Discounted Cash Flow (DCF) Analysis Unlevered
Paramount Group, Inc. (PGRE)
$4.68
-0.02 (-0.43%)
All numbers are in Millions, Currency in USD
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 | 758.96 | 769.18 | 714.24 | 726.79 | 740.38 | 736.36 | 732.37 | 728.39 | 724.44 | 720.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 391.08 | 338.12 | 347.61 | 348.66 | 343.24 | 351.23 | 349.32 | 347.43 | 345.55 | 343.67 |
| EBITDA (%) | ||||||||||
| EBIT | 148.92 | 100.77 | 111.72 | 116.18 | 110.73 | 116.79 | 116.16 | 115.53 | 114.90 | 114.28 |
| EBIT (%) | ||||||||||
| Depreciation | 242.17 | 237.36 | 235.89 | 232.49 | 232.52 | 234.44 | 233.17 | 231.90 | 230.64 | 229.39 |
| 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 | 339.65 | 306.21 | 434.53 | 933 | 802.41 | 562.80 | 559.75 | 556.72 | 553.70 | 550.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 20.08 | 56.15 | 347.74 | 348.32 | 370.20 | 230.57 | 229.32 | 228.07 | 226.84 | 225.61 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 124.33 | 117.36 | 101.90 | 116.19 | 123.18 | 115.65 | 115.03 | 114.40 | 113.78 | 113.16 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | 197.32 | 48.47 | 115.35 | 117.37 | 119.57 | 118.92 | 118.28 | 117.63 | 117 | 116.36 |
| 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 | 758.96 | 769.18 | 714.24 | 726.79 | 740.38 | 736.36 | 732.37 | 728.39 | 724.44 | 720.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 391.08 | 338.12 | 347.61 | 348.66 | 343.24 | 351.23 | 349.32 | 347.43 | 345.55 | 343.67 |
| EBIT | 148.92 | 100.77 | 111.72 | 116.18 | 110.73 | 116.79 | 116.16 | 115.53 | 114.90 | 114.28 |
| Tax Rate | 58.67% | -25.97% | -95.63% | 456.96% | -46.01% | 69.60% | 69.60% | 69.60% | 69.60% | 69.60% |
| EBIAT | 61.55 | 126.94 | 218.56 | -414.70 | 161.67 | 35.50 | 35.31 | 35.12 | 34.93 | 34.74 |
| Depreciation | 242.17 | 237.36 | 235.89 | 232.49 | 232.52 | 234.44 | 233.17 | 231.90 | 230.64 | 229.39 |
| Accounts Receivable | - | -36.07 | -291.59 | -0.58 | -21.89 | 139.63 | 1.25 | 1.24 | 1.24 | 1.23 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -6.98 | -15.45 | 14.29 | 6.98 | -7.52 | -0.63 | -0.62 | -0.62 | -0.62 |
| Capital Expenditure | 197.32 | 48.47 | 115.35 | 117.37 | 119.57 | 118.92 | 118.28 | 117.63 | 117 | 116.36 |
| UFCF | 501.03 | 369.71 | 262.75 | -51.13 | 498.85 | 520.97 | 387.37 | 385.27 | 383.18 | 381.10 |
| WACC | ||||||||||
| PV UFCF | 475.73 | 323.01 | 293.36 | 266.43 | 241.98 | |||||
| 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 |