Discounted Cash Flow (DCF) Analysis Unlevered
SL Green Realty Corp. (SLG-PI)
$22.85
-0.32 (-1.38%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,511.47 | 1,227.39 | 1,239 | 1,052.74 | 843.99 | 732.77 | 636.21 | 552.37 | 479.58 | 416.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 791.22 | 761.19 | 760 | 824.12 | 757.63 | 503.79 | 437.40 | 379.76 | 329.72 | 286.27 |
| EBITDA (%) | ||||||||||
| EBIT | 371.40 | 469.27 | 475.99 | 498.66 | 529.34 | 309.68 | 268.87 | 233.44 | 202.68 | 175.97 |
| EBIT (%) | ||||||||||
| Depreciation | 419.82 | 291.91 | 284.01 | 325.46 | 228.29 | 194.11 | 168.53 | 146.32 | 127.04 | 110.30 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 156.47 | 158.11 | 195.96 | 294.63 | 286.17 | 147.94 | 128.44 | 111.52 | 96.82 | 84.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 446.02 | 405.61 | 348.10 | 381.96 | 325.34 | 242.52 | 210.56 | 182.81 | 158.72 | 137.81 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 137.14 | 147.06 | 166.91 | 151.31 | 157.57 | 99.02 | 85.98 | 74.65 | 64.81 | 56.27 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 22.85 |
|---|---|
| Beta | 1.421 |
| Diluted Shares Outstanding | 290.37 |
| Cost of Debt | |
| Tax Rate | 4.90 |
| After-tax Cost of Debt | 1.38% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.237 |
| Total Debt | 4,971.31 |
| Total Equity | 6,634.98 |
| Total Capital | 11,606.29 |
| Debt Weighting | 42.83 |
| Equity Weighting | 57.17 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,511.47 | 1,227.39 | 1,239 | 1,052.74 | 843.99 | 732.77 | 636.21 | 552.37 | 479.58 | 416.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 791.22 | 761.19 | 760 | 824.12 | 757.63 | 503.79 | 437.40 | 379.76 | 329.72 | 286.27 |
| EBIT | 371.40 | 469.27 | 475.99 | 498.66 | 529.34 | 309.68 | 268.87 | 233.44 | 202.68 | 175.97 |
| Tax Rate | -11.58% | 4.51% | 3.48% | 8.43% | 4.90% | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
| EBIAT | 414.42 | 448.12 | 459.43 | 456.63 | 503.38 | 303.65 | 263.64 | 228.89 | 198.73 | 172.54 |
| Depreciation | 419.82 | 291.91 | 284.01 | 325.46 | 228.29 | 194.11 | 168.53 | 146.32 | 127.04 | 110.30 |
| Accounts Receivable | - | 40.41 | 57.51 | -33.86 | 56.62 | 82.82 | 31.96 | 27.75 | 24.09 | 20.92 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 9.92 | 19.85 | -15.60 | 6.26 | -58.55 | -13.05 | -11.33 | -9.84 | -8.54 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 522.03 | 451.07 | 391.63 | 340.02 | 295.21 |
| WACC | ||||||||||
| PV UFCF | 490.44 | 398.14 | 324.76 | 264.90 | 216.08 | |||||
| SUM PV UFCF | 1,694.33 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.44 |
| Free cash flow (t + 1) | 301.12 |
| Terminal Value | 6,781.95 |
| Present Value of Terminal Value | 4,963.99 |
Intrinsic Value
| Enterprise Value | 6,658.31 |
|---|---|
| Net Debt | 4,719.90 |
| Equity Value | 1,938.42 |
| Shares Outstanding | 290.37 |
| Equity Value Per Share | 6.68 |