Discounted Cash Flow (DCF) Analysis Unlevered

Transcontinental Realty Investors, ... (TCI)

$30.62

+0.62 (+2.07%)
All numbers are in Millions, Currency in USD
Stock DCF: 103.72 | 30.62 | undervalue

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 120.9547.9757.0240.7736.6629.3223.4518.7615.0112
Revenue (%)
EBITDA 83.9522.5832.8732.97495.2494.1875.3360.2548.1938.55
EBITDA (%)
EBIT 61.199.2014.2917.94482.1285.2768.2054.5543.6334.90
EBIT (%)
Depreciation 22.7613.3818.5815.0313.118.917.135.704.563.65
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 36.3651.1836.7666.74233.2158.7146.9637.5630.0424.03
Total Cash (%)
Account Receivables 217.18262.53283.33266.44276.45154.31123.4398.7378.9763.16
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 26.6526.1226.7343.6058.0922.8018.2414.5911.679.33
Accounts Payable (%)
Capital Expenditure -78.87-31.28-37.18-26.59-23.90-19.12-15.29-12.23-9.78-7.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.62
Beta 0.602
Diluted Shares Outstanding 8.64
Cost of Debt
Tax Rate 18.16
After-tax Cost of Debt 5.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.414
Total Debt 313.68
Total Equity 264.54
Total Capital 578.22
Debt Weighting 54.25
Equity Weighting 45.75
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 120.9547.9757.0240.7736.6629.3223.4518.7615.0112
EBITDA 83.9522.5832.8732.97495.2494.1875.3360.2548.1938.55
EBIT 61.199.2014.2917.94482.1285.2768.2054.5543.6334.90
Tax Rate 2.58%7.11%10.70%-3.66%18.16%6.98%6.98%6.98%6.98%6.98%
EBIAT 59.628.5412.7618.60394.5579.3263.4450.7540.5932.47
Depreciation 22.7613.3818.5815.0313.118.917.135.704.563.65
Accounts Receivable --45.34-20.8116.89-10.01122.1330.8824.7019.7615.80
Inventories ----------
Accounts Payable --0.530.6116.8714.49-35.30-4.56-3.65-2.92-2.33
Capital Expenditure -78.87-31.28-37.18-26.59-23.90-19.12-15.29-12.23-9.78-7.83
UFCF 3.51-55.23-26.0340.80388.25155.9581.6065.2752.2041.76
WACC
PV UFCF 146.8472.3554.4941.0430.91
SUM PV UFCF 345.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.20
Free cash flow (t + 1) 42.59
Terminal Value 1,014.09
Present Value of Terminal Value 750.68

Intrinsic Value

Enterprise Value 1,096.31
Net Debt 200.26
Equity Value 896.06
Shares Outstanding 8.64
Equity Value Per Share 103.72