Discounted Cash Flow (DCF) Analysis Levered

Vastned Retail N.V. (VASTN.AS)

19.3 €

-0.14 (-0.72%)

All numbers are in Millions, Currency in USD

Stock DCF: 17.87 | 19.3 | 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	77.06	69.29	64.92	62.22	66.38	64.08	61.85	59.71	57.64	55.64
Revenue (%)
Operating Cash Flow	41.23	38.20	28.57	44.28	39.34	36.28	35.02	33.81	32.63	31.50
Operating Cash Flow (%)
Capital Expenditure	13.76	-3.08	-3.13	-2.46	-3.03	0.01	0.01	0.01	0.01	0.01
Capital Expenditure (%)
Free Cash Flow	54.99	35.12	25.44	41.82	36.31	36.29	35.03	33.81	32.64	31.51

Weighted Average Cost Of Capital

Share price	$ 19.3
Beta	0.872
Diluted Shares Outstanding	17.15
Cost of Debt
Tax Rate	16.58
After-tax Cost of Debt	3.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.351
Total Debt	617.13
Total Equity	331.03
Total Capital	948.17
Debt Weighting	65.09
Equity Weighting	34.91
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	77.06	69.29	64.92	62.22	66.38	64.08	61.85	59.71	57.64	55.64
Operating Cash Flow	41.23	38.20	28.57	44.28	39.34	36.28	35.02	33.81	32.63	31.50
Capital Expenditure	13.76	-3.08	-3.13	-2.46	-3.03	0.01	0.01	0.01	0.01	0.01
Free Cash Flow	54.99	35.12	25.44	41.82	36.31	36.29	35.03	33.81	32.64	31.51
WACC
PV LFCF						34.49	31.65	29.04	26.64	24.44
SUM PV LFCF										146.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.21
Free cash flow (t + 1)	32.14
Terminal Value	1,001.27
Present Value of Terminal Value	776.73

Intrinsic Value

Enterprise Value	922.98
Net Debt	616.41
Equity Value	306.57
Shares Outstanding	17.15
Equity Value Per Share	17.87