Discounted Cash Flow (DCF) Analysis Levered

Kimco Realty Corporation (KIM)

$19.4

+0.18 (+0.94%)

All numbers are in Millions, Currency in USD

Stock DCF: 26.64 | 19.4 | 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	1,164.76	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	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	987.48	1,101.98	1,229.76	1,372.35	1,531.48

Weighted Average Cost Of Capital

Share price	$ 19.4
Beta	1.446
Diluted Shares Outstanding	617.86
Cost of Debt
Tax Rate	-184.34
After-tax Cost of Debt	3.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.569
Total Debt	7,271.56
Total Equity	11,986.45
Total Capital	19,258.01
Debt Weighting	37.76
Equity Weighting	62.24
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	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	987.48	1,101.98	1,229.76	1,372.35	1,531.48
WACC
PV LFCF						789.15	817.23	846.32	876.43	907.63
SUM PV LFCF										4,919.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.76
Free cash flow (t + 1)	1,562.11
Terminal Value	27,119.89
Present Value of Terminal Value	18,663.80

Intrinsic Value

Enterprise Value	23,583.61
Net Debt	7,121.74
Equity Value	16,461.87
Shares Outstanding	617.86
Equity Value Per Share	26.64