Discounted Cash Flow (DCF) Analysis Unlevered
Rexford Industrial Realty, Inc. (REXR)
$54.55
+0.80 (+1.49%)
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 | 211.12 | 264.66 | 329.80 | 452.20 | 631.20 | 831.10 | 1,094.29 | 1,440.84 | 1,897.13 | 2,497.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 145.69 | 179.84 | 211.99 | 304.21 | 371.56 | 544.16 | 716.49 | 943.39 | 1,242.15 | 1,635.51 |
| EBITDA (%) | ||||||||||
| EBIT | 71.63 | 88.85 | 107.25 | 168.38 | 205.98 | 282.39 | 371.82 | 489.56 | 644.60 | 848.74 |
| EBIT (%) | ||||||||||
| Depreciation | 74.06 | 90.98 | 104.74 | 135.83 | 165.59 | 261.77 | 344.67 | 453.82 | 597.54 | 786.78 |
| 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 | 180.60 | 78.86 | 176.29 | 43.99 | 36.79 | 306.43 | 403.47 | 531.24 | 699.48 | 920.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 27.17 | 35.56 | 51.10 | 72.54 | 103.37 | 123.37 | 162.44 | 213.88 | 281.61 | 370.79 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 21.07 | 31.11 | 45.38 | 65.83 | 97.50 | 108.88 | 143.36 | 188.76 | 248.54 | 327.24 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -57.95 | -47.17 | -78.76 | -102.48 | -135.10 | -188.19 | -247.79 | -326.26 | -429.58 | -565.63 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 54.55 |
|---|---|
| Beta | 0.856 |
| Diluted Shares Outstanding | 170.98 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 2.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.851 |
| Total Debt | 2,083.76 |
| Total Equity | 9,326.85 |
| Total Capital | 11,410.61 |
| Debt Weighting | 18.26 |
| Equity Weighting | 81.74 |
| 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 | 211.12 | 264.66 | 329.80 | 452.20 | 631.20 | 831.10 | 1,094.29 | 1,440.84 | 1,897.13 | 2,497.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 145.69 | 179.84 | 211.99 | 304.21 | 371.56 | 544.16 | 716.49 | 943.39 | 1,242.15 | 1,635.51 |
| EBIT | 71.63 | 88.85 | 107.25 | 168.38 | 205.98 | 282.39 | 371.82 | 489.56 | 644.60 | 848.74 |
| Tax Rate | 1.84% | 3.16% | 5.55% | 5.88% | 0.00% | 3.29% | 3.29% | 3.29% | 3.29% | 3.29% |
| EBIAT | 70.31 | 86.05 | 101.30 | 158.49 | 205.98 | 273.11 | 359.60 | 473.48 | 623.43 | 820.86 |
| Depreciation | 74.06 | 90.98 | 104.74 | 135.83 | 165.59 | 261.77 | 344.67 | 453.82 | 597.54 | 786.78 |
| Accounts Receivable | - | -8.39 | -15.54 | -21.44 | -30.83 | -20 | -39.07 | -51.44 | -67.73 | -89.18 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 10.04 | 14.27 | 20.45 | 31.66 | 11.38 | 34.48 | 45.40 | 59.78 | 78.71 |
| Capital Expenditure | -57.95 | -47.17 | -78.77 | -102.47 | -135.09 | -188.19 | -247.79 | -326.26 | -429.58 | -565.63 |
| UFCF | 86.42 | 131.51 | 126 | 190.85 | 237.30 | 338.08 | 451.90 | 595 | 783.43 | 1,031.53 |
| WACC | ||||||||||
| PV UFCF | 316.43 | 395.89 | 487.89 | 601.27 | 740.99 | |||||
| SUM PV UFCF | 2,542.46 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.84 |
| Free cash flow (t + 1) | 1,052.16 |
| Terminal Value | 21,738.92 |
| Present Value of Terminal Value | 15,615.95 |
Intrinsic Value
| Enterprise Value | 18,158.42 |
|---|---|
| Net Debt | 2,046.98 |
| Equity Value | 16,111.44 |
| Shares Outstanding | 170.98 |
| Equity Value Per Share | 94.23 |