/
DCF Valuation
Base-case fair value
$21.74
Intrinsic $28.99 · 25% MOS
Current price: $23.85
Base-case summary
Our base-case DCF for American Assets Trust, Inc. (AAT) projects 10 years of free cash flow growth at 7.8% for years 1–5 and 3.9% for years 6–10, anchored to 7.8% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $93M in trailing free cash flow, this produces an intrinsic value of $28.99 per share. A 25% safety margin gives a fair value of $21.74, suggesting the stock is currently 9% overvalued against the $23.85 market price.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$93M
Cash & equivalents
$118M
Total debt
$168M
Shares outstanding
77M