Discounted Cash Flow

Essex Property Trust, Inc. REIT

ESS · 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 $1.3b $415.0m $712.5m 32.1% $6.28
2017 $1.4b (5.4%) $433.1m (4.4%) $766.2m (7.5%) 31.8% (-1.0%) $6.58 (4.8%)
2018 $1.4b (2.7%) $390.2m (-9.9%) $826.6m (7.9%) 27.9% (-12.2%) $5.91 (-10.2%)
2019 $1.5b (4.3%) $439.3m (12.6%) $919.1m (11.2%) 30.1% (8.0%) $6.67 (12.9%)
2020 $9.6m (-99.3%) $568.9m (29.5%) $803.1m (-12.6%) 5927.0% (19600.8%) $8.69 (30.3%)
2021 $9.1m (-4.8%) $488.6m (-14.1%) $905.3m (12.7%) 5346.4% (-9.8%) $7.51 (-13.6%)
2022 $11.1m (21.9%) $408.3m (-16.4%) $812.5m (-10.3%) 3665.6% (-31.4%) $6.27 (-16.5%)
2023 $11.1m (-0.1%) $405.8m (-0.6%) $839.7m (3.4%) 3645.9% (-0.5%) $6.32 (0.8%)
2024 $10.3m (-7.8%) $741.5m (82.7%) $931.9m (11.0%) 7223.8% (98.1%) $11.55 (82.8%)
2025 $9.4m (-8.6%) $669.7m (-9.7%) $934.1m (0.2%) 7138.5% (-1.2%) $10.40 (-10.0%)

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