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| === DCF === | | === DCF === |
| <u>Assumptions</u>
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| * Perpetual Growth Rate: 2.5%
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| * 10% Market Return: aligning with the S&P 500 return
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| * Fund For Operations(FFO) replaces EBITDA since it gives a more accurate representation of REIT's PnL:
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| <math display="block">FFO = Net \ Income + Depreciation + Amortisation + Loss - Gain \ on \ sale \ of \ Assets - Interest \ Income</math>
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| Cash Flow & Income Statement Items
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| [[File:Amt-dcf.jpg|frameless|1792x1792px]] | | [[File:Amt-dcf.jpg|frameless|1792x1792px]] |
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| <u>Result</u> | | <u>Result</u> |
| [[File:Amt-dcf-upside.png|center|thumb|813x813px]]<u>Sanity Check</u>: Geometric Brownian Motion Simulation | | [[File:Amt-dcf-upside.png|center|thumb|813x813px]] |
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| Average log return: 7%; Annualised volatility: 30%
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| [[File:Amt-dcf-gbm.png|none|thumb|1400x1400px|<math display="inline">P(price>222.75)=0.49</math>]]
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| === Trading Comp === | | === Trading Comp === |
| <u>Assumptions</u> | | <u>Assumptions</u> |
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| AMT, compared to its peers, operates at lower multiples with a significant market cap, therefore using the lower quartile and min of the multiples is more realistic in terms of modelling.
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| [[File:Amt-comp-1.png|frameless|1800x1800px]] | | [[File:Amt-comp-1.png|frameless|1800x1800px]] |
| [[File:Amt-comp-2.png|frameless|1700x1700px]]<u>Result</u> | | [[File:Amt-comp-2.png|frameless|1700x1700px]]<u>Result</u>[[File:Amt-comp-3.png|frameless|734x734px]] |
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| [[File:Amt-comp-3.png|frameless|734x734px]] | |
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| == Risk == | | == Risk == |