DCF Tool

WPC

W. P. Carey Inc – Other Financial Vehicles
W. P. Carey is one of the largest diversified net lease REITs, specializing in the acquisition of operationally critical, single-tenant properties in North America and Europe.
Analysis Results
Intrinsic Value $186.04
Latest Price $72.31
Relative Value 61% undervalued
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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 9.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 9.9%, 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 0.922 0.882
2023 1.01 0.928
2024 1.12 0.976
2025 1.23 1.03
2026 1.35 1.08
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 40.4 billion. This corresponds to a present value of 31.0 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.89 billion. Adding in the terminal value gives a total present value of 35.9 billion.

There are presently 193.0 million outstanding shares, so the intrinsic value per share is 186.04.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 334,506,000
Current Cash 330,854,000
Current Liabilities 1,553,410,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,549,758,000
Change in NCWC -785,838,000
EBIT 1,227,478,000
Tax Provision 56,972,000
Depreciation and Amortization 981,444,000
Capital Expenditure -227,232,000
Unlevered Free Cash Flow 1,116,131,752
Current Assets 274,919,000
Current Cash 248,662,000
Current Liabilities 790,177,000
Current Debt 0
Non-Cash Working Capital (NCWC) -763,920,000
Change in NCWC -152,985,000
EBIT 535,238,000
Tax Provision -20,759,000
Depreciation and Amortization 456,210,000
Capital Expenditure -207,256,000
Unlevered Free Cash Flow 631,207,000
Current Assets 253,844,000
Current Cash 196,028,000
Current Liabilities 668,751,000
Current Debt 0
Non-Cash Working Capital (NCWC) -610,935,000
Change in NCWC -109,727,000
EBIT 557,518,000
Tax Provision 26,211,000
Depreciation and Amortization 460,030,000
Capital Expenditure -165,490,000
Unlevered Free Cash Flow 698,415,493
Current Assets 292,486,000
Current Cash 217,644,000
Current Liabilities 576,050,000
Current Debt 0
Non-Cash Working Capital (NCWC) -501,208,000
Change in NCWC -233,697,000
EBIT 467,011,000
Tax Provision 14,411,000
Depreciation and Amortization 298,166,000
Capital Expenditure -107,684,000
Unlevered Free Cash Flow 408,456,820
Current Assets 267,620,000
Current Cash 162,312,000
Current Liabilities 372,819,000
Current Debt 0
Non-Cash Working Capital (NCWC) -267,511,000
Change in NCWC -193,114,000
EBIT 435,436,000
Tax Provision 2,711,000
Depreciation and Amortization 261,415,000
Capital Expenditure -15,118,000
Unlevered Free Cash Flow 483,969,954
Current Assets 455,092,000
Current Cash 155,482,000
Current Liabilities 374,007,000
Current Debt 0
Non-Cash Working Capital (NCWC) -74,397,000
Change in NCWC 308,474,000
EBIT 461,124,000
Tax Provision 3,288,000
Depreciation and Amortization 279,693,000
Capital Expenditure -8,900,000
Unlevered Free Cash Flow 1,033,058,580
Current Assets 219,445,000
Current Cash 157,227,000
Current Liabilities 445,089,000
Current Debt 0
Non-Cash Working Capital (NCWC) -382,871,000
Change in NCWC -23,424,000
EBIT 430,716,000
Tax Provision 37,621,000
Depreciation and Amortization 287,835,000
Capital Expenditure -8,736,000
Unlevered Free Cash Flow 611,497,804
Current Assets 233,160,000
Current Cash 198,683,000
Current Liabilities 393,924,000
Current Debt 0
Non-Cash Working Capital (NCWC) -359,447,000
Change in NCWC -162,366,000
EBIT 370,897,000
Tax Provision 17,609,000
Depreciation and Amortization 248,549,000
Capital Expenditure -44,666,000
Unlevered Free Cash Flow 387,644,678
Current Assets 149,553,000
Current Cash 117,519,000
Current Liabilities 229,115,000
Current Debt 0
Non-Cash Working Capital (NCWC) -197,081,000
Change in NCWC 77,749,000
EBIT 230,471,000
Tax Provision 1,252,000
Depreciation and Amortization 140,316,000
Capital Expenditure -14,039,000
Unlevered Free Cash Flow 432,372,686
Current Assets 159,906,000
Current Cash 123,904,000
Current Liabilities 310,832,000
Current Debt 0
Non-Cash Working Capital (NCWC) -274,830,000
Change in NCWC -208,830,000
EBIT 117,555,000
Tax Provision 6,783,000
Depreciation and Amortization 55,114,000
Capital Expenditure -6,204,000
Unlevered Free Cash Flow -53,827,803

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