Discounted Cash Flow (DCF) Analysis Levered

Summit Industrial Income REIT (SMU-UN.TO)

$16.45

-0.23 (-1.39%)
All numbers are in Millions, Currency in USD
Stock DCF: 55.95 | 16.45 | 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 58.5792.15142.19190.91216.97303.51424.57593.91830.801,162.17
Revenue (%)
Operating Cash Flow 28.2647.8649.8179.0686.90131.53184257.39360.05503.65
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----131.53184257.39360.05503.65

Weighted Average Cost Of Capital

Share price $ 16.45
Beta 1.038
Diluted Shares Outstanding 145.23
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.626
Total Debt 1,323.88
Total Equity 2,389
Total Capital 3,712.89
Debt Weighting 35.66
Equity Weighting 64.34
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 58.5792.15142.19190.91216.97303.51424.57593.91830.801,162.17
Operating Cash Flow 28.2647.8649.8179.0686.90131.53184257.39360.05503.65
Capital Expenditure ----------
Free Cash Flow -----131.53184257.39360.05503.65
WACC
PV LFCF 123.48162.16212.96279.66367.26
SUM PV LFCF 1,145.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.52
Free cash flow (t + 1) 513.73
Terminal Value 11,365.61
Present Value of Terminal Value 8,287.76

Intrinsic Value

Enterprise Value 9,433.28
Net Debt 1,307.83
Equity Value 8,125.45
Shares Outstanding 145.23
Equity Value Per Share 55.95