Discounted Cash Flow (DCF) Analysis Levered

Urban Edge Properties (UE)

$15.59

-0.27 (-1.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.99 | 15.59 | 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 414.16387.65330.10425.08397.94399.07400.21401.36402.50403.65
Revenue (%)
Operating Cash Flow 137.04156.40112.82135.27139.62139.29139.69140.09140.49140.89
Operating Cash Flow (%)
Capital Expenditure -118.77-91.30-86.20-111.01-103.92-104.22-104.51-104.81-105.11-105.41
Capital Expenditure (%)
Free Cash Flow 18.2765.1026.6224.2735.7035.0835.1835.2835.3835.48

Weighted Average Cost Of Capital

Share price $ 15.59
Beta 1.600
Diluted Shares Outstanding 121.64
Cost of Debt
Tax Rate 8.10
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.108
Total Debt 1,751.48
Total Equity 1,896.37
Total Capital 3,647.85
Debt Weighting 48.01
Equity Weighting 51.99
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 414.16387.65330.10425.08397.94399.07400.21401.36402.50403.65
Operating Cash Flow 137.04156.40112.82135.27139.62139.29139.69140.09140.49140.89
Capital Expenditure -118.77-91.30-86.20-111.01-103.92-104.22-104.51-104.81-105.11-105.41
Free Cash Flow 18.2765.1026.6224.2735.7035.0835.1835.2835.3835.48
WACC
PV LFCF 32.5530.2828.1826.2224.40
SUM PV LFCF 141.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.78
Free cash flow (t + 1) 36.19
Terminal Value 626.13
Present Value of Terminal Value 430.50

Intrinsic Value

Enterprise Value 572.12
Net Debt 1,665.96
Equity Value -1,093.84
Shares Outstanding 121.64
Equity Value Per Share -8.99