Discounted Cash Flow (DCF) Analysis Unlevered

Transcontinental Realty Investors, ... (TCI)

$36.71

-0.54 (-1.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 100.42 | 36.71 | 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 -0420.51377.150121.8797.4877.9762.3649.88
Inventories (%)
Accounts Payable 26.6526.1226.7343.6058.0922.8018.2414.5911.679.33
Accounts Payable (%)
Capital Expenditure -78.87-37.15-17.50-8.07-18.69-14.32-11.45-9.16-7.33-5.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.71
Beta 0.535
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 6.881
Total Debt 313.68
Total Equity 317.15
Total Capital 630.83
Debt Weighting 49.73
Equity Weighting 50.27
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 ---420.5143.36377.15-121.8724.3919.5115.6012.48
Accounts Payable --0.530.6116.8714.49-35.30-4.56-3.65-2.92-2.33
Capital Expenditure -78.87-37.15-17.50-8.07-18.69-14.32-11.45-9.16-7.33-5.86
UFCF 3.51-61.10-426.86102.68770.6138.88109.8387.8570.2756.20
WACC
PV UFCF 36.6797.6973.7055.6041.94
SUM PV UFCF 305.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.03
Free cash flow (t + 1) 56.49
Terminal Value 1,021.43
Present Value of Terminal Value 762.20

Intrinsic Value

Enterprise Value 1,067.79
Net Debt 200.26
Equity Value 867.53
Shares Outstanding 8.64
Equity Value Per Share 100.42