Discounted Cash Flow (DCF) Analysis Levered

Weingarten Realty Investors (WRI)

$31.44

-0.66 (-2.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.08 | 31.44 | overvalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 549.55573.16531.15486.62433.92409.78386.99365.47345.14325.94
Revenue (%)
Operating Cash Flow 246.96269.76285.96270.05224.23207.36195.82184.93174.65164.93
Operating Cash Flow (%)
Capital Expenditure -265.73431.76606.22226.47203.56192.24181.54171.45161.91152.91
Capital Expenditure (%)
Free Cash Flow -18.78701.52892.18496.52427.79399.60377.37356.38336.56317.84

Weighted Average Cost Of Capital

Share price $ 31.44
Beta 1.658
Diluted Shares Outstanding 125.44
Cost of Debt
Tax Rate -48.32
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.338
Total Debt 1,882.60
Total Equity 3,943.99
Total Capital 5,826.59
Debt Weighting 32.31
Equity Weighting 67.69
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 549.55573.16531.15486.62433.92409.78386.99365.47345.14325.94
Operating Cash Flow 246.96269.76285.96270.05224.23207.36195.82184.93174.65164.93
Capital Expenditure -265.73431.76606.22226.47203.56192.24181.54171.45161.91152.91
Free Cash Flow -18.78701.52892.18496.52427.79399.60377.37356.38336.56317.84
WACC
PV LFCF 367.68319.50277.63241.25209.63
SUM PV LFCF 1,415.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.68
Free cash flow (t + 1) 324.20
Terminal Value 4,853.22
Present Value of Terminal Value 3,200.97

Intrinsic Value

Enterprise Value 4,616.66
Net Debt 1,847.18
Equity Value 2,769.48
Shares Outstanding 125.44
Equity Value Per Share 22.08