DCF Tool

PGRE

Paramount Group Inc – Lessors of Nonresidential Buildings (except Miniwarehouses)
paramount real estate group is a real estate company located in 10 pickney colony office park, bluffton, south carolina, united states.
Analysis Results
Intrinsic Value $21.19
Latest Price $4.69
Relative Value 78% 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 -6.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -6.6%, 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)
2024 222 211
2025 208 188
2026 194 167
2027 181 148
2028 169 132
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 5070 million. This corresponds to a present value of 3760 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 846 million. Adding in the terminal value gives a total present value of 4600 million.

There are presently 217.0 million outstanding shares, so the intrinsic value per share is 21.19.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 878,861,000
Current Cash 428,208,000
Current Liabilities 122,823,000
Current Debt 0
Non-Cash Working Capital (NCWC) 327,830,000
Change in NCWC 57,916,000
EBIT -231,724,000
Tax Provision 1,426,000
Depreciation and Amortization 250,644,000
Capital Expenditure -100,526,000
Unlevered Free Cash Flow -23,690,000
Current Assets 820,021,000
Current Cash 408,905,000
Current Liabilities 141,202,000
Current Debt 0
Non-Cash Working Capital (NCWC) 269,914,000
Change in NCWC 49,918,000
EBIT 113,758,000
Tax Provision 3,265,000
Depreciation and Amortization 232,517,000
Capital Expenditure -125,805,000
Unlevered Free Cash Flow 270,388,000
Current Assets 877,983,000
Current Cash 524,900,000
Current Liabilities 133,087,000
Current Debt 0
Non-Cash Working Capital (NCWC) 219,996,000
Change in NCWC -39,842,000
EBIT 144,699,000
Tax Provision 3,643,000
Depreciation and Amortization 232,487,000
Capital Expenditure -112,001,000
Unlevered Free Cash Flow 132,895,006
Current Assets 813,065,000
Current Cash 434,530,000
Current Liabilities 118,697,000
Current Debt 0
Non-Cash Working Capital (NCWC) 259,838,000
Change in NCWC 15,234,000
EBIT 127,090,000
Tax Provision 1,493,000
Depreciation and Amortization 231,156,000
Capital Expenditure -89,463,000
Unlevered Free Cash Flow 284,017,000
Current Assets 693,430,000
Current Cash 306,215,000
Current Liabilities 142,611,000
Current Debt 0
Non-Cash Working Capital (NCWC) 244,604,000
Change in NCWC 81,552,000
EBIT 170,847,000
Tax Provision 312,000
Depreciation and Amortization 259,338,000
Capital Expenditure -103,916,000
Unlevered Free Cash Flow 407,821,000
Current Assets 675,601,000
Current Cash 362,313,000
Current Liabilities 150,236,000
Current Debt 0
Non-Cash Working Capital (NCWC) 163,052,000
Change in NCWC 64,240,000
EBIT 171,493,000
Tax Provision 3,139,000
Depreciation and Amortization 242,166,000
Capital Expenditure -137,915,000
Unlevered Free Cash Flow 315,661,004
Current Assets 517,372,000
Current Cash 248,420,000
Current Liabilities 170,140,000
Current Debt 0
Non-Cash Working Capital (NCWC) 98,812,000
Change in NCWC 69,284,000
EBIT 253,631,000
Tax Provision 5,177,000
Depreciation and Amortization 246,514,000
Capital Expenditure -86,434,000
Unlevered Free Cash Flow 471,308,194
Current Assets 393,678,000
Current Cash 185,358,000
Current Liabilities 178,792,000
Current Debt 0
Non-Cash Working Capital (NCWC) 29,528,000
Change in NCWC 148,101,000
EBIT 103,558,000
Tax Provision 1,785,000
Depreciation and Amortization 259,914,000
Capital Expenditure -132,686,000
Unlevered Free Cash Flow 330,923,577
Current Assets 295,864,000
Current Cash 165,405,000
Current Liabilities 249,032,000
Current Debt 0
Non-Cash Working Capital (NCWC) -118,573,000
Change in NCWC 124,707,000
EBIT 115,444,000
Tax Provision 2,566,000
Depreciation and Amortization 284,707,000
Capital Expenditure -107,859,000
Unlevered Free Cash Flow 404,504,617

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