Discounted Cash Flow (DCF) Analysis Unlevered

Paramount Group, Inc. (PGRE)

$4.68

-0.02 (-0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 23.93 | 4.68 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 758.96769.18714.24726.79740.38736.36732.37728.39724.44720.51
Revenue (%)
EBITDA 391.08338.12347.61348.66343.24351.23349.32347.43345.55343.67
EBITDA (%)
EBIT 148.92100.77111.72116.18110.73116.79116.16115.53114.90114.28
EBIT (%)
Depreciation 242.17237.36235.89232.49232.52234.44233.17231.90230.64229.39
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 339.65306.21434.53933802.41562.80559.75556.72553.70550.69
Total Cash (%)
Account Receivables 20.0856.15347.74348.32370.20230.57229.32228.07226.84225.61
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 124.33117.36101.90116.19123.18115.65115.03114.40113.78113.16
Accounts Payable (%)
Capital Expenditure 197.3248.47115.35117.37119.57118.92118.28117.63117116.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.68
Beta 1.222
Diluted Shares Outstanding 221.31
Cost of Debt
Tax Rate -46.01
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.515
Total Debt -
Total Equity 1,035.73
Total Capital 1,035.73
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 758.96769.18714.24726.79740.38736.36732.37728.39724.44720.51
EBITDA 391.08338.12347.61348.66343.24351.23349.32347.43345.55343.67
EBIT 148.92100.77111.72116.18110.73116.79116.16115.53114.90114.28
Tax Rate 58.67%-25.97%-95.63%456.96%-46.01%69.60%69.60%69.60%69.60%69.60%
EBIAT 61.55126.94218.56-414.70161.6735.5035.3135.1234.9334.74
Depreciation 242.17237.36235.89232.49232.52234.44233.17231.90230.64229.39
Accounts Receivable --36.07-291.59-0.58-21.89139.631.251.241.241.23
Inventories ----------
Accounts Payable --6.98-15.4514.296.98-7.52-0.63-0.62-0.62-0.62
Capital Expenditure 197.3248.47115.35117.37119.57118.92118.28117.63117116.36
UFCF 501.03369.71262.75-51.13498.85520.97387.37385.27383.18381.10
WACC
PV UFCF 475.73323.01293.36266.43241.98
SUM PV UFCF 1,600.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.51
Free cash flow (t + 1) 388.73
Terminal Value 5,176.10
Present Value of Terminal Value 3,286.50

Intrinsic Value

Enterprise Value 4,887.02
Net Debt -408.90
Equity Value 5,295.93
Shares Outstanding 221.31
Equity Value Per Share 23.93