Discounted Cash Flow (DCF) Analysis Levered

Brookfield Property Partners L.P. (BPY)

$18.59

-0.05 (-0.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.51 | 18.59 | undervalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 5,3526,1357,2398,2036,5937,026.747,489.017,981.698,506.789,066.42
Revenue (%)
Operating Cash Flow 7456391,3576241,332996.271,061.811,131.671,206.121,285.47
Operating Cash Flow (%)
Capital Expenditure 3,3124,7295,520-349-1692,928.763,121.443,326.793,545.653,778.91
Capital Expenditure (%)
Free Cash Flow 4,0575,3686,8772751,1633,925.044,183.264,458.464,751.775,064.38

Weighted Average Cost Of Capital

Share price $ 18.59
Beta 1.387
Diluted Shares Outstanding 1,005
Cost of Debt
Tax Rate -28.29
After-tax Cost of Debt 4.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.113
Total Debt 55,442
Total Equity 18,682.95
Total Capital 74,124.95
Debt Weighting 74.80
Equity Weighting 25.20
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 5,3526,1357,2398,2036,5937,026.747,489.017,981.698,506.789,066.42
Operating Cash Flow 7456391,3576241,332996.271,061.811,131.671,206.121,285.47
Capital Expenditure 3,3124,7295,520-349-1692,928.763,121.443,326.793,545.653,778.91
Free Cash Flow 4,0575,3686,8772751,1633,925.044,183.264,458.464,751.775,064.38
WACC
PV LFCF 3,701.123,719.573,738.123,756.753,775.48
SUM PV LFCF 18,691.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.05
Free cash flow (t + 1) 5,165.66
Terminal Value 127,547.28
Present Value of Terminal Value 95,086.27

Intrinsic Value

Enterprise Value 113,777.32
Net Debt 52,969
Equity Value 60,808.32
Shares Outstanding 1,005
Equity Value Per Share 60.51