$27.25
+1.2%Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments.
Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation
Base year metrics used for projections
Forecast period and terminal assumptions
Calculation flow from present value to intrinsic value per share
Operating Cash Flow - Maintenance CapEx = Owner Earnings
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $368.3M | $337.2M | $308.7M | $282.6M | $258.8M | $236.9M | $216.9M | $198.6M | $181.8M | $166.5M |
| Maintenance CapEx | -$48.9M | -$44.8M | -$41.0M | -$37.6M | -$34.4M | -$31.5M | -$28.8M | -$26.4M | -$24.2M | -$22.1M |
| Owner Earnings | $319.4M | $292.4M | $267.7M | $245.1M | $224.4M | $205.4M | $188.1M | $172.2M | $157.7M | $144.3M |
| Discount Factor | 0.926 | 0.857 | 0.794 | 0.735 | 0.681 | 0.630 | 0.583 | 0.540 | 0.500 | 0.463 |
| Present Value | $295.7M | $250.7M | $212.5M | $180.1M | $152.7M | $129.5M | $109.7M | $93.0M | $78.9M | $66.9M |
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.