Discounted Cash Flow (DCF) Analysis Unlevered

Brookfield Property Partners L.P. (BPY)

$18.59

-0.05 (-0.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 78.46 | 18.59 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 5,3526,1357,2398,2036,5937,026.747,489.017,981.698,506.789,066.42
Revenue (%)
EBITDA 2,0062,5703,6174,3457732,726.802,906.193,097.383,301.153,518.33
EBITDA (%)
EBIT 1,7662,2953,3094,0044542,414.582,573.432,742.722,923.163,115.47
EBIT (%)
Depreciation 240275308341319312.23332.77354.66377.99402.86
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 1,4561,4913,2881,4382,4732,135.682,276.182,425.932,585.522,755.62
Total Cash (%)
Account Receivables 4164281,255567830724.98772.67823.50877.68935.42
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable -3,9706,0435,5885,8045,346.355,698.076,072.936,472.456,898.26
Accounts Payable (%)
Capital Expenditure 3,3124,7295,520-349-1692,928.763,121.443,326.793,545.653,778.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.59
Beta 1.387
Diluted Shares Outstanding 1,005
Cost of Debt
Tax Rate -28.29
After-tax Cost of Debt 4.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.037
Total Debt 55,442
Total Equity 18,682.95
Total Capital 74,124.95
Debt Weighting 74.80
Equity Weighting 25.20
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 5,3526,1357,2398,2036,5937,026.747,489.017,981.698,506.789,066.42
EBITDA 2,0062,5703,6174,3457732,726.802,906.193,097.383,301.153,518.33
EBIT 1,7662,2953,3094,0044542,414.582,573.432,742.722,923.163,115.47
Tax Rate 69.19%94.89%79.54%73.64%-28.29%57.79%57.79%57.79%57.79%57.79%
EBIAT 544.15117.34676.861,055.63582.441,019.131,086.171,157.631,233.791,314.95
Depreciation 240275308341319312.23332.77354.66377.99402.86
Accounts Receivable --12-827688-263105.02-47.69-50.83-54.18-57.74
Inventories ----------
Accounts Payable --2,073-455216-457.65351.72374.86399.52425.81
Capital Expenditure 3,3124,7295,520-349-1692,928.763,121.443,326.793,545.653,778.91
UFCF 4,096.155,109.347,750.861,280.63685.443,907.494,844.415,163.115,502.785,864.79
WACC
PV UFCF 3,685.274,309.074,331.374,353.784,376.31
SUM PV UFCF 21,055.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.03
Free cash flow (t + 1) 5,982.08
Terminal Value 148,438.81
Present Value of Terminal Value 110,765.28

Intrinsic Value

Enterprise Value 131,821.08
Net Debt 52,969
Equity Value 78,852.08
Shares Outstanding 1,005
Equity Value Per Share 78.46