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Discounted Cash Flow (DCF) Analysis Levered


Texas Pacific Land Trust

Texas Pacific Land Trust (TPL)

Real Estate

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 44.1155.2079.4166.10154.62300.20468.50731.141,141.021,780.672,778.91
Revenue (%)
Operating Cash Flow 30.0638.8549.5640.9693.83191.65302.51472.10736.751,149.781,794.34
Operating Cash Flow (%)
Capital Expenditure -0.04-0.03-0.20-0.96-18.73-47.85-23.33-36.41-56.82-88.68-138.39
Capital Expenditure (%)
Free Cash Flow 30.0338.8249.3640.0075.10143.80279.18435.69679.931,061.101,655.95

Weighted Average Cost Of Capital

Share price $ 661.46
Diluted Shares Outstanding 7.79
Cost of Debt
Tax Rate 19.87
After-tax Cost of Debt -0.94
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.17
Total Debt -
Total Equity 5,151.06
Total Capital 5,151.06
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
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 44.1155.2079.4166.10154.62300.20468.50731.141,141.021,780.672,778.91
Operating Cash Flow 30.0638.8549.5640.9693.83191.65302.51472.10736.751,149.781,794.34
Capital Expenditure -0.04-0.03-0.20-0.96-18.73-47.85-23.33-36.41-56.82-88.68-138.39
Free Cash Flow 30.0338.8249.3640.0075.10143.80279.18435.69679.931,061.101,655.95
WACC
PV LFCF 246.69340.18469.11646.89892.06
SUM PV LFCF 1,459.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.17
Free cash flow (t + 1) 1,836.94
Terminal Value 20,032.07
Present Value of Terminal Value 10,791.19

Intrinsic Value

Enterprise Value 12,373.34
Net Debt -119.66
Equity Value 12,493.01
Shares Outstanding 7.79
Equity Value Per Share 1,501.93