Discounted Cash Flow (DCF) Analysis Unlevered

Brookfield Property REIT Inc. (BPYUP)

$25.2

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 508.75 | 25.2 | 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 2,346.452,327.862,064.031,563.971,529.541,382.121,248.901,128.531,019.75921.46
Revenue (%)
EBITDA 2,562.371,910.024,722.181,612.14589.441,552.541,402.901,267.681,145.501,035.09
EBITDA (%)
EBIT 1,860.471,188.384,073.061,121.02-53.171,094.29988.82893.51807.39729.57
EBIT (%)
Depreciation 701.90721.64649.12491.12642.61458.25414.08374.17338.11305.52
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 474.76164.60247.02197.83204.54180.49163.09147.37133.17120.33
Total Cash (%)
Account Receivables 1,035.37782.90532.51368.19641.45467.26422.22381.52344.75311.52
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 87.4977.4068.4271.7283.0456.3550.9146.0141.5737.57
Accounts Payable (%)
Capital Expenditure 574.17-831.512,312.12-1,206.1890.4281.7173.8366.7160.2854.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.2
Beta 1.321
Diluted Shares Outstanding 41.74
Cost of Debt
Tax Rate -17.68
After-tax Cost of Debt 4.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.565
Total Debt 32,435.37
Total Equity 1,051.93
Total Capital 33,487.31
Debt Weighting 96.86
Equity Weighting 3.14
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 2,346.452,327.862,064.031,563.971,529.541,382.121,248.901,128.531,019.75921.46
EBITDA 2,562.371,910.024,722.181,612.14589.441,552.541,402.901,267.681,145.501,035.09
EBIT 1,860.471,188.384,073.061,121.02-53.171,094.29988.82893.51807.39729.57
Tax Rate -25.57%-33.81%-36.54%-87.74%-17.68%-40.27%-40.27%-40.27%-40.27%-40.27%
EBIAT 2,336.211,590.235,561.332,104.57-62.571,534.951,3871,253.321,132.521,023.36
Depreciation 701.90721.64649.12491.12642.61458.25414.08374.17338.11305.52
Accounts Receivable -252.47250.39164.33-273.27174.2045.0440.7036.7733.23
Inventories ----------
Accounts Payable --10.08-8.983.3011.32-26.70-5.43-4.91-4.43-4.01
Capital Expenditure 574.17-831.512,312.12-1,206.1890.4281.7173.8366.7160.2854.47
UFCF 3,612.291,722.748,763.981,557.14408.522,222.411,914.521,729.991,563.241,412.57
WACC
PV UFCF 2,126.091,752.181,514.681,309.371,131.89
SUM PV UFCF 7,834.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.53
Free cash flow (t + 1) 1,440.82
Terminal Value 56,949.47
Present Value of Terminal Value 45,633.62

Intrinsic Value

Enterprise Value 53,467.84
Net Debt 32,230.83
Equity Value 21,237.01
Shares Outstanding 41.74
Equity Value Per Share 508.75