Discounted Cash Flow (DCF) Analysis Levered

Wheeler Real Estate Investment Trus... (WHLRD)

$14.4

-0.15 (-1.03%)

All numbers are in Millions, Currency in USD

Stock DCF: -16.84 | 14.4 | 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	65.71	63.16	61	61.31	76.65	80.14	83.79	87.60	91.59	95.77
Revenue (%)
Operating Cash Flow	22	15.25	15.78	17.04	30.76	24.27	25.37	26.53	27.74	29
Operating Cash Flow (%)
Capital Expenditure	-5.57	-2.71	-2.27	-6.41	-8.51	-6.10	-6.38	-6.67	-6.97	-7.29
Capital Expenditure (%)
Free Cash Flow	16.44	12.54	13.51	10.63	22.25	18.17	19	19.86	20.77	21.72

Weighted Average Cost Of Capital

Share price	$ 14.4
Beta	2.645
Diluted Shares Outstanding	0.98
Cost of Debt
Tax Rate	-153.96
After-tax Cost of Debt	6.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity	16.735
Total Debt	482.51
Total Equity	14.06
Total Capital	496.56
Debt Weighting	97.17
Equity Weighting	2.83
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	65.71	63.16	61	61.31	76.65	80.14	83.79	87.60	91.59	95.77
Operating Cash Flow	22	15.25	15.78	17.04	30.76	24.27	25.37	26.53	27.74	29
Capital Expenditure	-5.57	-2.71	-2.27	-6.41	-8.51	-6.10	-6.38	-6.67	-6.97	-7.29
Free Cash Flow	16.44	12.54	13.51	10.63	22.25	18.17	19	19.86	20.77	21.72
WACC
PV LFCF						17.06	16.74	16.43	16.12	15.82
SUM PV LFCF										82.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.54
Free cash flow (t + 1)	22.15
Terminal Value	487.88
Present Value of Terminal Value	355.42

Intrinsic Value

Enterprise Value	437.58
Net Debt	454.02
Equity Value	-16.43
Shares Outstanding	0.98
Equity Value Per Share	-16.84