Discounted Cash Flow (DCF) Analysis Unlevered
QTS Realty Trust, Inc. (QTS)
$77.98
+0.03 (+0.04%)
All numbers are in Millions, Currency in USD
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 | 402.36 | 446.51 | 450.52 | 480.82 | 539.37 | 580.86 | 625.55 | 673.67 | 725.50 | 781.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 156.17 | 159.48 | 164.74 | 218.56 | 240.74 | 233.72 | 251.70 | 271.07 | 291.92 | 314.38 |
| EBITDA (%) | ||||||||||
| EBIT | 34.71 | 22.03 | 20.92 | 57.85 | 47.07 | 45.26 | 48.74 | 52.49 | 56.53 | 60.88 |
| EBIT (%) | ||||||||||
| Depreciation | 121.46 | 137.45 | 143.82 | 160.71 | 193.67 | 188.46 | 202.96 | 218.57 | 235.39 | 253.50 |
| 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 | 9.58 | 8.24 | 11.76 | 15.65 | 22.78 | 16.63 | 17.91 | 19.29 | 20.77 | 22.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 41.54 | 47.05 | 55.09 | 81.18 | 107.56 | 81.22 | 87.47 | 94.20 | 101.45 | 109.25 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 86.13 | 113.43 | 99.17 | 142.55 | 187.27 | 154.73 | 166.63 | 179.45 | 193.25 | 208.12 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -279.90 | -307.31 | -484.30 | -361.16 | -773.81 | -539.58 | -581.10 | -625.80 | -673.94 | -725.79 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 77.98 |
|---|---|
| Beta | 0.558 |
| Diluted Shares Outstanding | 48.38 |
| Cost of Debt | |
| Tax Rate | -5.94 |
| After-tax Cost of Debt | 1.64% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.326 |
| Total Debt | 1,869.49 |
| Total Equity | 3,773.05 |
| Total Capital | 5,642.54 |
| Debt Weighting | 33.13 |
| Equity Weighting | 66.87 |
| 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 | 402.36 | 446.51 | 450.52 | 480.82 | 539.37 | 580.86 | 625.55 | 673.67 | 725.50 | 781.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 156.17 | 159.48 | 164.74 | 218.56 | 240.74 | 233.72 | 251.70 | 271.07 | 291.92 | 314.38 |
| EBIT | 34.71 | 22.03 | 20.92 | 57.85 | 47.07 | 45.26 | 48.74 | 52.49 | 56.53 | 60.88 |
| Tax Rate | -46.34% | 115.41% | 57.70% | 1.07% | -5.94% | 24.38% | 24.38% | 24.38% | 24.38% | 24.38% |
| EBIAT | 50.79 | -3.39 | 8.85 | 57.23 | 49.86 | 34.23 | 36.86 | 39.70 | 42.75 | 46.04 |
| Depreciation | 121.46 | 137.45 | 143.82 | 160.71 | 193.67 | 188.46 | 202.96 | 218.57 | 235.39 | 253.50 |
| Accounts Receivable | - | -5.51 | -8.05 | -26.09 | -26.38 | 26.34 | -6.25 | -6.73 | -7.25 | -7.80 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 27.30 | -14.26 | 43.38 | 44.72 | -32.54 | 11.90 | 12.82 | 13.81 | 14.87 |
| Capital Expenditure | -279.90 | -307.31 | -484.30 | -361.16 | -773.81 | -539.58 | -581.10 | -625.80 | -673.94 | -725.79 |
| UFCF | -107.65 | -151.46 | -353.94 | -125.92 | -511.94 | -323.10 | -335.62 | -361.44 | -389.24 | -419.19 |
| WACC | ||||||||||
| PV UFCF | -308.39 | -305.75 | -314.29 | -323.05 | -332.07 | |||||
| SUM PV UFCF | -1,583.55 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.77 |
| Free cash flow (t + 1) | -427.57 |
| Terminal Value | -15,435.86 |
| Present Value of Terminal Value | -12,227.74 |
Intrinsic Value
| Enterprise Value | -13,811.29 |
|---|---|
| Net Debt | 1,846.72 |
| Equity Value | -15,658.01 |
| Shares Outstanding | 48.38 |
| Equity Value Per Share | -323.61 |