Discounted Cash Flow (DCF) Analysis Levered

Wheeler Real Estate Investment Trus... (WHLRD)

$10.31

-0.19 (-1.81%)

All numbers are in Millions, Currency in USD

Stock DCF: -12.63 | 10.31 | 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	$ 10.31
Beta	2.531
Diluted Shares Outstanding	9.76
Cost of Debt
Tax Rate	-153.96
After-tax Cost of Debt	6.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity	16.387
Total Debt	482.51
Total Equity	100.63
Total Capital	583.14
Debt Weighting	82.74
Equity Weighting	17.26
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						16.83	16.29	15.77	15.27	14.79
SUM PV LFCF										78.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.99
Free cash flow (t + 1)	22.15
Terminal Value	369.78
Present Value of Terminal Value	251.78

Intrinsic Value

Enterprise Value	330.73
Net Debt	454.02
Equity Value	-123.29
Shares Outstanding	9.76
Equity Value Per Share	-12.63