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
Stock DCF: 6.68 | 22.85 | overvalue

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 1,511.471,227.391,2391,052.74843.99732.77636.21552.37479.58416.38
Revenue (%)
EBITDA 791.22761.19760824.12757.63503.79437.40379.76329.72286.27
EBITDA (%)
EBIT 371.40469.27475.99498.66529.34309.68268.87233.44202.68175.97
EBIT (%)
Depreciation 419.82291.91284.01325.46228.29194.11168.53146.32127.04110.30
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 156.47158.11195.96294.63286.17147.94128.44111.5296.8284.06
Total Cash (%)
Account Receivables 446.02405.61348.10381.96325.34242.52210.56182.81158.72137.81
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 137.14147.06166.91151.31157.5799.0285.9874.6564.8156.27
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 1,511.471,227.391,2391,052.74843.99732.77636.21552.37479.58416.38
EBITDA 791.22761.19760824.12757.63503.79437.40379.76329.72286.27
EBIT 371.40469.27475.99498.66529.34309.68268.87233.44202.68175.97
Tax Rate -11.58%4.51%3.48%8.43%4.90%1.95%1.95%1.95%1.95%1.95%
EBIAT 414.42448.12459.43456.63503.38303.65263.64228.89198.73172.54
Depreciation 419.82291.91284.01325.46228.29194.11168.53146.32127.04110.30
Accounts Receivable -40.4157.51-33.8656.6282.8231.9627.7524.0920.92
Inventories ----------
Accounts Payable -9.9219.85-15.606.26-58.55-13.05-11.33-9.84-8.54
Capital Expenditure ----------
UFCF -----522.03451.07391.63340.02295.21
WACC
PV UFCF 490.44398.14324.76264.90216.08
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