Discounted Cash Flow (DCF) Analysis Unlevered

STORE Capital Corporation (STOR)

$32.21

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 80.54 | 32.21 | undervalue

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 452.85540.76665.71694.27782.66899.171,033.011,186.781,363.441,566.40
Revenue (%)
EBITDA 423.27519.76655.61617695.83837.75962.451,105.711,270.311,459.40
EBITDA (%)
EBIT 272.99337.94433.64374.08430.01533.64613.07704.33809.17929.62
EBIT (%)
Depreciation 150.28181.83221.97242.92265.81304.11349.38401.38461.13529.78
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 42.9427.5199.75166.3864.27111.01127.54146.52168.33193.39
Total Cash (%)
Account Receivables 271.45351.20582.27650.32697.27710.55816.32937.831,077.431,237.81
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.21
Beta 0.969
Diluted Shares Outstanding 270.11
Cost of Debt
Tax Rate 0.30
After-tax Cost of Debt 3.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.105
Total Debt 4,376.16
Total Equity 8,700.09
Total Capital 13,076.25
Debt Weighting 33.47
Equity Weighting 66.53
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 452.85540.76665.71694.27782.66899.171,033.011,186.781,363.441,566.40
EBITDA 423.27519.76655.61617695.83837.75962.451,105.711,270.311,459.40
EBIT 272.99337.94433.64374.08430.01533.64613.07704.33809.17929.62
Tax Rate -31.86%0.30%0.25%0.27%0.30%-6.15%-6.15%-6.15%-6.15%-6.15%
EBIAT 359.96336.94432.57373.05428.72566.45650.76747.63858.92986.78
Depreciation 150.28181.83221.97242.92265.81304.11349.38401.38461.13529.78
Accounts Receivable --79.75-231.07-68.05-46.95-13.28-105.77-121.51-139.60-160.38
Inventories ----------
Accounts Payable ----------
Capital Expenditure ----------
UFCF -----857.28894.371,027.501,180.451,356.17
WACC
PV UFCF 804.05786.76847.75913.47984.29
SUM PV UFCF 4,336.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.62
Free cash flow (t + 1) 1,383.29
Terminal Value 29,941.43
Present Value of Terminal Value 21,730.97

Intrinsic Value

Enterprise Value 26,067.29
Net Debt 4,311.89
Equity Value 21,755.40
Shares Outstanding 270.11
Equity Value Per Share 80.54