Discounted Cash Flow (DCF) Analysis Levered
RioCan Real Estate Investment Trust (REI-UN.TO)
$20.27
+0.40 (+2.01%)
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 | -101.47 | -421.43 | -429.67 | -438.08 | -446.65 | -455.38 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -17.93 | 31.64 | 35.95 | 26.52 | 404.66 | 97.92 | 99.84 | 101.79 | 103.78 | 105.81 |
Weighted Average Cost Of Capital
Share price | $ 20.27 |
---|---|
Beta | 1.196 |
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 | 9.334 |
Total Debt | 6,778.91 |
Total Equity | 6,431.35 |
Total Capital | 13,210.26 |
Debt Weighting | 51.32 |
Equity Weighting | 48.68 |
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 | -101.47 | -421.43 | -429.67 | -438.08 | -446.65 | -455.38 |
Free Cash Flow | -17.93 | 31.64 | 35.95 | 26.52 | 404.66 | 97.92 | 99.84 | 101.79 | 103.78 | 105.81 |
WACC | ||||||||||
PV LFCF | 92.46 | 89.02 | 85.71 | 82.51 | 79.44 | |||||
SUM PV LFCF | 429.14 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.90 |
Free cash flow (t + 1) | 107.92 |
Terminal Value | 2,767.30 |
Present Value of Terminal Value | 2,077.67 |
Intrinsic Value
Enterprise Value | 2,506.81 |
---|---|
Net Debt | 6,692.69 |
Equity Value | -4,185.87 |
Shares Outstanding | 317.28 |
Equity Value Per Share | -13.19 |