Discounted Cash Flow (DCF) Analysis Levered

RPT Realty (RPT)

$10.05

-0.20 (-1.95%)

All numbers are in Millions, Currency in USD

Stock DCF: -3.41 | 10.05 | 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	260.62	234.09	191.71	213.49	217.66	209.51	201.67	194.12	186.85	179.86
Revenue (%)
Operating Cash Flow	106.32	90.59	63.06	92.86	97.67	84.12	80.97	77.94	75.03	72.22
Operating Cash Flow (%)
Capital Expenditure	-77.17	-56.60	-23.12	-28.14	-29.41	-38.78	-37.33	-35.93	-34.58	-33.29
Capital Expenditure (%)
Free Cash Flow	29.15	33.99	39.93	64.72	68.26	45.34	43.65	42.01	40.44	38.93

Weighted Average Cost Of Capital

Share price	$ 10.05
Beta	1.649
Diluted Shares Outstanding	85.47
Cost of Debt
Tax Rate	2.01
After-tax Cost of Debt	3.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.587
Total Debt	907.38
Total Equity	859.01
Total Capital	1,766.39
Debt Weighting	51.37
Equity Weighting	48.63
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	260.62	234.09	191.71	213.49	217.66	209.51	201.67	194.12	186.85	179.86
Operating Cash Flow	106.32	90.59	63.06	92.86	97.67	84.12	80.97	77.94	75.03	72.22
Capital Expenditure	-77.17	-56.60	-23.12	-28.14	-29.41	-38.78	-37.33	-35.93	-34.58	-33.29
Free Cash Flow	29.15	33.99	39.93	64.72	68.26	45.34	43.65	42.01	40.44	38.93
WACC
PV LFCF						41.95	37.36	33.27	29.63	26.38
SUM PV LFCF										168.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.09
Free cash flow (t + 1)	39.71
Terminal Value	651.98
Present Value of Terminal Value	441.88

Intrinsic Value

Enterprise Value	610.47
Net Debt	901.96
Equity Value	-291.49
Shares Outstanding	85.47
Equity Value Per Share	-3.41