Discounted Cash Flow (DCF) Analysis Levered

Choice Properties Real Estate Inves... (CHP-UN.TO)

$13.51

-0.01 (-0.07%)

All numbers are in Millions, Currency in USD

Stock DCF: 17.77 | 13.51 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,148.27	1,288.55	1,270.61	1,292.32	1,264.59	1,297.43	1,331.13	1,365.69	1,401.16	1,437.54
Revenue (%)
Operating Cash Flow	683.63	580.56	621.18	669.43	633.15	662.59	679.80	697.45	715.56	734.15
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	662.59	679.80	697.45	715.56	734.15

Weighted Average Cost Of Capital

Share price	$ 13.51
Beta	0.607
Diluted Shares Outstanding	326.94
Cost of Debt
Tax Rate	-0.02
After-tax Cost of Debt	8.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.578
Total Debt	6,551.72
Total Equity	4,416.98
Total Capital	10,968.70
Debt Weighting	59.73
Equity Weighting	40.27
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,148.27	1,288.55	1,270.61	1,292.32	1,264.59	1,297.43	1,331.13	1,365.69	1,401.16	1,437.54
Operating Cash Flow	683.63	580.56	621.18	669.43	633.15	662.59	679.80	697.45	715.56	734.15
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	662.59	679.80	697.45	715.56	734.15
WACC
PV LFCF						616.36	588.25	561.42	535.81	511.38
SUM PV LFCF										2,813.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.50
Free cash flow (t + 1)	748.83
Terminal Value	13,615.05
Present Value of Terminal Value	9,483.68

Intrinsic Value

Enterprise Value	12,296.91
Net Debt	6,486.98
Equity Value	5,809.93
Shares Outstanding	326.94
Equity Value Per Share	17.77