Discounted Cash Flow (DCF) Analysis Levered

Texas Pacific Land Trust

Texas Pacific Land Trust (TPL)

$451
-6.02 (-1.32%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 44.1055.2079.4166.11154.63300.22490.50771.481,213.441,908.573,001.924,721.61
Revenue (%)
Operating Cash Flow 30.1038.8549.5740.9693.83195.45342.79505.51795.101,250.591,967.013,093.83
Operating Cash Flow (%)
Capital Expenditure -0.10-0.05-0.22-0.98-18.75-81.56-111.81-70.72-111.23-174.95-275.17-432.81
Capital Expenditure (%)
Free Cash Flow 30.0038.8049.3539.9875.08113.89230.98434.80683.871,075.641,691.842,661.03

Weighted Average Cost Of Capital

Share price $ 451
Beta 1.943
Diluted Shares Outstanding 7.76
Cost of Debt
Tax Rate 20.76
After-tax Cost of Debt 3.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.926
Total Debt -
Total Equity 3,498.15
Total Capital 3,498.15
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 44.1055.2079.4166.11154.63300.22490.50771.481,213.441,908.573,001.924,721.61
Operating Cash Flow 30.1038.8549.5740.9693.83195.45342.79505.51795.101,250.591,967.013,093.83
Capital Expenditure -0.10-0.05-0.22-0.98-18.75-81.56-111.81-70.72-111.23-174.95-275.17-432.81
Free Cash Flow 30.0038.8049.3539.9875.08113.89230.98434.80683.871,075.641,691.842,661.03
WACC
PV LFCF 368.69491.73655.84874.701,166.62
SUM PV LFCF 3,557.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 17.93
Free cash flow (t + 1) 2,767.47
Terminal Value 19,866.97
Present Value of Terminal Value 8,709.84

Intrinsic Value

Enterprise Value 12,267.42
Net Debt -303.64
Equity Value 12,571.06
Shares Outstanding 7.76
Equity Value Per Share 1,620.73