DCF Tool

AAT

American Assets Trust Inc – Other Financial Vehicles
asset america is an insurance company located in 3201 e bay dr, largo, florida, united states.
Analysis Results
Intrinsic Value $62.14
Latest Price $18.96
Relative Value 69% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 3.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 3.9%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 135 128
2024 141 126
2025 146 124
2026 152 122
2027 158 120
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 4390 million. This corresponds to a present value of 3150 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 620 million. Adding in the terminal value gives a total present value of 3770 million.

There are presently 60.7 million outstanding shares, so the intrinsic value per share is 62.14.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 155,184,000
Current Cash 49,571,000
Current Liabilities 105,604,000
Current Debt 0
Non-Cash Working Capital (NCWC) 9,000
Change in NCWC 4,888,000
EBIT 114,734,000
Tax Provision 850,000
Depreciation and Amortization 123,338,000
Capital Expenditure -113,781,000
Unlevered Free Cash Flow 127,459,820
Current Assets 239,424,000
Current Cash 139,524,000
Current Liabilities 104,779,000
Current Debt 0
Non-Cash Working Capital (NCWC) -4,879,000
Change in NCWC 7,261,000
EBIT 99,869,000
Tax Provision 738,000
Depreciation and Amortization 116,306,000
Capital Expenditure -104,588,000
Unlevered Free Cash Flow 116,873,680
Current Assets 228,159,000
Current Cash 137,333,000
Current Liabilities 102,966,000
Current Debt 0
Non-Cash Working Capital (NCWC) -12,140,000
Change in NCWC 9,806,000
EBIT 88,581,000
Tax Provision -9,000
Depreciation and Amortization 108,292,000
Capital Expenditure -63,488,000
Unlevered Free Cash Flow 143,191,000
Current Assets 183,466,000
Current Cash 99,303,000
Current Liabilities 106,109,000
Current Debt 0
Non-Cash Working Capital (NCWC) -21,946,000
Change in NCWC -10,298,000
EBIT 113,685,000
Tax Provision 819,000
Depreciation and Amortization 96,205,000
Capital Expenditure -88,327,000
Unlevered Free Cash Flow 109,738,814
Current Assets 113,806,000
Current Cash 47,956,000
Current Liabilities 77,498,000
Current Debt 0
Non-Cash Working Capital (NCWC) -11,648,000
Change in NCWC -17,519,000
EBIT 79,535,000
Tax Provision 327,000
Depreciation and Amortization 107,093,000
Capital Expenditure -54,411,000
Unlevered Free Cash Flow 113,753,252
Current Assets 147,657,000
Current Cash 82,610,000
Current Liabilities 59,176,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,871,000
Change in NCWC -5,941,000
EBIT 93,646,000
Tax Provision 214,000
Depreciation and Amortization 83,278,000
Capital Expenditure -47,496,000
Unlevered Free Cash Flow 122,990,290
Current Assets 108,699,000
Current Cash 44,801,000
Current Liabilities 52,086,000
Current Debt 0
Non-Cash Working Capital (NCWC) 11,812,000
Change in NCWC -177,000
EBIT 97,941,000
Tax Provision 566,000
Depreciation and Amortization 71,319,000
Capital Expenditure -59,633,000
Unlevered Free Cash Flow 108,250,194
Current Assets 102,333,000
Current Cash 39,925,000
Current Liabilities 50,419,000
Current Debt 0
Non-Cash Working Capital (NCWC) 11,989,000
Change in NCWC 22,251,000
EBIT 94,151,000
Tax Provision 295,000
Depreciation and Amortization 63,392,000
Capital Expenditure -134,174,000
Unlevered Free Cash Flow 45,107,649
Current Assets 117,330,000
Current Cash 59,357,000
Current Liabilities 68,235,000
Current Debt 0
Non-Cash Working Capital (NCWC) -10,262,000
Change in NCWC -11,885,000
EBIT 83,669,000
Tax Provision 460,000
Depreciation and Amortization 66,568,000
Capital Expenditure -144,674,000
Unlevered Free Cash Flow -7,539,773
Current Assets 102,316,000
Current Cash 48,987,000
Current Liabilities 51,706,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,623,000
Change in NCWC -4,753,000
EBIT 81,101,000
Tax Provision 645,000
Depreciation and Amortization 66,775,000
Capital Expenditure -55,675,000
Unlevered Free Cash Flow 85,197,036
Current Assets 90,674,000
Current Cash 42,479,000
Current Liabilities 41,819,000
Current Debt 0
Non-Cash Working Capital (NCWC) 6,376,000
Change in NCWC -4,192,000
EBIT 72,686,000
Tax Provision 1,016,000
Depreciation and Amortization 61,853,000
Capital Expenditure -34,582,000
Unlevered Free Cash Flow 94,361,480

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