Discounted Cash Flow (DCF) Analysis Levered

Crombie Real Estate Investment Trus... (CRR-UN.TO)

$14.41

-0.05 (-0.35%)

All numbers are in Millions, Currency in USD

Stock DCF: -9.99 | 14.41 | overvalue

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	414.65	398.74	388.73	408.89	419.59	421.12	422.65	424.19	425.73	427.28
Revenue (%)
Operating Cash Flow	54.27	-35.87	-73.90	224.84	233.55	80.63	80.92	81.22	81.51	81.81
Operating Cash Flow (%)
Capital Expenditure	-122.43	-154.03	-44.09	-0.19	-0.26	-67.05	-67.29	-67.53	-67.78	-68.03
Capital Expenditure (%)
Free Cash Flow	-68.16	-189.90	-117.98	224.65	233.29	13.58	13.63	13.68	13.73	13.78

Weighted Average Cost Of Capital

Share price	$ 14.41
Beta	0.855
Diluted Shares Outstanding	176.32
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	4.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.767
Total Debt	2,080.97
Total Equity	2,540.84
Total Capital	4,621.82
Debt Weighting	45.03
Equity Weighting	54.97
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	414.65	398.74	388.73	408.89	419.59	421.12	422.65	424.19	425.73	427.28
Operating Cash Flow	54.27	-35.87	-73.90	224.84	233.55	80.63	80.92	81.22	81.51	81.81
Capital Expenditure	-122.43	-154.03	-44.09	-0.19	-0.26	-67.05	-67.29	-67.53	-67.78	-68.03
Free Cash Flow	-68.16	-189.90	-117.98	224.65	233.29	13.58	13.63	13.68	13.73	13.78
WACC
PV LFCF						12.80	12.11	11.46	10.84	10.26
SUM PV LFCF										57.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.08
Free cash flow (t + 1)	14.06
Terminal Value	344.55
Present Value of Terminal Value	256.50

Intrinsic Value

Enterprise Value	313.98
Net Debt	2,075.09
Equity Value	-1,761.10
Shares Outstanding	176.32
Equity Value Per Share	-9.99