Discounted Cash Flow (DCF) Analysis Levered

InvenTrust Properties Corp. (IVT)

$21.64

+0.33 (+1.55%)

All numbers are in Millions, Currency in USD

Stock DCF: -10.22 | 21.64 | 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	251.81	242.67	226.49	197.83	211.98	203.61	195.56	187.84	180.42	173.29
Revenue (%)
Operating Cash Flow	118.15	124.66	106.01	94.15	89.96	95.75	91.96	88.33	84.84	81.49
Operating Cash Flow (%)
Capital Expenditure	-66.12	-42.60	-47.36	-17.28	-15.36	-32.86	-31.56	-30.32	-29.12	-27.97
Capital Expenditure (%)
Free Cash Flow	52.04	82.06	58.65	76.88	74.59	62.88	60.40	58.01	55.72	53.52

Weighted Average Cost Of Capital

Share price	$ 21.64
Beta	-5.162
Diluted Shares Outstanding	71.99
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	3.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity	-20.961
Total Debt	533.08
Total Equity	1,557.83
Total Capital	2,090.91
Debt Weighting	25.50
Equity Weighting	74.50
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	251.81	242.67	226.49	197.83	211.98	203.61	195.56	187.84	180.42	173.29
Operating Cash Flow	118.15	124.66	106.01	94.15	89.96	95.75	91.96	88.33	84.84	81.49
Capital Expenditure	-66.12	-42.60	-47.36	-17.28	-15.36	-32.86	-31.56	-30.32	-29.12	-27.97
Free Cash Flow	52.04	82.06	58.65	76.88	74.59	62.88	60.40	58.01	55.72	53.52
WACC
PV LFCF						164.86	185.94	209.72	236.54	266.79
SUM PV LFCF										476.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-14.84
Free cash flow (t + 1)	54.59
Terminal Value	-324.18
Present Value of Terminal Value	-723.78

Intrinsic Value

Enterprise Value	-247.28
Net Debt	488.23
Equity Value	-735.51
Shares Outstanding	71.99
Equity Value Per Share	-10.22