DCF Tool

REXR

Rexford Industrial Realty Inc – Other Financial Vehicles
Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 253 properties with approximately 31.9 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.
Analysis Results
Intrinsic Value $43.29
Latest Price $68.06
Relative Value 57% 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 28.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 28.2%, 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 188 175
2023 241 209
2024 309 249
2025 396 297
2026 508 354
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 9440 million. This corresponds to a present value of 6120 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1280 million. Adding in the terminal value gives a total present value of 7410 million.

There are presently 171.0 million outstanding shares, so the intrinsic value per share is 43.29.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 116,536,000
Current Cash 43,987,000
Current Liabilities 179,175,000
Current Debt 0
Non-Cash Working Capital (NCWC) -106,626,000
Change in NCWC -39,564,000
EBIT 142,961,000
Tax Provision 0
Depreciation and Amortization 135,826,000
Capital Expenditure -102,475,000
Unlevered Free Cash Flow 136,748,000
Current Assets 228,624,000
Current Cash 176,293,000
Current Liabilities 119,393,000
Current Debt 0
Non-Cash Working Capital (NCWC) -67,062,000
Change in NCWC -12,119,000
EBIT 98,231,000
Tax Provision 0
Depreciation and Amortization 115,269,000
Capital Expenditure -78,765,000
Unlevered Free Cash Flow 122,616,000
Current Assets 114,417,000
Current Cash 78,857,000
Current Liabilities 90,503,000
Current Debt 0
Non-Cash Working Capital (NCWC) -54,943,000
Change in NCWC -15,302,000
EBIT 74,579,000
Tax Provision 0
Depreciation and Amortization 98,891,000
Capital Expenditure -47,169,000
Unlevered Free Cash Flow 110,999,000
Current Assets 207,773,000
Current Cash 180,601,000
Current Liabilities 66,813,000
Current Debt 0
Non-Cash Working Capital (NCWC) -39,641,000
Change in NCWC -732,000
EBIT 55,269,000
Tax Provision 0
Depreciation and Amortization 80,042,000
Capital Expenditure -57,951,000
Unlevered Free Cash Flow 76,628,000
Current Assets 26,360,000
Current Cash 6,620,000
Current Liabilities 58,649,000
Current Debt 0
Non-Cash Working Capital (NCWC) -38,909,000
Change in NCWC -17,956,000
EBIT 32,300,000
Tax Provision 0
Depreciation and Amortization 64,852,000
Capital Expenditure -42,313,000
Unlevered Free Cash Flow 36,883,000
Current Assets 36,081,000
Current Cash 15,525,000
Current Liabilities 41,509,000
Current Debt 0
Non-Cash Working Capital (NCWC) -20,953,000
Change in NCWC -4,804,000
EBIT 23,347,000
Tax Provision 0
Depreciation and Amortization 51,407,000
Capital Expenditure -31,928,000
Unlevered Free Cash Flow 38,022,000
Current Assets 16,068,000
Current Cash 5,201,000
Current Liabilities 27,016,000
Current Debt 0
Non-Cash Working Capital (NCWC) -16,149,000
Change in NCWC -16,040,000
EBIT 10,004,000
Tax Provision 0
Depreciation and Amortization 41,837,000
Capital Expenditure -22,181,000
Unlevered Free Cash Flow 13,620,000
Current Assets 28,569,000
Current Cash 8,606,000
Current Liabilities 20,072,000
Current Debt 0
Non-Cash Working Capital (NCWC) -109,000
Change in NCWC 11,141,000
EBIT 5,380,000
Tax Provision 0
Depreciation and Amortization 28,608,000
Capital Expenditure -13,959,000
Unlevered Free Cash Flow 31,170,000

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