Discounted Cash Flow (DCF) Analysis Unlevered
STORE Capital Corporation (STOR)
$32.21
0.00 (0.00%)
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 | 452.85 | 540.76 | 665.71 | 694.27 | 782.66 | 899.17 | 1,033.01 | 1,186.78 | 1,363.44 | 1,566.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 423.27 | 519.76 | 655.61 | 617 | 695.83 | 837.75 | 962.45 | 1,105.71 | 1,270.31 | 1,459.40 |
| EBITDA (%) | ||||||||||
| EBIT | 272.99 | 337.94 | 433.64 | 374.08 | 430.01 | 533.64 | 613.07 | 704.33 | 809.17 | 929.62 |
| EBIT (%) | ||||||||||
| Depreciation | 150.28 | 181.83 | 221.97 | 242.92 | 265.81 | 304.11 | 349.38 | 401.38 | 461.13 | 529.78 |
| 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 | 42.94 | 27.51 | 99.75 | 166.38 | 64.27 | 111.01 | 127.54 | 146.52 | 168.33 | 193.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 271.45 | 351.20 | 582.27 | 650.32 | 697.27 | 710.55 | 816.32 | 937.83 | 1,077.43 | 1,237.81 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 32.21 |
|---|---|
| Beta | 0.000 |
| 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 | 3.380 |
| 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 | 452.85 | 540.76 | 665.71 | 694.27 | 782.66 | 899.17 | 1,033.01 | 1,186.78 | 1,363.44 | 1,566.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 423.27 | 519.76 | 655.61 | 617 | 695.83 | 837.75 | 962.45 | 1,105.71 | 1,270.31 | 1,459.40 |
| EBIT | 272.99 | 337.94 | 433.64 | 374.08 | 430.01 | 533.64 | 613.07 | 704.33 | 809.17 | 929.62 |
| Tax Rate | -31.86% | 0.30% | 0.25% | 0.27% | 0.30% | -6.15% | -6.15% | -6.15% | -6.15% | -6.15% |
| EBIAT | 359.96 | 336.94 | 432.57 | 373.05 | 428.72 | 566.45 | 650.76 | 747.63 | 858.92 | 986.78 |
| Depreciation | 150.28 | 181.83 | 221.97 | 242.92 | 265.81 | 304.11 | 349.38 | 401.38 | 461.13 | 529.78 |
| 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 | - | - | - | - | - | 857.28 | 894.37 | 1,027.50 | 1,180.45 | 1,356.17 |
| WACC | ||||||||||
| PV UFCF | 828.45 | 835.23 | 927.29 | 1,029.49 | 1,142.96 | |||||
| SUM PV UFCF | 4,763.42 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.48 |
| Free cash flow (t + 1) | 1,383.29 |
| Terminal Value | 93,465.82 |
| Present Value of Terminal Value | 78,771.79 |
Intrinsic Value
| Enterprise Value | 83,535.21 |
|---|---|
| Net Debt | 4,311.89 |
| Equity Value | 79,223.32 |
| Shares Outstanding | 270.11 |
| Equity Value Per Share | 293.31 |