Discounted Cash Flow (DCF) Analysis Levered

Brookfield Property REIT Inc. (BPYUP)

$25.2

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -453.89 | 25.2 | overvalue

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 2,346.452,327.862,064.031,563.971,529.541,382.121,248.901,128.531,019.75921.46
Revenue (%)
Operating Cash Flow 1,132.851,294.61584.55428.13-8.43439.62397.24358.96324.36293.09
Operating Cash Flow (%)
Capital Expenditure 574.17-831.512,312.12-1,206.1890.4281.7173.8366.7160.2854.47
Capital Expenditure (%)
Free Cash Flow 1,707.02463.102,896.67-778.0581.99521.32471.07425.67384.64347.57

Weighted Average Cost Of Capital

Share price $ 25.2
Beta 1.321
Diluted Shares Outstanding 41.74
Cost of Debt
Tax Rate -17.68
After-tax Cost of Debt 4.30%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.537
Total Debt 32,435.37
Total Equity 1,051.93
Total Capital 33,487.31
Debt Weighting 96.86
Equity Weighting 3.14
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 2,346.452,327.862,064.031,563.971,529.541,382.121,248.901,128.531,019.75921.46
Operating Cash Flow 1,132.851,294.61584.55428.13-8.43439.62397.24358.96324.36293.09
Capital Expenditure 574.17-831.512,312.12-1,206.1890.4281.7173.8366.7160.2854.47
Free Cash Flow 1,707.02463.102,896.67-778.0581.99521.32471.07425.67384.64347.57
WACC
PV LFCF 400.32346.16299.32258.83223.81
SUM PV LFCF 1,904.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.50
Free cash flow (t + 1) 354.52
Terminal Value 14,180.75
Present Value of Terminal Value 11,379.36

Intrinsic Value

Enterprise Value 13,284.07
Net Debt 32,230.83
Equity Value -18,946.76
Shares Outstanding 41.74
Equity Value Per Share -453.89