Discounted Cash Flow (DCF) Analysis Levered

SmartCentres Real Estate Investment... (SRU-UN.TO)

$30.22

+0.12 (+0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.86 | 30.22 | overvalue

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 734.03790.18806.41781.25780.76793.48806.42819.56832.92846.50
Revenue (%)
Operating Cash Flow 353.08351.25345.61295.98371.62350.55356.27362.08367.98373.98
Operating Cash Flow (%)
Capital Expenditure -0.40-0.84-1.28-0.83-0.83-0.85-0.86-0.87-0.89-0.90
Capital Expenditure (%)
Free Cash Flow 352.68350.41344.33295.15370.79349.71355.41361.20367.09373.07

Weighted Average Cost Of Capital

Share price $ 30.22
Beta 1.209
Diluted Shares Outstanding 170.12
Cost of Debt
Tax Rate 16.17
After-tax Cost of Debt 2.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.554
Total Debt 4,854.53
Total Equity 5,141.05
Total Capital 9,995.58
Debt Weighting 48.57
Equity Weighting 51.43
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 734.03790.18806.41781.25780.76793.48806.42819.56832.92846.50
Operating Cash Flow 353.08351.25345.61295.98371.62350.55356.27362.08367.98373.98
Capital Expenditure -0.40-0.84-1.28-0.83-0.83-0.85-0.86-0.87-0.89-0.90
Free Cash Flow 352.68350.41344.33295.15370.79349.71355.41361.20367.09373.07
WACC
PV LFCF 331.10318.59306.56294.98283.83
SUM PV LFCF 1,535.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.62
Free cash flow (t + 1) 380.54
Terminal Value 10,512.04
Present Value of Terminal Value 7,997.54

Intrinsic Value

Enterprise Value 9,532.60
Net Debt 4,792.29
Equity Value 4,740.31
Shares Outstanding 170.12
Equity Value Per Share 27.86