Discounted Cash Flow

Kilroy Realty Corp. REIT

KRC · 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 $642.6m $303.8m $345.1m 47.3% $3.00
2017 $719.0m (11.9%) $180.6m (-40.5%) $347.0m (0.6%) 25.1% (-46.9%) $1.52 (-49.3%)
2018 $747.3m (3.9%) $277.9m (53.9%) $410.0m (18.2%) 37.2% (48.1%) $2.56 (68.4%)
2019 $837.5m (12.1%) $215.2m (-22.6%) $386.5m (-5.7%) 25.7% (-30.9%) $1.87 (-27.0%)
2020 $898.4m (7.3%) $207.3m (-3.7%) $455.6m (17.9%) 23.1% (-10.2%) $1.63 (-12.8%)
2021 $955.0m (6.3%) $658.9m (217.9%) $516.4m (13.3%) 69.0% (199.0%) $5.38 (230.1%)
2022 $1.1b (14.9%) $259.5m (-60.6%) $5.6m (-98.9%) 23.7% (-65.7%) $1.98 (-63.2%)
2023 $1.1b (3.0%) $238.3m (-8.2%) $58.8m (944.6%) 21.1% (-10.8%) $1.80 (-9.1%)
2024 $1.1b (0.5%) $233.0m (-2.2%) $40.2m (-31.6%) 20.5% (-2.7%) $1.78 (-1.1%)
2025 $1.1b (-2.0%) $302.6m (29.9%) $-121.7m (-402.8%) 27.2% (32.6%) $2.33 (30.9%)

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