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
Stock DCF: -323.61 | 77.98 | 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 402.36446.51450.52480.82539.37580.86625.55673.67725.50781.31
Revenue (%)
EBITDA 156.17159.48164.74218.56240.74233.72251.70271.07291.92314.38
EBITDA (%)
EBIT 34.7122.0320.9257.8547.0745.2648.7452.4956.5360.88
EBIT (%)
Depreciation 121.46137.45143.82160.71193.67188.46202.96218.57235.39253.50
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 9.588.2411.7615.6522.7816.6317.9119.2920.7722.37
Total Cash (%)
Account Receivables 41.5447.0555.0981.18107.5681.2287.4794.20101.45109.25
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 86.13113.4399.17142.55187.27154.73166.63179.45193.25208.12
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 402.36446.51450.52480.82539.37580.86625.55673.67725.50781.31
EBITDA 156.17159.48164.74218.56240.74233.72251.70271.07291.92314.38
EBIT 34.7122.0320.9257.8547.0745.2648.7452.4956.5360.88
Tax Rate -46.34%115.41%57.70%1.07%-5.94%24.38%24.38%24.38%24.38%24.38%
EBIAT 50.79-3.398.8557.2349.8634.2336.8639.7042.7546.04
Depreciation 121.46137.45143.82160.71193.67188.46202.96218.57235.39253.50
Accounts Receivable --5.51-8.05-26.09-26.3826.34-6.25-6.73-7.25-7.80
Inventories ----------
Accounts Payable -27.30-14.2643.3844.72-32.5411.9012.8213.8114.87
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