Discounted Cash Flow (DCF) Analysis Levered

Pennsylvania Real Estate Investment... (PEI-PB)

$2.67

-0.37 (-12.17%)
All numbers are in Millions, Currency in USD
Stock DCF: -29.42 | 2.67 | 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 367.49362.40336.79261.82296.43283.47271.07259.21247.88237.04
Revenue (%)
Operating Cash Flow 136.41134.86111.395.8768.9875.3672.0668.9165.9063.01
Operating Cash Flow (%)
Capital Expenditure -6.07-12.02-0.57-0.15-0.23-2.99-2.86-2.73-2.61-2.50
Capital Expenditure (%)
Free Cash Flow 130.34122.84110.825.7268.7472.3769.2066.1863.2860.51

Weighted Average Cost Of Capital

Share price $ 2.67
Beta 2.636
Diluted Shares Outstanding 22.76
Cost of Debt
Tax Rate 2.30
After-tax Cost of Debt 6.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.164
Total Debt 1,864.97
Total Equity 60.77
Total Capital 1,925.74
Debt Weighting 96.84
Equity Weighting 3.16
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 367.49362.40336.79261.82296.43283.47271.07259.21247.88237.04
Operating Cash Flow 136.41134.86111.395.8768.9875.3672.0668.9165.9063.01
Capital Expenditure -6.07-12.02-0.57-0.15-0.23-2.99-2.86-2.73-2.61-2.50
Free Cash Flow 130.34122.84110.825.7268.7472.3769.2066.1863.2860.51
WACC
PV LFCF 67.6360.435448.2643.13
SUM PV LFCF 273.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.01
Free cash flow (t + 1) 61.72
Terminal Value 1,232.03
Present Value of Terminal Value 878.01

Intrinsic Value

Enterprise Value 1,151.46
Net Debt 1,821.12
Equity Value -669.66
Shares Outstanding 22.76
Equity Value Per Share -29.42