DCF Tool

VNO

Vornado Realty Trust – Other Financial Vehicles
Vornado Realty Trust is a fully integrated equity real estate investment trust.
Analysis Results
Intrinsic Value $15.15
Latest Price $21.45
Relative Value 42% 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 -18.6%.

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 -18.6%, 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 (billion) Present value (billion)
2022 0.224 0.213
2023 0.182 0.166
2024 0.148 0.129
2025 0.121 0.0999
2026 0.0984 0.0776
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 2.95 billion. This corresponds to a present value of 2.22 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 0.685 billion. Adding in the terminal value gives a total present value of 2.91 billion.

There are presently 192.0 million outstanding shares, so the intrinsic value per share is 15.15.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,496,204,000
Current Cash 1,760,225,000
Current Liabilities 661,615,000
Current Debt 0
Non-Cash Working Capital (NCWC) 74,364,000
Change in NCWC -210,057,000
EBIT 431,421,000
Tax Provision -10,496,000
Depreciation and Amortization 432,594,000
Capital Expenditure -585,940,000
Unlevered Free Cash Flow 68,018,000
Current Assets 2,376,215,000
Current Cash 1,624,482,000
Current Liabilities 467,312,000
Current Debt 0
Non-Cash Working Capital (NCWC) 284,421,000
Change in NCWC 344,252,000
EBIT -24,439,000
Tax Provision 36,630,000
Depreciation and Amortization 417,942,000
Capital Expenditure -601,920,000
Unlevered Free Cash Flow 135,835,000
Current Assets 2,386,264,000
Current Cash 1,548,325,000
Current Liabilities 897,770,000
Current Debt 0
Non-Cash Working Capital (NCWC) -59,831,000
Change in NCWC -469,578,000
EBIT 1,149,517,000
Tax Provision 103,439,000
Depreciation and Amortization 438,933,000
Capital Expenditure -649,056,000
Unlevered Free Cash Flow 435,227,509
Current Assets 1,731,567,000
Current Cash 723,114,000
Current Liabilities 598,706,000
Current Debt 0
Non-Cash Working Capital (NCWC) 409,747,000
Change in NCWC 67,199,000
EBIT 760,079,000
Tax Provision 37,633,000
Depreciation and Amortization 472,785,000
Capital Expenditure -418,186,000
Unlevered Free Cash Flow 819,726,162
Current Assets 2,985,818,000
Current Cash 2,000,407,000
Current Liabilities 642,863,000
Current Debt 0
Non-Cash Working Capital (NCWC) 342,548,000
Change in NCWC -38,115,000
EBIT 630,707,000
Tax Provision 41,090,000
Depreciation and Amortization 529,826,000
Capital Expenditure -355,852,000
Unlevered Free Cash Flow 681,657,014
Current Assets 2,831,934,000
Current Cash 1,704,731,000
Current Liabilities 746,540,000
Current Debt 0
Non-Cash Working Capital (NCWC) 380,663,000
Change in NCWC 141,430,000
EBIT 892,510,000
Tax Provision 8,312,000
Depreciation and Amortization 595,270,000
Capital Expenditure -994,110,000
Unlevered Free Cash Flow 627,608,292
Current Assets 3,016,011,000
Current Cash 1,986,704,000
Current Liabilities 790,074,000
Current Debt 0
Non-Cash Working Capital (NCWC) 239,233,000
Change in NCWC 256,585,000
EBIT 1,144,989,000
Tax Provision -84,695,000
Depreciation and Amortization 566,207,000
Capital Expenditure -490,819,000
Unlevered Free Cash Flow 1,476,962,000
Current Assets 2,406,430,000
Current Cash 1,404,800,000
Current Liabilities 1,018,982,000
Current Debt 0
Non-Cash Working Capital (NCWC) -17,352,000
Change in NCWC -162,049,000
EBIT 1,448,956,000
Tax Provision 11,002,000
Depreciation and Amortization 583,408,000
Capital Expenditure -544,187,000
Unlevered Free Cash Flow 1,310,499,591
Current Assets 1,885,178,000
Current Cash 775,207,000
Current Liabilities 965,274,000
Current Debt 0
Non-Cash Working Capital (NCWC) 144,697,000
Change in NCWC -58,642,000
EBIT 1,066,223,000
Tax Provision -6,406,000
Depreciation and Amortization 561,998,000
Capital Expenditure -469,417,000
Unlevered Free Cash Flow 1,100,162,000
Current Assets 2,545,102,000
Current Cash 1,358,507,000
Current Liabilities 983,256,000
Current Debt 0
Non-Cash Working Capital (NCWC) 203,339,000
Change in NCWC 95,611,000
EBIT 1,489,288,000
Tax Provision 19,580,000
Depreciation and Amortization 557,888,000
Capital Expenditure -362,525,000
Unlevered Free Cash Flow 1,739,428,221

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