BXP · NYQ · Real Estate
BXP, Inc.
Also onConsensus Drift
Implied value per share
USD 3.36
Market price
USD 63.47
Implied upside
-94.7%
10-year forecast · Perpetuity growth terminal value · Mid-year discounting · Base case · Price 2026-11-02 · Accounts to 2025-12-31
Value Per Share
Same forecast, different terminal treatment. Percentages vs price.
Forecast Cashflows
Reporting currency (USD). Outflows negative.
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | USD 3.6bn | USD 3.7bn | USD 3.8bn | USD 3.9bn | USD 4.0bn | USD 4.0bn | USD 4.1bn | USD 4.3bn | USD 4.4bn | USD 4.5bn | +2.4% |
| EBIT | USD 1.1bn | USD 1.2bn | USD 1.2bn | USD 1.2bn | USD 1.2bn | USD 1.3bn | USD 1.3bn | USD 1.3bn | USD 1.4bn | USD 1.4bn | +2.4% |
| NOPAT | USD 1.1bn | USD 1.2bn | USD 1.2bn | USD 1.2bn | USD 1.2bn | USD 1.3bn | USD 1.3bn | USD 1.3bn | USD 1.4bn | USD 1.4bn | +2.4% |
| Add depreciation & amortisation | USD 916.9m | USD 938.5m | USD 960.8m | USD 983.9m | USD 1.0bn | USD 1.0bn | USD 1.1bn | USD 1.1bn | USD 1.1bn | USD 1.1bn | +2.4% |
| Less capital expenditure | USD -916.9m | USD -979.4m | USD -1.0bn | USD -1.1bn | USD -1.2bn | USD -1.3bn | USD -1.3bn | USD -1.4bn | USD -1.5bn | USD -1.6bn | +6.3% |
| Capex, % of revenue | 25.5% | 26.6% | 27.7% | 28.8% | 29.9% | 31.0% | 32.1% | 33.2% | 34.3% | 35.5% | - |
| Less increase in working capital | USD 12.2m | USD 8.9m | USD 9.2m | USD 9.5m | USD 9.8m | USD 10.1m | USD 10.4m | USD 10.8m | USD 11.1m | USD 11.5m | +0.7% |
| Free cashflow to firm | USD 1.1bn | USD 1.1bn | USD 1.1bn | USD 1.1bn | USD 1.1bn | USD 1.1bn | USD 1.0bn | USD 1.0bn | USD 986.2m | USD 961.5m | -1.8% |
| Discount factor | 0.9630 | 0.8930 | 0.8282 | 0.7680 | 0.7122 | 0.6605 | 0.6125 | 0.5680 | 0.5268 | 0.4885 | - |
| Present value | USD 1.1bn | USD 999.3m | USD 914.2m | USD 835.2m | USD 762.1m | USD 694.3m | USD 631.5m | USD 573.4m | USD 519.5m | USD 469.7m | - |
| Present Value Of The Forecast | USD 7.5bn | ||||||||||
Discount Rate
Source shown per component. All overridable above.
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 1.030 | Reported 1.045, pulled toward 1.0 (Blume) |
| Cost of equity | 9.25% | Risk-free + beta x equity risk premium |
| Cost of debt | 6.89% | Risk-free + 200bp, the spread for a B rating at 1.6x interest cover, capped at 200bp because one year's cover is too noisy to charge more. Book interest / average debt was lower, at 3.8%. |
| Market capitalisation | USD 11.5bn | 39.8% of capital |
| Total debt | USD 17.4bn | 60.2% of capital, book value as a proxy |
| Tax rate | 0.0% | Effective, capped at statutory |
| WACC | 7.83% | E/V x Re + D/V x Rd x (1 - t) |
Terminal Value
Perpetuity growth is intrinsic. The exit multiple defaults to the company's current EV/EBITDA, so it answers a different question - what the shares are worth if today's rating holds and EBITDA grows as forecast.
Perpetuity growth at 2.50%
54% of EV
- Forecast FCFF, final year
- USD 961.5m
- Capex at depreciation, working capital in reinvestment
- USD 1.4bn
- Less reinvestment at g/ROIC (31.9% of NOPAT)
- USD -445.4m
- Capitalised
- USD 950.0m
- ROIC (WACC floor)
- 7.8%
- Terminal value, undiscounted
- USD 18.3bn
- Terminal value, discounted
- USD 8.9bn
- Enterprise value
- USD 16.4bn
- Less net debt
- USD 15.9bn
- Equity value
- USD 533.8m
Exit at 14.2x EBITDA
70% of EV
- Terminal value, undiscounted
- USD 36.0bn
- Terminal value, discounted
- USD 17.6bn
- Enterprise value
- USD 25.1bn
- Less net debt
- USD 15.9bn
- Equity value
- USD 9.2bn
Spread between methods: 178%.
Sensitivity
Value per share (USD) by discount rate and long-run growth.
| Long-run growth | |||||
|---|---|---|---|---|---|
| Discount rate | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
| 5.83% | 42.12 | 40.16 | 38.20 | 36.23 | 34.27 |
| 6.83% | 21.39 | 19.81 | 18.22 | 16.64 | 15.06 |
| 7.83% | 5.97 | 4.67 | 3.36 | 2.05 | 0.75 |
| 8.83% | -5.94 | -7.04 | -8.13 | -9.23 | -10.32 |
| 9.83% | -15.42 | -16.35 | -17.28 | -18.21 | -19.15 |
Outlined: this model. Green text: above today's price of 63.47. Shading: distance from this model's own value.
Priced In
What each input would have to be to justify the current price, one at a time.
| Input | Actual | Model | Implied | Gap |
|---|---|---|---|---|
| Revenue growth, a year | 3.9% | 2.5% | 8.0% | |
| EBIT margin | 34.1% | 31.2% | 49.5% | |
| Discount rate | - | 7.8% | 4.9% |
Live formulas, not pasted numbers - edit a driver and the workbook reprices.
Yahoo Finance and RBA data. General information, not advice. Methodology.