Discounted Cash Flow

NNN Reit, Inc. REIT

NNN · 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 $533.6m $239.5m $415.3m 44.9% $1.39
2017 $584.9m (9.6%) $265.0m (10.6%) $421.6m (1.5%) 45.3% (0.9%) $1.45 (4.3%)
2018 $622.7m (6.4%) $292.4m (10.4%) $471.9m (11.9%) 47.0% (3.7%) $1.65 (13.8%)
2019 $670.5m (7.7%) $299.2m (2.3%) $501.7m (6.3%) 44.6% (-5.0%) $1.56 (-5.5%)
2020 $660.7m (-1.5%) $228.8m (-23.5%) $450.2m (-10.3%) 34.6% (-22.4%) $1.22 (-21.8%)
2021 $726.4m (9.9%) $290.1m (26.8%) $568.4m (26.3%) 39.9% (15.3%) $1.51 (23.8%)
2022 $773.1m (6.4%) $334.6m (15.3%) $578.4m (1.7%) 43.3% (8.4%) $1.89 (25.2%)
2023 $828.1m (7.1%) $392.3m (17.2%) $612.4m (5.9%) 47.4% (9.5%) $2.16 (14.3%)
2024 $869.3m (5.0%) $396.8m (1.1%) $635.5m (3.8%) 45.7% (-3.6%) $2.16 (0.0%)
2025 $926.2m (6.6%) $389.8m (-1.8%) $667.1m (5.0%) 42.1% (-7.8%) $2.07 (-4.2%)

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