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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Apple Hospitality REIT Inc.

Apple Hospitality REIT Inc. (APLE)

$10.29
-0.34 (-3.20%)

Operating Data

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
Revenue 387.99803.88898.331,041.081,238.681,270.631,167.331,455.781,815.502,264.112,823.58
Revenue (%)
EBITDA 137.58145.42263.48333.46390.93441.29427.01452.89564.80704.37878.41
EBITDA (%)
EBIT 82.7632.32136.01185.31214.41257.81233.82241.08300.65374.94467.58
EBIT (%)
Depreciation 54.82113.11127.47148.15176.51183.48193.19211.82264.16329.43410.83
Depreciation (%)

Balance Sheet Data

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
Total Cash 18.12------67.9884.78105.73131.86
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 16.9255.5577.62124.83109.00107.37114.40122.58152.87190.64237.75
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.29
Diluted Shares Outstanding 223.91
Cost of Debt
Tax Rate 0.39
After-tax Cost of Debt 0.03
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.92
Total Debt 1,300.00
Total Equity 2,304.03
Total Capital 3,604.03
Debt Weighting 36.07
Equity Weighting 63.93
Wacc

Build Up Free Cash

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
Revenue 387.99803.88898.331,041.081,238.681,270.631,167.331,455.781,815.502,264.112,823.58
EBITDA 137.58145.42263.48333.46390.93441.29427.01452.89564.80704.37878.41
EBIT 82.7632.32136.01185.31214.41257.81233.82241.08300.65374.94467.58
Tax Rate -38.26%22.37%0.76%0.30%0.46%0.28%0.39%-1.96%-1.96%-1.96%-1.96%
EBIAT 114.4225.09134.97184.76213.42257.08232.90245.79306.53382.27476.73
Depreciation 54.82113.11127.47148.15176.51183.48193.19211.82264.16329.43410.83
Accounts Receivable -----------
Inventories -----------
Accounts Payable -38.6322.0747.21-15.82-1.637.038.1830.2937.7747.11
Capital Expenditure -----------
UFCF 169.24176.82284.52380.12374.11438.92433.12465.79600.97749.47934.67
WACC
PV UFCF 403.06483.76561.21651.05
SUM PV UFCF 2,990.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.50
Free cash flow (t + 1) 972.05
Terminal Value 27,772.97
Present Value of Terminal Value 19,345.50

Intrinsic Value

Enterprise Value 22,335.79
Net Debt 1,300.00
Equity Value 21,035.79
Shares Outstanding 223.91
Equity Value Per Share 93.95