Discounted Cash Flow (DCF) Analysis Levered
Kite Realty Group Trust (KRG)
$22.29
-0.25 (-1.11%)
All numbers are in Millions, Currency in USD
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 | 358.82 | 354.18 | 315.17 | 266.64 | 373.32 | 384.81 | 396.65 | 408.85 | 421.42 | 434.39 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 153.66 | 154.38 | 137.96 | 95.52 | 100.35 | 148.45 | 153.01 | 157.72 | 162.57 | 167.57 |
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 | 83.13 | 95.08 | 84.68 | 57.25 | 43.04 | 84.57 | 87.17 | 89.85 | 92.61 | 95.46 |
Weighted Average Cost Of Capital
Share price | $ 22.29 |
---|---|
Beta | 1.411 |
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 | 10.193 |
Total Debt | 3,221.05 |
Total Equity | 1,884.77 |
Total Capital | 5,105.81 |
Debt Weighting | 63.09 |
Equity Weighting | 36.91 |
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 | 358.82 | 354.18 | 315.17 | 266.64 | 373.32 | 384.81 | 396.65 | 408.85 | 421.42 | 434.39 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 153.66 | 154.38 | 137.96 | 95.52 | 100.35 | 148.45 | 153.01 | 157.72 | 162.57 | 167.57 |
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 | 83.13 | 95.08 | 84.68 | 57.25 | 43.04 | 84.57 | 87.17 | 89.85 | 92.61 | 95.46 |
WACC | ||||||||||
PV LFCF | 73.20 | 71.90 | 70.63 | 69.39 | 68.16 | |||||
SUM PV LFCF | 388.97 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.93 |
Free cash flow (t + 1) | 97.37 |
Terminal Value | 3,323.22 |
Present Value of Terminal Value | 2,612.52 |
Intrinsic Value
Enterprise Value | 3,001.50 |
---|---|
Net Debt | 3,127.80 |
Equity Value | -126.31 |
Shares Outstanding | 84.56 |
Equity Value Per Share | -1.49 |