Discounted Cash Flow (DCF) Analysis Unlevered

Terreno Realty Corporation (TRNO)

$52.93

-1.32 (-2.43%)
All numbers are in Millions, Currency in USD
Stock DCF: -105.02 | 52.93 | overvalue

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 132.48151.66171.02186.88221.93252.59287.50327.22372.43423.89
Revenue (%)
EBITDA 105.58118.62111.1990.37148.31170.81194.41221.27251.84286.64
EBITDA (%)
EBIT 69.8781.5071.8595.79105.31124.88142.14161.78184.13209.57
EBIT (%)
Depreciation 35.7137.1239.33-5.424345.9252.2759.4967.7177.07
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 35.7131110.08107.183,151.23802.76913.681,039.931,183.611,347.16
Total Cash (%)
Account Receivables -54.4915.8642.2450.1657.0964.9873.9684.1895.81
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 21.2724.8927.7026.6945.0342.0547.8654.476270.56
Accounts Payable (%)
Capital Expenditure -249.12-180.86-251.48-283.03-336.10-382.54-435.40-495.56-564.03-641.96
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 52.93
Beta 0.810
Diluted Shares Outstanding 68.17
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.647
Total Debt 720.67
Total Equity 3,608.24
Total Capital 4,328.91
Debt Weighting 16.65
Equity Weighting 83.35
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 132.48151.66171.02186.88221.93252.59287.50327.22372.43423.89
EBITDA 105.58118.62111.1990.37148.31170.81194.41221.27251.84286.64
EBIT 69.8781.5071.8595.79105.31124.88142.14161.78184.13209.57
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 69.8781.5071.8595.79105.31124.88142.14161.78184.13209.57
Depreciation 35.7137.1239.33-5.424345.9252.2759.4967.7177.07
Accounts Receivable --38.63-26.38-7.92-6.93-7.89-8.98-10.22-11.63
Inventories ----------
Accounts Payable -3.622.81-1.0118.34-2.985.816.617.538.57
Capital Expenditure -249.12-180.86-251.48-283.03-336.10-382.54-435.40-495.56-564.03-641.96
UFCF -143.54-58.61-98.86-220.05-177.38-221.64-243.07-276.65-314.88-358.39
WACC
PV UFCF -207.55-213.14-227.17-242.12-258.05
SUM PV UFCF -1,148.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.79
Free cash flow (t + 1) -365.55
Terminal Value -7,631.62
Present Value of Terminal Value -5,494.95

Intrinsic Value

Enterprise Value -6,642.97
Net Debt 516.27
Equity Value -7,159.23
Shares Outstanding 68.17
Equity Value Per Share -105.02