
UFCF 140.18126.32162.97114.033.31116.80119.13121.51123.93126.41
WACC
PV UFCF 109.29104.3199.5595.0190.67
SUM PV UFCF 498.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.87
Free cash flow (t + 1) 128.93
Terminal Value 2,647.51
Present Value of Terminal Value 1,899.15

Intrinsic Value

Enterprise Value 2,397.98
Net Debt 2,459.22
Equity Value -61.24
Shares Outstanding 112.18
Equity Value Per Share -0.55