Discounted Cash Flow (DCF) Analysis Levered
Canadian Apartment Properties Real ... (CAR-UN.TO)
$48.77
+0.52 (+1.08%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 638.84 | 688.58 | 777.88 | 882.64 | 933.14 | 1,026.32 | 1,128.80 | 1,241.52 | 1,365.50 | 1,501.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 358.94 | 431.18 | 454.63 | 481.36 | 551.43 | 597.07 | 656.69 | 722.26 | 794.39 | 873.71 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -454.60 | -400.28 | -1,342.15 | -244.86 | -299.42 | -742.35 | -816.48 | -898.01 | -987.68 | -1,086.31 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -95.66 | 30.90 | -887.52 | 236.50 | 252.01 | -145.28 | -159.79 | -175.75 | -193.30 | -212.60 |
Weighted Average Cost Of Capital
| Share price | $ 48.77 |
|---|---|
| Beta | 1.022 |
| Diluted Shares Outstanding | 171.12 |
| Cost of Debt | |
| Tax Rate | 5.51 |
| After-tax Cost of Debt | 2.20% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.348 |
| Total Debt | 6,460.37 |
| Total Equity | 8,345.67 |
| Total Capital | 14,806.03 |
| Debt Weighting | 43.63 |
| Equity Weighting | 56.37 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 638.84 | 688.58 | 777.88 | 882.64 | 933.14 | 1,026.32 | 1,128.80 | 1,241.52 | 1,365.50 | 1,501.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 358.94 | 431.18 | 454.63 | 481.36 | 551.43 | 597.07 | 656.69 | 722.26 | 794.39 | 873.71 |
| Capital Expenditure | -454.60 | -400.28 | -1,342.15 | -244.86 | -299.42 | -742.35 | -816.48 | -898.01 | -987.68 | -1,086.31 |
| Free Cash Flow | -95.66 | 30.90 | -887.52 | 236.50 | 252.01 | -145.28 | -159.79 | -175.75 | -193.30 | -212.60 |
| WACC | ||||||||||
| PV LFCF | -123.13 | -128.16 | -133.39 | -138.84 | -144.51 | |||||
| SUM PV LFCF | -745.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.67 |
| Free cash flow (t + 1) | -216.85 |
| Terminal Value | -5,908.69 |
| Present Value of Terminal Value | -4,484.69 |
Intrinsic Value
| Enterprise Value | -5,230.62 |
|---|---|
| Net Debt | 6,386.95 |
| Equity Value | -11,617.57 |
| Shares Outstanding | 171.12 |
| Equity Value Per Share | -67.89 |