Discounted Cash Flow (DCF) Analysis Unlevered
Transcontinental Realty Investors, ... (TCI)
$37.96
-0.04 (-0.11%)
All numbers are in Millions, Currency in USD
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 | 120.95 | 47.97 | 57.02 | 40.77 | 36.66 | 29.32 | 23.45 | 18.76 | 15.01 | 12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 266.29 | 16.27 | 54.63 | 50.04 | 591.28 | 122.30 | 97.83 | 78.25 | 62.59 | 50.06 |
| EBITDA (%) | ||||||||||
| EBIT | 243.53 | 2.90 | 36.05 | 35.01 | 591.26 | 115.49 | 92.38 | 73.89 | 59.10 | 47.27 |
| EBIT (%) | ||||||||||
| Depreciation | 22.76 | 13.38 | 18.58 | 15.03 | 0.01 | 6.81 | 5.45 | 4.36 | 3.49 | 2.79 |
| 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 | 36.36 | 51.18 | 36.76 | 66.74 | 233.21 | 58.71 | 46.96 | 37.56 | 30.04 | 24.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 217.18 | 262.53 | 283.33 | 166.32 | 149.54 | 119.61 | 95.67 | 76.52 | 61.21 | 48.96 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 26.65 | 26.12 | 26.73 | 16.76 | 15.07 | 12.06 | 9.64 | 7.71 | 6.17 | 4.93 |
| 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 | 120.95 | 47.97 | 57.02 | 40.77 | 36.66 | 29.32 | 23.45 | 18.76 | 15.01 | 12 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 266.29 | 16.27 | 54.63 | 50.04 | 591.28 | 122.30 | 97.83 | 78.25 | 62.59 | 50.06 |
| EBIT | 243.53 | 2.90 | 36.05 | 35.01 | 591.26 | 115.49 | 92.38 | 73.89 | 59.10 | 47.27 |
| Tax Rate | 2.58% | 4.33% | 10.70% | 9.71% | 18.06% | 9.07% | 9.07% | 9.07% | 9.07% | 9.07% |
| EBIAT | 237.26 | 2.77 | 32.19 | 31.61 | 484.50 | 105.01 | 83.99 | 67.18 | 53.74 | 42.98 |
| Depreciation | 22.76 | 13.38 | 18.58 | 15.03 | 0.01 | 6.81 | 5.45 | 4.36 | 3.49 | 2.79 |
| Accounts Receivable | - | -45.34 | -20.81 | 117.01 | 16.78 | 29.93 | 23.94 | 19.15 | 15.32 | 12.25 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.53 | 0.61 | -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 | -38.26 | 6.92 | 136.77 | 484.39 | 126.57 | 101.24 | 80.98 | 64.77 | 51.81 |
| WACC | ||||||||||
| PV UFCF | 117.89 | 87.83 | 65.44 | 48.75 | 36.32 | |||||
| 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 |