Discounted Cash Flow (DCF) Analysis Unlevered
Xenia Hotels & Resorts, Inc. (XHR)
$12.29
+0.14 (+1.15%)
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 | 1,058.21 | 1,149.09 | 369.78 | 616.19 | 997.61 | 1,170.46 | 1,373.26 | 1,611.19 | 1,890.36 | 2,217.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 409.20 | 261.64 | 26.72 | 66.81 | 273.50 | 250.30 | 293.66 | 344.55 | 404.24 | 474.28 |
| EBITDA (%) | ||||||||||
| EBIT | 251.08 | 109.37 | -117.22 | -61.51 | 140.85 | 13.30 | 15.60 | 18.31 | 21.48 | 25.20 |
| EBIT (%) | ||||||||||
| Depreciation | 158.12 | 152.27 | 143.94 | 128.32 | 132.65 | 237 | 278.06 | 326.24 | 382.77 | 449.09 |
| 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 | 91.41 | 110.84 | 389.82 | 2,916.76 | 2,906.64 | 2,079.72 | 2,440.06 | 2,862.84 | 3,358.87 | 3,940.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 34.80 | 36.54 | 8.97 | 28.53 | 37.56 | 40.47 | 47.48 | 55.71 | 65.36 | 76.69 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 84.97 | 88.20 | 62.68 | 84.05 | 107.10 | 133.50 | 156.63 | 183.77 | 215.62 | 252.97 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | 58.41 | -129.85 | -69.23 | -31.82 | -70.38 | -85.96 | -100.85 | -118.33 | -138.83 | -162.89 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.29 |
|---|---|
| Beta | 1.522 |
| Diluted Shares Outstanding | 113.49 |
| Cost of Debt | |
| Tax Rate | 6.54 |
| After-tax Cost of Debt | 4.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.710 |
| Total Debt | - |
| Total Equity | 1,394.78 |
| Total Capital | 1,394.78 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 1,058.21 | 1,149.09 | 369.78 | 616.19 | 997.61 | 1,170.46 | 1,373.26 | 1,611.19 | 1,890.36 | 2,217.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 409.20 | 261.64 | 26.72 | 66.81 | 273.50 | 250.30 | 293.66 | 344.55 | 404.24 | 474.28 |
| EBIT | 251.08 | 109.37 | -117.22 | -61.51 | 140.85 | 13.30 | 15.60 | 18.31 | 21.48 | 25.20 |
| Tax Rate | 5.30% | 11.52% | 10.63% | 1.63% | 6.54% | 7.12% | 7.12% | 7.12% | 7.12% | 7.12% |
| EBIAT | 237.78 | 96.78 | -104.76 | -60.51 | 131.64 | 12.35 | 14.49 | 17 | 19.95 | 23.40 |
| Depreciation | 158.12 | 152.27 | 143.94 | 128.32 | 132.65 | 237 | 278.06 | 326.24 | 382.77 | 449.09 |
| Accounts Receivable | - | -1.74 | 27.58 | -19.56 | -9.03 | -2.91 | -7.01 | -8.23 | -9.65 | -11.33 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 3.23 | -25.52 | 21.38 | 23.05 | 26.41 | 23.13 | 27.14 | 31.84 | 37.36 |
| Capital Expenditure | 58.41 | -129.85 | -69.23 | -31.82 | -70.38 | -85.96 | -100.85 | -118.33 | -138.83 | -162.89 |
| UFCF | 454.30 | 120.69 | -28 | 37.81 | 207.93 | 186.89 | 207.82 | 243.83 | 286.07 | 335.64 |
| WACC | ||||||||||
| PV UFCF | 168.81 | 169.55 | 179.69 | 190.43 | 201.81 | |||||
| SUM PV UFCF | 910.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.71 |
| Free cash flow (t + 1) | 342.35 |
| Terminal Value | 3,930.55 |
| Present Value of Terminal Value | 2,363.30 |
Intrinsic Value
| Enterprise Value | 3,273.58 |
|---|---|
| Net Debt | -305.10 |
| Equity Value | 3,578.68 |
| Shares Outstanding | 113.49 |
| Equity Value Per Share | 31.53 |