Discounted Cash Flow (DCF) Analysis Unlevered

Corecivic Inc (CXW)

$ 7.53
0.27 (+3.72%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,694.301,646.871,793.091,849.791,765.501,835.771,980.691,905.481,940.231,975.602,011.622,048.292,085.64
Revenue (%)
EBITDA 370.36384.30433.02467.17408.14413.65430.84374.77440.60448.63456.81465.14473.62
EBITDA (%)
EBIT 256.86270.38281.51300.43261.01257.15286.27223.91287.43292.67298.01303.44308.97
EBIT (%)
Depreciation 113.49113.93151.51166.75147.13156.50144.57150.86153.17155.96158.81161.70164.65
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 77.9174.3965.2937.7152.1852.8092.12113.2275.7277.1078.5079.9481.39
Total Cash (%)
Account Receivables 244.96248.59234.46229.88254.19270.60280.79267.70272.65277.62282.68287.83293.08
Account Receivables (%)
Inventories -------------
Inventories (%)
Accounts Payable 58.2049.8372.6949.8753.2396.6475.1585.3672.1873.5074.8476.2177.59
Accounts Payable (%)
Capital Expenditure -76.53-135.11-224.29-93.46-73.74-121.68-193.32-83.79-133.98-136.43-138.91-141.45-144.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.53
Beta 1.229
Diluted Shares Outstanding 119.03
Cost of Debt
Tax Rate 7.34
After-tax Cost of Debt 4.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.245
Total Debt 1,786.75
Total Equity 896.28
Total Capital 2,683.03
Debt Weighting 66.59
Equity Weighting 33.41
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,694.301,646.871,793.091,849.791,765.501,835.771,980.691,905.481,940.231,975.602,011.622,048.292,085.64
EBITDA 370.36384.30433.02467.17408.14413.65430.84374.77440.60448.63456.81465.14473.62
EBIT 256.86270.38281.51300.43261.01257.15286.27223.91287.43292.67298.01303.44308.97
Tax Rate -77.38%3.44%3.63%3.62%7.25%4.99%3.98%7.34%-5.39%-5.39%-5.39%-5.39%-5.39%
EBIAT 455.63261.08271.29289.56242.09244.33274.86207.47302.93308.45314.08319.80325.63
Depreciation 113.49113.93151.51166.75147.13156.50144.57150.86153.17155.96158.81161.70164.65
Accounts Receivable --3.6314.134.57-24.30-16.41-10.1913.08-4.94-4.97-5.06-5.15-5.25
Inventories -------------
Accounts Payable --8.3722.86-22.823.3643.41-21.4910.21-13.171.321.341.361.39
Capital Expenditure -76.53-135.11-224.29-93.46-73.74-121.68-193.32-83.79-133.98-136.43-138.91-141.45-144.02
UFCF 492.60227.90235.50344.59294.54306.16194.44297.83304324.33330.25336.27342.40
WACC
PV UFCF 264.63263.42250.26237.75225.87
SUM PV UFCF 1,331.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.18
Free cash flow (t + 1) 356.09
Terminal Value 11,197.94
Present Value of Terminal Value 7,917.16

Intrinsic Value

Enterprise Value 9,248.26
Net Debt 1,673.53
Equity Value 7,574.72
Shares Outstanding 119.03
Equity Value Per Share 63.64