Discounted Cash Flow (DCF) Analysis Unlevered

Transcontinental Realty Investors, ... (TCI)

$37.96

-0.04 (-0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 113.02 | 37.96 | 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 266.2916.2754.6350.04591.28122.3097.8378.2562.5950.06
EBITDA (%)
EBIT 243.532.9036.0535.01591.26115.4992.3873.8959.1047.27
EBIT (%)
Depreciation 22.7613.3818.5815.030.016.815.454.363.492.79
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 217.18262.53283.33166.32149.54119.6195.6776.5261.2148.96
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 26.6526.1226.7316.7615.0712.069.647.716.174.93
Accounts Payable (%)
Capital Expenditure -78.87-8.53-23.66-16.92-15.21-12.17-9.73-7.78-6.23-4.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 37.96
Beta 0.585
Diluted Shares Outstanding 8.64
Cost of Debt
Tax Rate 18.06
After-tax Cost of Debt 8.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.548
Total Debt 184.46
Total Equity 327.95
Total Capital 512.41
Debt Weighting 36.00
Equity Weighting 64.00
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 266.2916.2754.6350.04591.28122.3097.8378.2562.5950.06
EBIT 243.532.9036.0535.01591.26115.4992.3873.8959.1047.27
Tax Rate 2.58%4.33%10.70%9.71%18.06%9.07%9.07%9.07%9.07%9.07%
EBIAT 237.262.7732.1931.61484.50105.0183.9967.1853.7442.98
Depreciation 22.7613.3818.5815.030.016.815.454.363.492.79
Accounts Receivable --45.34-20.81117.0116.7829.9323.9419.1515.3212.25
Inventories ----------
Accounts Payable --0.530.61-9.96-1.69-3.02-2.41-1.93-1.54-1.23
Capital Expenditure -78.87-8.53-23.66-16.92-15.21-12.17-9.73-7.78-6.23-4.98
UFCF 181.15-38.266.92136.77484.39126.57101.2480.9864.7751.81
WACC
PV UFCF 117.8987.8365.4448.7536.32
SUM PV UFCF 356.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.36
Free cash flow (t + 1) 52.84
Terminal Value 985.89
Present Value of Terminal Value 691.22

Intrinsic Value

Enterprise Value 1,047.46
Net Debt 71.04
Equity Value 976.42
Shares Outstanding 8.64
Equity Value Per Share 113.02