DCF Tool

FR

First Industrial Realty Trust, Inc. – Other Financial Vehicles
First Industrial Realty Trust, Inc. is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, its local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, the company owns and has under development approximately 64.1 million square feet of industrial space as of December 31, 2020.
Analysis Results
Intrinsic Value $7.01
Latest Price $49.53
Relative Value 607% overvalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 -5.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -5.2%, 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 60.2 56.4
2023 57.1 50.1
2024 54.1 44.5
2025 51.3 39.5
2026 48.7 35.1
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1040 million. This corresponds to a present value of 701 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 225 million. Adding in the terminal value gives a total present value of 926 million.

There are presently 132.0 million outstanding shares, so the intrinsic value per share is 7.01.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 162,422,000
Current Cash 58,591,000
Current Liabilities 288,862,000
Current Debt 0
Non-Cash Working Capital (NCWC) -185,031,000
Change in NCWC -59,225,000
EBIT 179,266,000
Tax Provision 4,879,000
Depreciation and Amortization 107,876,000
Capital Expenditure -314,084,000
Unlevered Free Cash Flow -89,268,006
Current Assets 252,371,000
Current Cash 162,090,000
Current Liabilities 216,087,000
Current Debt 0
Non-Cash Working Capital (NCWC) -125,806,000
Change in NCWC -9,300,000
EBIT 170,547,000
Tax Provision 2,408,000
Depreciation and Amortization 102,533,000
Capital Expenditure -198,496,000
Unlevered Free Cash Flow 63,256,735
Current Assets 107,352,000
Current Cash 21,120,000
Current Liabilities 202,738,000
Current Debt 0
Non-Cash Working Capital (NCWC) -116,506,000
Change in NCWC -37,333,000
EBIT 175,836,000
Tax Provision 3,406,000
Depreciation and Amortization 98,333,000
Capital Expenditure -294,633,000
Unlevered Free Cash Flow -60,218,871
Current Assets 119,366,000
Current Cash 43,102,000
Current Liabilities 155,437,000
Current Debt 0
Non-Cash Working Capital (NCWC) -79,173,000
Change in NCWC 3,533,000
EBIT 221,460,000
Tax Provision -92,000
Depreciation and Amortization 94,626,000
Capital Expenditure -224,466,000
Unlevered Free Cash Flow 95,153,000
Current Assets 96,273,000
Current Cash 21,146,000
Current Liabilities 157,833,000
Current Debt 0
Non-Cash Working Capital (NCWC) -82,706,000
Change in NCWC -3,699,000
EBIT 269,734,000
Tax Provision 1,193,000
Depreciation and Amortization 94,078,000
Capital Expenditure -146,003,000
Unlevered Free Cash Flow 212,573,952
Current Assets 81,998,000
Current Cash 9,859,000
Current Liabilities 151,146,000
Current Debt 0
Non-Cash Working Capital (NCWC) -79,007,000
Change in NCWC 1,710,000
EBIT 121,220,000
Tax Provision 1,089,000
Depreciation and Amortization 95,514,000
Capital Expenditure -179,994,000
Unlevered Free Cash Flow 37,408,701
Current Assets 71,934,000
Current Cash 3,987,000
Current Liabilities 148,664,000
Current Debt 0
Non-Cash Working Capital (NCWC) -80,717,000
Change in NCWC -17,607,000
EBIT 110,610,000
Tax Provision 117,000
Depreciation and Amortization 121,314,000
Capital Expenditure -150,079,000
Unlevered Free Cash Flow 64,069,540
Current Assets 74,986,000
Current Cash 9,500,000
Current Liabilities 128,596,000
Current Debt 0
Non-Cash Working Capital (NCWC) -63,110,000
Change in NCWC -9,373,000
EBIT 99,159,000
Tax Provision 238,000
Depreciation and Amortization 123,675,000
Capital Expenditure -123,037,000
Unlevered Free Cash Flow 89,963,452
Current Assets 69,699,000
Current Cash 7,577,000
Current Liabilities 115,859,000
Current Debt 0
Non-Cash Working Capital (NCWC) -53,737,000
Change in NCWC -995,000
EBIT 89,647,000
Tax Provision -3,000
Depreciation and Amortization 124,903,000
Capital Expenditure -114,806,000
Unlevered Free Cash Flow 98,749,000
Current Assets 64,097,000
Current Cash 4,938,000
Current Liabilities 111,901,000
Current Debt 0
Non-Cash Working Capital (NCWC) -52,742,000
Change in NCWC -8,515,000
EBIT 81,135,000
Tax Provision 5,522,000
Depreciation and Amortization 135,171,000
Capital Expenditure -83,222,000
Unlevered Free Cash Flow 119,047,000

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.