Discounted Cash Flow (DCF) Analysis Levered

Kimco Realty Corporation (KIM)

$23.24

-0.01 (-0.04%)

All numbers are in Millions, Currency in USD

Stock DCF: 16.37 | 23.24 | 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	1,200.83	1,164.76	1,158.88	1,057.89	1,364.59	1,421.79	1,481.39	1,543.49	1,608.19	1,675.60
Revenue (%)
Operating Cash Flow	614.18	637.94	583.63	589.91	618.87	731.92	762.60	794.56	827.87	862.58
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	731.92	762.60	794.56	827.87	862.58

Weighted Average Cost Of Capital

Share price	$ 23.24
Beta	1.476
Diluted Shares Outstanding	511.38
Cost of Debt
Tax Rate	-13.28
After-tax Cost of Debt	2.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.846
Total Debt	7,599.48
Total Equity	11,884.59
Total Capital	19,484.07
Debt Weighting	39.00
Equity Weighting	61.00
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	1,200.83	1,164.76	1,158.88	1,057.89	1,364.59	1,421.79	1,481.39	1,543.49	1,608.19	1,675.60
Operating Cash Flow	614.18	637.94	583.63	589.91	618.87	731.92	762.60	794.56	827.87	862.58
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	731.92	762.60	794.56	827.87	862.58
WACC
PV LFCF						486.34	473.36	460.72	448.42	436.45
SUM PV LFCF										3,240.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.05
Free cash flow (t + 1)	879.83
Terminal Value	17,422.33
Present Value of Terminal Value	12,392.90

Intrinsic Value

Enterprise Value	15,633.73
Net Debt	7,264.82
Equity Value	8,368.92
Shares Outstanding	511.38
Equity Value Per Share	16.37