Discounted Cash Flow (DCF) Analysis Levered

Plaza Retail REIT (PLZ-UN.TO)

$3.98

+0.06 (+1.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.00 | 3.98 | undervalue

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 102.89104.02112.46106.90110.63112.78114.97117.20119.47121.79
Revenue (%)
Operating Cash Flow 35.7833.6242.6531.7248.2140.2140.9941.7942.6043.43
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----40.2140.9941.7942.6043.43

Weighted Average Cost Of Capital

Share price $ 3.98
Beta 1.076
Diluted Shares Outstanding 101.81
Cost of Debt
Tax Rate 1.62
After-tax Cost of Debt 3.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.731
Total Debt 679.24
Total Equity 405.19
Total Capital 1,084.43
Debt Weighting 62.64
Equity Weighting 37.36
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 102.89104.02112.46106.90110.63112.78114.97117.20119.47121.79
Operating Cash Flow 35.7833.6242.6531.7248.2140.2140.9941.7942.6043.43
Capital Expenditure ----------
Free Cash Flow -----40.2140.9941.7942.6043.43
WACC
PV LFCF 38.0436.6835.3734.1032.88
SUM PV LFCF 177.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.72
Free cash flow (t + 1) 44.29
Terminal Value 1,190.70
Present Value of Terminal Value 901.61

Intrinsic Value

Enterprise Value 1,078.67
Net Debt 671.18
Equity Value 407.49
Shares Outstanding 101.81
Equity Value Per Share 4.00