Discounted Cash Flow (DCF) Analysis Levered

WisdomTree New Economy Real Estate ... (WTRE)

$15.51

-0.05 (-0.32%)

All numbers are in Millions, Currency in USD

Stock DCF: 811.71 | 15.51 | undervalue

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	663.63	645.42	595.90	559.10	704.22	720.71	737.58	754.84	772.51	790.60
Revenue (%)
Operating Cash Flow	275.09	292.22	229.31	239.28	190.70	281.20	287.78	294.52	301.42	308.47
Operating Cash Flow (%)
Capital Expenditure	-0.01	-0.02	-0.01	-0.01	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02
Capital Expenditure (%)
Free Cash Flow	275.08	292.20	229.30	239.27	190.68	281.19	287.77	294.51	301.40	308.45

Weighted Average Cost Of Capital

Share price	$ 15.51
Beta	0.000
Diluted Shares Outstanding	19.95
Cost of Debt
Tax Rate	0.04
After-tax Cost of Debt	3.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.626
Total Debt	384.33
Total Equity	309.46
Total Capital	693.79
Debt Weighting	55.40
Equity Weighting	44.60
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	663.63	645.42	595.90	559.10	704.22	720.71	737.58	754.84	772.51	790.60
Operating Cash Flow	275.09	292.22	229.31	239.28	190.70	281.20	287.78	294.52	301.42	308.47
Capital Expenditure	-0.01	-0.02	-0.01	-0.01	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02
Free Cash Flow	275.08	292.20	229.30	239.27	190.68	281.19	287.77	294.51	301.40	308.45
WACC
PV LFCF						225.59	222.55	219.54	216.58	213.66
SUM PV LFCF										1,319.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.74
Free cash flow (t + 1)	314.62
Terminal Value	18,081.83
Present Value of Terminal Value	15,049.12

Intrinsic Value

Enterprise Value	16,368.31
Net Debt	172.88
Equity Value	16,195.43
Shares Outstanding	19.95
Equity Value Per Share	811.71