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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 44.1155.2079.4159.91132.32300.20475.64753.611,194.011,891.792,997.36
Revenue (%)
Operating Cash Flow 30.0638.8549.5740.9693.83191.65320.34507.55804.171,274.122,018.72
Operating Cash Flow (%)
Capital Expenditure 0.050.060.220.9818.7547.8825.5440.4764.12101.59160.96
Capital Expenditure (%)
Free Cash Flow 30.1238.9149.7941.94112.58239.53345.89548.02868.291,375.712,179.68

Weighted Average Cost Of Capital

Share price $ 745.55
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 12.99
Total Debt -
Total Equity 5,805.90
Total Capital 5,805.90
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 44.1155.2079.4159.91132.32300.20475.64753.611,194.011,891.792,997.36
Operating Cash Flow 30.0638.8549.5740.9693.83191.65320.34507.55804.171,274.122,018.72
Capital Expenditure 0.050.060.220.9818.7547.8825.5440.4764.12101.59160.96
Free Cash Flow 30.1238.9149.7941.94112.58239.53345.89548.02868.291,375.712,179.68
WACC
PV LFCF 345.89485.02680.12953.691,337.31
SUM PV LFCF 1,910.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.99
Free cash flow (t + 1) 1,710.32
Terminal Value 19,024.72
Present Value of Terminal Value 10,330.43

Intrinsic Value

Enterprise Value 11,771.81
Net Debt -119.66
Equity Value 11,891.47
Shares Outstanding 7.79
Equity Value Per Share 2,018.94