Discounted Cash Flow (DCF) Analysis Levered

Regency Centers Corporation (REG)

$57.99

-0.27 (-0.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 53.09 | 57.99 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,120.97	1,133.14	1,016.18	1,166.16	1,224.02	1,256.11	1,289.03	1,322.82	1,357.49	1,393.07
Revenue (%)
Operating Cash Flow	610.33	621.27	499.12	659.39	655.82	674.56	692.24	710.39	729.01	748.12
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	4.89	5.02	5.15	5.28	5.42	5.56
Capital Expenditure (%)
Free Cash Flow	610.33	621.27	499.12	659.39	660.70	679.58	697.39	715.67	734.43	753.68

Weighted Average Cost Of Capital

Share price	$ 57.99
Beta	1.160
Diluted Shares Outstanding	169.46
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	2.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.169
Total Debt	5,692.98
Total Equity	9,826.99
Total Capital	15,519.96
Debt Weighting	36.68
Equity Weighting	63.32
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,120.97	1,133.14	1,016.18	1,166.16	1,224.02	1,256.11	1,289.03	1,322.82	1,357.49	1,393.07
Operating Cash Flow	610.33	621.27	499.12	659.39	655.82	674.56	692.24	710.39	729.01	748.12
Capital Expenditure	-	-	-	-	4.89	5.02	5.15	5.28	5.42	5.56
Free Cash Flow	610.33	621.27	499.12	659.39	660.70	679.58	697.39	715.67	734.43	753.68
WACC
PV LFCF						636.61	611.98	588.31	565.56	543.68
SUM PV LFCF										2,946.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.75
Free cash flow (t + 1)	768.75
Terminal Value	16,184.25
Present Value of Terminal Value	11,674.90

Intrinsic Value

Enterprise Value	14,621.05
Net Debt	5,624.20
Equity Value	8,996.85
Shares Outstanding	169.46
Equity Value Per Share	53.09