Discounted Cash Flow (DCF) Analysis Levered
Kimco Realty Corporation (KIM)
$17.63
+0.14 (+0.80%)
All numbers are in Millions, Currency in USD
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 | 1,164.76 | 1,158.88 | 1,057.89 | 1,364.59 | 1,727.68 | 1,928.01 | 2,151.57 | 2,401.04 | 2,679.45 | 2,990.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 637.94 | 583.63 | 589.91 | 618.87 | 861.11 | 987.48 | 1,101.98 | 1,229.76 | 1,372.35 | 1,531.48 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | 230.22 | -128.19 | -227.22 | -216.81 | -123.80 | -138.16 | -154.18 | -172.05 | -192 | -214.26 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 868.16 | 455.43 | 362.69 | 402.06 | 737.31 | 849.33 | 947.81 | 1,057.71 | 1,180.35 | 1,317.21 |
Weighted Average Cost Of Capital
| Share price | $ 17.63 |
|---|---|
| Beta | 1.457 |
| Diluted Shares Outstanding | 617.86 |
| Cost of Debt | |
| Tax Rate | 127.88 |
| After-tax Cost of Debt | -0.87% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.476 |
| Total Debt | 7,271.56 |
| Total Equity | 10,892.84 |
| Total Capital | 18,164.40 |
| Debt Weighting | 40.03 |
| Equity Weighting | 59.97 |
| 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 | 1,164.76 | 1,158.88 | 1,057.89 | 1,364.59 | 1,727.68 | 1,928.01 | 2,151.57 | 2,401.04 | 2,679.45 | 2,990.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 637.94 | 583.63 | 589.91 | 618.87 | 861.11 | 987.48 | 1,101.98 | 1,229.76 | 1,372.35 | 1,531.48 |
| Capital Expenditure | 230.22 | -128.19 | -227.22 | -216.81 | -123.80 | -138.16 | -154.18 | -172.05 | -192 | -214.26 |
| Free Cash Flow | 868.16 | 455.43 | 362.69 | 402.06 | 737.31 | 849.33 | 947.81 | 1,057.71 | 1,180.35 | 1,317.21 |
| WACC | ||||||||||
| PV LFCF | 797.27 | 835.17 | 874.88 | 916.48 | 960.05 | |||||
| SUM PV LFCF | 4,383.85 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.53 |
| Free cash flow (t + 1) | 1,343.56 |
| Terminal Value | 29,659.06 |
| Present Value of Terminal Value | 21,617.12 |
Intrinsic Value
| Enterprise Value | 26,000.97 |
|---|---|
| Net Debt | 7,121.74 |
| Equity Value | 18,879.24 |
| Shares Outstanding | 617.86 |
| Equity Value Per Share | 30.56 |