Discounted Cash Flow (DCF) Analysis Levered
Simon Property Group, Inc. (SPG-PJ)
$58.7399
-0.42 (-0.71%)
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 | 5,657.92 | 5,755.19 | 4,607.50 | 5,116.79 | 5,291.45 | 5,241.76 | 5,192.55 | 5,143.79 | 5,095.50 | 5,047.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,750.80 | 3,807.83 | 2,326.70 | 3,637.40 | 3,766.60 | 3,409.50 | 3,377.49 | 3,345.78 | 3,314.36 | 3,283.24 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -781.91 | -876.01 | -484.12 | -527.93 | -650.02 | -651.55 | -645.44 | -639.38 | -633.37 | -627.43 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,968.89 | 2,931.82 | 1,842.58 | 3,109.47 | 3,116.58 | 2,757.95 | 2,732.05 | 2,706.40 | 2,680.99 | 2,655.82 |
Weighted Average Cost Of Capital
| Share price | $ 58.7,399 |
|---|---|
| Beta | 1.545 |
| Diluted Shares Outstanding | 845.50 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 2.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.775 |
| Total Debt | 25,458.24 |
| Total Equity | 49,664.53 |
| Total Capital | 75,122.77 |
| Debt Weighting | 33.89 |
| Equity Weighting | 66.11 |
| 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 | 5,657.92 | 5,755.19 | 4,607.50 | 5,116.79 | 5,291.45 | 5,241.76 | 5,192.55 | 5,143.79 | 5,095.50 | 5,047.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,750.80 | 3,807.83 | 2,326.70 | 3,637.40 | 3,766.60 | 3,409.50 | 3,377.49 | 3,345.78 | 3,314.36 | 3,283.24 |
| Capital Expenditure | -781.91 | -876.01 | -484.12 | -527.93 | -650.02 | -651.55 | -645.44 | -639.38 | -633.37 | -627.43 |
| Free Cash Flow | 2,968.89 | 2,931.82 | 1,842.58 | 3,109.47 | 3,116.58 | 2,757.95 | 2,732.05 | 2,706.40 | 2,680.99 | 2,655.82 |
| WACC | ||||||||||
| PV LFCF | 2,550.35 | 2,336.23 | 2,140.10 | 1,960.42 | 1,795.83 | |||||
| SUM PV LFCF | 10,782.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.14 |
| Free cash flow (t + 1) | 2,708.93 |
| Terminal Value | 44,119.44 |
| Present Value of Terminal Value | 29,833.08 |
Intrinsic Value
| Enterprise Value | 40,616.02 |
|---|---|
| Net Debt | 24,836.61 |
| Equity Value | 15,779.41 |
| Shares Outstanding | 845.50 |
| Equity Value Per Share | 18.66 |