DCF Tool

CPT

Camden Property Trust – Other Financial Vehicles
Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 56,850 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company's portfolio will increase to 59,104 apartment homes in 174 properties. Camden has been recognized as one of the 100 Best Companies to Work ForĀ® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employees' Choice Award in 2020, ranking #25 for large U.S. companies.
Analysis Results
Intrinsic Value $48.81
Latest Price $116.21
Relative Value 138% overvalued
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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 6.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 6.4%, 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)
2022 201 189
2023 214 190
2024 228 190
2025 243 190
2026 258 190
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6130 million. This corresponds to a present value of 4250 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 949 million. Adding in the terminal value gives a total present value of 5200 million.

There are presently 107.0 million outstanding shares, so the intrinsic value per share is 48.81.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 632,055,000
Current Cash 613,391,000
Current Liabilities 347,110,000
Current Debt 0
Non-Cash Working Capital (NCWC) -328,446,000
Change in NCWC -22,693,000
EBIT 235,959,000
Tax Provision 1,893,000
Depreciation and Amortization 420,692,000
Capital Expenditure -428,714,000
Unlevered Free Cash Flow 203,822,700
Current Assets 440,599,000
Current Cash 420,441,000
Current Liabilities 325,911,000
Current Debt 0
Non-Cash Working Capital (NCWC) -305,753,000
Change in NCWC -20,486,000
EBIT 219,304,000
Tax Provision 1,972,000
Depreciation and Amortization 367,162,000
Capital Expenditure -427,247,000
Unlevered Free Cash Flow 135,420,367
Current Assets 45,017,000
Current Cash 23,184,000
Current Liabilities 307,100,000
Current Debt 0
Non-Cash Working Capital (NCWC) -285,267,000
Change in NCWC -31,981,000
EBIT 265,069,000
Tax Provision 1,089,000
Depreciation and Amortization 336,274,000
Capital Expenditure -407,558,000
Unlevered Free Cash Flow 160,523,109
Current Assets 57,298,000
Current Cash 34,378,000
Current Liabilities 276,206,000
Current Debt 0
Non-Cash Working Capital (NCWC) -253,286,000
Change in NCWC -24,685,000
EBIT 244,280,000
Tax Provision 1,424,000
Depreciation and Amortization 300,946,000
Capital Expenditure -359,230,000
Unlevered Free Cash Flow 159,165,311
Current Assets 392,530,000
Current Cash 368,492,000
Current Liabilities 252,639,000
Current Debt 0
Non-Cash Working Capital (NCWC) -228,601,000
Change in NCWC 3,386,000
EBIT 242,915,000
Tax Provision 1,224,000
Depreciation and Amortization 263,974,000
Capital Expenditure -299,086,000
Unlevered Free Cash Flow 209,717,691
Current Assets 361,392,000
Current Cash 337,364,000
Current Liabilities 256,015,000
Current Debt 0
Non-Cash Working Capital (NCWC) -231,987,000
Change in NCWC -14,236,000
EBIT 260,152,000
Tax Provision 1,617,000
Depreciation and Amortization 250,146,000
Capital Expenditure -342,952,000
Unlevered Free Cash Flow 152,609,113
Current Assets 35,717,000
Current Cash 10,617,000
Current Liabilities 242,851,000
Current Debt 0
Non-Cash Working Capital (NCWC) -217,751,000
Change in NCWC 13,039,000
EBIT 252,561,000
Tax Provision 1,872,000
Depreciation and Amortization 257,082,000
Capital Expenditure -425,574,000
Unlevered Free Cash Flow 95,290,497
Current Assets 179,895,000
Current Cash 153,918,000
Current Liabilities 256,767,000
Current Debt 0
Non-Cash Working Capital (NCWC) -230,790,000
Change in NCWC -52,772,000
EBIT 239,704,000
Tax Provision 1,903,000
Depreciation and Amortization 235,634,000
Capital Expenditure -503,328,000
Unlevered Free Cash Flow -82,266,390
Current Assets 45,518,000
Current Cash 17,794,000
Current Liabilities 205,742,000
Current Debt 0
Non-Cash Working Capital (NCWC) -178,018,000
Change in NCWC -31,326,000
EBIT 266,417,000
Tax Provision 1,826,000
Depreciation and Amortization 219,650,000
Capital Expenditure -356,815,000
Unlevered Free Cash Flow 96,528,546
Current Assets 60,294,000
Current Cash 26,669,000
Current Liabilities 2,690,785,000
Current Debt 2,510,468,000
Non-Cash Working Capital (NCWC) -146,692,000
Change in NCWC -22,733,000
EBIT 231,222,000
Tax Provision 1,208,000
Depreciation and Amortization 209,872,000
Capital Expenditure -290,728,000
Unlevered Free Cash Flow 126,686,512

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