Discounted Cash Flow (DCF) Analysis Levered

Kite Realty Group Trust (KRG)

$22.66

+0.04 (+0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.16 | 22.66 | 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 358.82354.18315.17266.64373.32384.81396.65408.85421.42434.39
Revenue (%)
Operating Cash Flow 153.66154.38137.9695.52100.35148.45153.01157.72162.57167.57
Operating Cash Flow (%)
Capital Expenditure -70.53-59.30-53.28-38.27-57.31-63.88-65.85-67.87-69.96-72.11
Capital Expenditure (%)
Free Cash Flow 83.1395.0884.6857.2543.0484.5787.1789.8592.6195.46

Weighted Average Cost Of Capital

Share price $ 22.66
Beta 1.325
Diluted Shares Outstanding 84.56
Cost of Debt
Tax Rate 1.49
After-tax Cost of Debt 1.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.758
Total Debt 3,221.05
Total Equity 1,916.05
Total Capital 5,137.10
Debt Weighting 62.70
Equity Weighting 37.30
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 358.82354.18315.17266.64373.32384.81396.65408.85421.42434.39
Operating Cash Flow 153.66154.38137.9695.52100.35148.45153.01157.72162.57167.57
Capital Expenditure -70.53-59.30-53.28-38.27-57.31-63.88-65.85-67.87-69.96-72.11
Free Cash Flow 83.1395.0884.6857.2543.0484.5787.1789.8592.6195.46
WACC
PV LFCF 7775.7374.4873.2672.05
SUM PV LFCF 390.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.80
Free cash flow (t + 1) 97.37
Terminal Value 3,477.51
Present Value of Terminal Value 2,750.82

Intrinsic Value

Enterprise Value 3,141.22
Net Debt 3,127.80
Equity Value 13.42
Shares Outstanding 84.56
Equity Value Per Share 0.16