Discounted Cash Flow

American Assets Trust, Inc. REIT

AAT · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $295.1m $32.6m $122.7m 11.0% $0.72
2017 $315.0m (6.7%) $29.1m (-10.8%) $145.9m (18.9%) 9.2% (-16.4%) $0.62 (-13.9%)
2018 $40.0m (-87.3%) $19.7m (-32.3%) $136.5m (-6.4%) 49.2% (432.5%) $0.42 (-32.3%)
2019 $40.3m (0.6%) $45.7m (132.2%) $153.8m (12.7%) 113.5% (130.8%) $0.84 (100.0%)
2020 $17.2m (-57.3%) $27.7m (-39.5%) $127.0m (-17.4%) 160.7% (41.7%) $0.46 (-45.2%)
2021 $24.9m (44.9%) $36.6m (32.3%) $168.3m (32.6%) 146.8% (-8.7%) $0.47 (2.2%)
2022 $38.1m (52.9%) $55.9m (52.7%) $65.3m (-61.2%) 146.6% (-0.1%) $0.72 (53.2%)
2023 $42.9m (12.5%) $64.7m (15.8%) $105.8m (62.0%) 150.9% (2.9%) $0.84 (16.7%)
2024 $43.0m (0.3%) $72.8m (12.6%) $136.9m (29.4%) 169.2% (12.2%) $0.94 (11.9%)
2025 $39.9m (-7.2%) $71.4m (-2.0%) $94.9m (-30.7%) 178.8% (5.7%) $0.92 (-2.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model