Discounted Cash Flow (DCF) Analysis Levered

Nuveen Real Estate Income Fund (JRS)

$8.56

+0.10 (+1.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,431.96 | 8.56 | undervalue

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 28.02-29.6676.47-27.25125.76-270.66582.51-1,253.682,698.16-5,806.94
Revenue (%)
Operating Cash Flow 28.3443.7718.8641-12.0498.44-211.86455.96-981.312,111.97
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----98.44-211.86455.96-981.312,111.97

Weighted Average Cost Of Capital

Share price $ 8.56
Beta 1.186
Diluted Shares Outstanding 28.85
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.117
Total Debt 144
Total Equity 246.93
Total Capital 390.93
Debt Weighting 36.84
Equity Weighting 63.16
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 28.02-29.6676.47-27.25125.76-270.66582.51-1,253.682,698.16-5,806.94
Operating Cash Flow 28.3443.7718.8641-12.0498.44-211.86455.96-981.312,111.97
Capital Expenditure ----------
Free Cash Flow -----98.44-211.86455.96-981.312,111.97
WACC
PV LFCF 69.43-140.99286.29-581.331,180.43
SUM PV LFCF 1,088.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.99
Free cash flow (t + 1) 2,154.21
Terminal Value 53,990.18
Present Value of Terminal Value 40,363.64

Intrinsic Value

Enterprise Value 41,452.21
Net Debt 144
Equity Value 41,308.21
Shares Outstanding 28.85
Equity Value Per Share 1,431.96