Discounted Cash Flow (DCF) Analysis Levered
RioCan Real Estate Investment Trust (REI-UN.TO)
$18.07
+0.06 (+0.33%)
All numbers are in Millions, Currency in USD
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 | 1,147.84 | 1,326.33 | 1,143.66 | 1,175.06 | 1,213.85 | 1,237.59 | 1,261.79 | 1,286.47 | 1,311.64 | 1,337.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 404 | 568.73 | 552.58 | 490.40 | 506.12 | 519.35 | 529.51 | 539.86 | 550.42 | 561.19 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -421.93 | -537.09 | -516.63 | -463.88 | -392.97 | -480.87 | -490.28 | -499.87 | -509.64 | -519.61 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -17.93 | 31.64 | 35.95 | 26.52 | 113.15 | 38.48 | 39.23 | 40 | 40.78 | 41.58 |
Weighted Average Cost Of Capital
| Share price | $ 18.07 |
|---|---|
| Beta | 1.184 |
| Diluted Shares Outstanding | 317.28 |
| Cost of Debt | |
| Tax Rate | 0.39 |
| After-tax Cost of Debt | 2.65% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.162 |
| Total Debt | 6,778.91 |
| Total Equity | 5,733.32 |
| Total Capital | 12,512.24 |
| Debt Weighting | 54.18 |
| Equity Weighting | 45.82 |
| 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 | 1,147.84 | 1,326.33 | 1,143.66 | 1,175.06 | 1,213.85 | 1,237.59 | 1,261.79 | 1,286.47 | 1,311.64 | 1,337.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 404 | 568.73 | 552.58 | 490.40 | 506.12 | 519.35 | 529.51 | 539.86 | 550.42 | 561.19 |
| Capital Expenditure | -421.93 | -537.09 | -516.63 | -463.88 | -392.97 | -480.87 | -490.28 | -499.87 | -509.64 | -519.61 |
| Free Cash Flow | -17.93 | 31.64 | 35.95 | 26.52 | 113.15 | 38.48 | 39.23 | 40 | 40.78 | 41.58 |
| WACC | ||||||||||
| PV LFCF | 36.27 | 34.86 | 33.50 | 32.19 | 30.94 | |||||
| SUM PV LFCF | 167.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.09 |
| Free cash flow (t + 1) | 42.41 |
| Terminal Value | 1,036.92 |
| Present Value of Terminal Value | 771.56 |
Intrinsic Value
| Enterprise Value | 939.32 |
|---|---|
| Net Debt | 6,692.69 |
| Equity Value | -5,753.37 |
| Shares Outstanding | 317.28 |
| Equity Value Per Share | -18.13 |