Discounted Cash Flow (DCF) Analysis Levered

Cominar Real Estate Investment Trus... (CUF-UN.TO)

$11.74

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -17.25 | 11.74 | overvalue

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 835.49734.65704.04661.32658.59621.19585.91552.64521.26491.65
Revenue (%)
Operating Cash Flow 233.22182.94191.87164.47202.49168.57159149.97141.45133.42
Operating Cash Flow (%)
Capital Expenditure -203.82-179.22-171.76-161.33-160.67-151.54-142.94-134.82-127.16-119.94
Capital Expenditure (%)
Free Cash Flow 29.403.7220.113.1341.8217.0316.0615.1514.2913.48

Weighted Average Cost Of Capital

Share price $ 11.74
Beta 1.371
Diluted Shares Outstanding 182.60
Cost of Debt
Tax Rate 0.03
After-tax Cost of Debt 3.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.299
Total Debt 3,459.90
Total Equity 2,143.77
Total Capital 5,603.67
Debt Weighting 61.74
Equity Weighting 38.26
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 835.49734.65704.04661.32658.59621.19585.91552.64521.26491.65
Operating Cash Flow 233.22182.94191.87164.47202.49168.57159149.97141.45133.42
Capital Expenditure -203.82-179.22-171.76-161.33-160.67-151.54-142.94-134.82-127.16-119.94
Free Cash Flow 29.403.7220.113.1341.8217.0316.0615.1514.2913.48
WACC
PV LFCF 16.0214.2212.6211.209.94
SUM PV LFCF 64.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.27
Free cash flow (t + 1) 13.75
Terminal Value 321.92
Present Value of Terminal Value 237.52

Intrinsic Value

Enterprise Value 301.53
Net Debt 3,452.30
Equity Value -3,150.76
Shares Outstanding 182.60
Equity Value Per Share -17.25