DCF Tool

PEAK

healthpeak properties, inc. is a fully integrated real estate investment trust (reit) and s&p 500 company. healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of life science, medical office and senior housing, designed to provide stability through the inevitable industry cycles. at healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth.
Analysis Results
Intrinsic Value $17.46
Latest Price $18.73
Relative Value 7% overvalued
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Cash Flow (Billions)
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 -9.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -9.4%, 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 (billion) Present value (billion)
2023 0.491 0.471
2024 0.445 0.409
2025 0.403 0.356
2026 0.366 0.309
2027 0.331 0.269
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 9.94 billion. This corresponds to a present value of 7.74 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1.81 billion. Adding in the terminal value gives a total present value of 9.55 billion.

There are presently 547.0 million outstanding shares, so the intrinsic value per share is 17.46.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 555,102,000
Current Cash 0
Current Liabilities 8,114,174,000
Current Debt 0
Non-Cash Working Capital (NCWC) -7,559,072,000
Change in NCWC -565,441,000
EBIT 500,037,000
Tax Provision -4,425,000
Depreciation and Amortization 710,569,000
Capital Expenditure -970,146,000
Unlevered Free Cash Flow -324,981,000
Current Assets 720,949,000
Current Cash 0
Current Liabilities 7,714,580,000
Current Debt 0
Non-Cash Working Capital (NCWC) -6,993,631,000
Change in NCWC 448,273,000
EBIT -56,123,000
Tax Provision -3,261,000
Depreciation and Amortization 684,286,000
Capital Expenditure -722,035,000
Unlevered Free Cash Flow 354,401,000
Current Assets 393,782,000
Current Cash 0
Current Liabilities 7,835,686,000
Current Debt 0
Non-Cash Working Capital (NCWC) -7,441,904,000
Change in NCWC -738,686,000
EBIT 60,734,000
Tax Provision -9,423,000
Depreciation and Amortization 697,143,000
Capital Expenditure -791,566,000
Unlevered Free Cash Flow -772,375,000
Current Assets 394,228,000
Current Cash 0
Current Liabilities 7,097,446,000
Current Debt 0
Non-Cash Working Capital (NCWC) -6,703,218,000
Change in NCWC -775,003,000
EBIT 19,899,000
Tax Provision -17,262,000
Depreciation and Amortization 659,989,000
Capital Expenditure -626,904,000
Unlevered Free Cash Flow -722,019,000
Current Assets 221,959,000
Current Cash 0
Current Liabilities 6,150,174,000
Current Debt 0
Non-Cash Working Capital (NCWC) -5,928,215,000
Change in NCWC 2,089,333,000
EBIT 129,635,000
Tax Provision -17,854,000
Depreciation and Amortization 549,499,000
Capital Expenditure -503,643,000
Unlevered Free Cash Flow 2,264,824,000
Current Assets 409,365,000
Current Cash 0
Current Liabilities 8,426,913,000
Current Debt 0
Non-Cash Working Capital (NCWC) -8,017,548,000
Change in NCWC 722,058,000
EBIT 64,660,000
Tax Provision -1,333,000
Depreciation and Amortization 534,726,000
Capital Expenditure -373,479,000
Unlevered Free Cash Flow 947,965,000
Current Assets 1,016,430,000
Current Cash 0
Current Liabilities 9,756,036,000
Current Debt 0
Non-Cash Working Capital (NCWC) -8,739,606,000
Change in NCWC 1,621,523,000
EBIT 479,701,000
Tax Provision 4,473,000
Depreciation and Amortization 572,998,000
Capital Expenditure -421,322,000
Unlevered Free Cash Flow 2,249,570,226
Current Assets 1,267,130,000
Current Cash 0
Current Liabilities 11,628,259,000
Current Debt 0
Non-Cash Working Capital (NCWC) -10,361,129,000
Change in NCWC -1,431,563,000
EBIT 887,942,000
Tax Provision -9,011,000
Depreciation and Amortization 510,785,000
Capital Expenditure -281,017,000
Unlevered Free Cash Flow -313,853,000
Current Assets 1,358,552,000
Current Cash 0
Current Liabilities 10,288,118,000
Current Debt 0
Non-Cash Working Capital (NCWC) -8,929,566,000
Change in NCWC -821,780,000
EBIT 941,456,000
Tax Provision 250,000
Depreciation and Amortization 459,995,000
Capital Expenditure -178,513,000
Unlevered Free Cash Flow 400,906,768
Current Assets 938,140,000
Current Cash 0
Current Liabilities 9,045,926,000
Current Debt 0
Non-Cash Working Capital (NCWC) -8,107,786,000
Change in NCWC 142,592,000
EBIT 922,327,000
Tax Provision 5,815,000
Depreciation and Amortization 429,174,000
Capital Expenditure -130,317,000
Unlevered Free Cash Flow 1,358,362,982

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