Discounted Cash Flow (DCF) Analysis Levered

Kimco Realty Corporation (KIM)

$17.63

+0.14 (+0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 30.56 | 17.63 | undervalue

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 1,164.761,158.881,057.891,364.591,727.681,928.012,151.572,401.042,679.452,990.13
Revenue (%)
Operating Cash Flow 637.94583.63589.91618.87861.11987.481,101.981,229.761,372.351,531.48
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 868.16455.43362.69402.06737.31849.33947.811,057.711,180.351,317.21

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 1,164.761,158.881,057.891,364.591,727.681,928.012,151.572,401.042,679.452,990.13
Operating Cash Flow 637.94583.63589.91618.87861.11987.481,101.981,229.761,372.351,531.48
Capital Expenditure 230.22-128.19-227.22-216.81-123.80-138.16-154.18-172.05-192-214.26
Free Cash Flow 868.16455.43362.69402.06737.31849.33947.811,057.711,180.351,317.21
WACC
PV LFCF 797.27835.17874.88916.48960.05
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