Discounted Cash Flow (DCF) Analysis Levered

The Macerich Company (MAC)

$7.94

-0.05 (-0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: -17.40 | 7.94 | 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 993.66960.35927.46786.03847.44817.32788.28760.27733.25707.20
Revenue (%)
Operating Cash Flow 386.39344.31355.16124.840210.73203.24196.02189.05182.33
Operating Cash Flow (%)
Capital Expenditure -202.15-237.23-187.90-171.11-184.48-177.92-171.60-165.50-159.62-153.95
Capital Expenditure (%)
Free Cash Flow 184.24107.08167.25-46.27-184.4832.8131.6430.5229.4328.39

Weighted Average Cost Of Capital

Share price $ 7.94
Beta 1.963
Diluted Shares Outstanding 213.21
Cost of Debt
Tax Rate 38.28
After-tax Cost of Debt 2.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.071
Total Debt 4,609.08
Total Equity 1,692.92
Total Capital 6,302
Debt Weighting 73.14
Equity Weighting 26.86
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 993.66960.35927.46786.03847.44817.32788.28760.27733.25707.20
Operating Cash Flow 386.39344.31355.16124.840210.73203.24196.02189.05182.33
Capital Expenditure -202.15-237.23-187.90-171.11-184.48-177.92-171.60-165.50-159.62-153.95
Free Cash Flow 184.24107.08167.25-46.27-184.4832.8131.6430.5229.4328.39
WACC
PV LFCF 31.1328.4826.0623.8521.82
SUM PV LFCF 131.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.40
Free cash flow (t + 1) 28.95
Terminal Value 851.57
Present Value of Terminal Value 654.66

Intrinsic Value

Enterprise Value 786
Net Debt 4,496.62
Equity Value -3,710.62
Shares Outstanding 213.21
Equity Value Per Share -17.40