DCF Tool

CXP

Columbia Property Trust Inc – Other Financial Vehicles
Columbia Property Trust (NYSE: CXP) creates value through owning, operating and developing Class-A office buildings in New York, San Francisco, Washington D.C., and Boston. The Columbia team is deeply experienced in transactions, asset management and repositioning, leasing, development, and property management. It employs these competencies to grow value across its high-quality, well-leased portfolio of 15 properties that contain more than six million rentable square feet, as well as four properties under development, and also has more than eight million square feet under management for private investors and third parties. Columbia has investment-grade ratings from both Moody's and S&P Global Ratings.
Analysis Results
Intrinsic Value $8.43
Latest Price $19.28
Relative Value 129% 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 -16.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -16.1%, 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)
2021 67.5 64.4
2022 56.6 51.5
2023 47.5 41.1
2024 39.8 32.9
2025 33.4 26.3
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 1000 million. This corresponds to a present value of 752 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 216 million. Adding in the terminal value gives a total present value of 968 million.

There are presently 115.0 million outstanding shares, so the intrinsic value per share is 8.43.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 274,009,000
Current Cash 61,882,000
Current Liabilities 146,106,000
Current Debt 0
Non-Cash Working Capital (NCWC) 66,021,000
Change in NCWC 76,752,000
EBIT 28,203,000
Tax Provision -2,805,000
Depreciation and Amortization 92,424,000
Capital Expenditure -68,879,000
Unlevered Free Cash Flow 128,500,000
Current Assets 113,581,000
Current Cash 12,303,000
Current Liabilities 112,009,000
Current Debt 0
Non-Cash Working Capital (NCWC) -10,731,000
Change in NCWC -36,316,000
EBIT 53,993,000
Tax Provision 21,000
Depreciation and Amortization 101,838,000
Capital Expenditure -66,994,000
Unlevered Free Cash Flow 52,396,195
Current Assets 130,753,000
Current Cash 17,118,000
Current Liabilities 88,050,000
Current Debt 0
Non-Cash Working Capital (NCWC) 25,585,000
Change in NCWC 70,983,000
EBIT 65,843,000
Tax Provision 37,000
Depreciation and Amortization 111,196,000
Capital Expenditure -71,033,000
Unlevered Free Cash Flow 176,733,312
Current Assets 131,613,000
Current Cash 9,567,000
Current Liabilities 539,620,000
Current Debt 372,176,000
Non-Cash Working Capital (NCWC) -45,398,000
Change in NCWC 45,802,000
EBIT 51,622,000
Tax Provision -213,000
Depreciation and Amortization 112,301,000
Capital Expenditure -86,805,000
Unlevered Free Cash Flow 122,920,000
Current Assets 312,334,000
Current Cash 216,085,000
Current Liabilities 309,449,000
Current Debt 122,000,000
Non-Cash Working Capital (NCWC) -91,200,000
Change in NCWC -86,853,000
EBIT 91,719,000
Tax Provision 445,000
Depreciation and Amortization 161,073,000
Capital Expenditure -39,521,000
Unlevered Free Cash Flow 125,936,271
Current Assets 189,225,000
Current Cash 32,645,000
Current Liabilities 318,927,000
Current Debt 158,000,000
Non-Cash Working Capital (NCWC) -4,347,000
Change in NCWC -48,895,000
EBIT 103,438,000
Tax Provision 378,000
Depreciation and Amortization 209,490,000
Capital Expenditure -83,371,000
Unlevered Free Cash Flow 179,793,062
Current Assets 325,367,000
Current Cash 149,790,000
Current Liabilities 337,839,000
Current Debt 206,810,000
Non-Cash Working Capital (NCWC) 44,548,000
Change in NCWC 12,735,000
EBIT 113,999,000
Tax Provision 662,000
Depreciation and Amortization 191,978,000
Capital Expenditure -54,005,000
Unlevered Free Cash Flow 263,915,223

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