Discounted Cash Flow (DCF) Analysis Levered

WisdomTree New Economy Real Estate ... (WTRE)

$15.61

+0.21 (+1.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,671.16 | 15.61 | 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 663.63645.42595.90559.10704.22720.71737.58754.84772.51790.60
Revenue (%)
Operating Cash Flow 275.09292.22229.31239.28190.70281.20287.78294.52301.42308.47
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 275.08292.20229.30239.27190.68281.19287.77294.51301.40308.45

Weighted Average Cost Of Capital

Share price $ 15.61
Beta -0.251
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 2.618
Total Debt 384.33
Total Equity 311.45
Total Capital 695.78
Debt Weighting 55.24
Equity Weighting 44.76
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 663.63645.42595.90559.10704.22720.71737.58754.84772.51790.60
Operating Cash Flow 275.09292.22229.31239.28190.70281.20287.78294.52301.42308.47
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 275.08292.20229.30239.27190.68281.19287.77294.51301.40308.45
WACC
PV LFCF 273.39272.04270.70269.36268.02
SUM PV LFCF 1,353.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.85
Free cash flow (t + 1) 314.62
Terminal Value 37,014.58
Present Value of Terminal Value 32,162.61

Intrinsic Value

Enterprise Value 33,516.12
Net Debt 172.88
Equity Value 33,343.24
Shares Outstanding 19.95
Equity Value Per Share 1,671.16