Discounted Cash Flow (DCF) Analysis Unlevered
Crombie Real Estate Investment Trus... (CRR-UN.TO)
$14.62
-0.01 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 414.65 | 398.74 | 388.73 | 408.89 | 419.59 | 421.12 | 422.65 | 424.19 | 425.73 | 427.28 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 308.60 | 333.91 | 235.38 | 324.66 | 331.22 | 317.57 | 318.73 | 319.89 | 321.05 | 322.22 |
EBITDA (%) | ||||||||||
EBIT | 213.04 | 259.60 | 159.81 | 248.90 | 251.38 | 234.46 | 235.31 | 236.17 | 237.03 | 237.89 |
EBIT (%) | ||||||||||
Depreciation | 95.56 | 74.31 | 75.57 | 75.76 | 79.84 | 83.11 | 83.41 | 83.72 | 84.02 | 84.33 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | - | - | 63.29 | 3.92 | 5.89 | 26.17 | 26.26 | 26.36 | 26.46 | 26.55 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 8.34 | 15 | 50.18 | 42.15 | 32.24 | 30.89 | 31 | 31.11 | 31.23 | 31.34 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 30.87 | 29.93 | 19.55 | 34.16 | 30.03 | 29.89 | 30 | 30.11 | 30.22 | 30.33 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -122.43 | -154.03 | -44.09 | -0.19 | -0.26 | -67.05 | -67.29 | -67.53 | -67.78 | -68.03 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 14.62 |
---|---|
Beta | 0.855 |
Diluted Shares Outstanding | 176.32 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 4.02% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.793 |
Total Debt | 2,080.97 |
Total Equity | 2,577.87 |
Total Capital | 4,658.84 |
Debt Weighting | 44.67 |
Equity Weighting | 55.33 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 414.65 | 398.74 | 388.73 | 408.89 | 419.59 | 421.12 | 422.65 | 424.19 | 425.73 | 427.28 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 308.60 | 333.91 | 235.38 | 324.66 | 331.22 | 317.57 | 318.73 | 319.89 | 321.05 | 322.22 |
EBIT | 213.04 | 259.60 | 159.81 | 248.90 | 251.38 | 234.46 | 235.31 | 236.17 | 237.03 | 237.89 |
Tax Rate | 0.00% | 0.00% | 0.01% | 0.11% | 0.00% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
EBIAT | 213.04 | 259.59 | 159.79 | 248.64 | 251.37 | 234.40 | 235.25 | 236.11 | 236.97 | 237.83 |
Depreciation | 95.56 | 74.31 | 75.57 | 75.76 | 79.84 | 83.11 | 83.41 | 83.72 | 84.02 | 84.33 |
Accounts Receivable | - | -6.66 | -35.18 | 8.03 | 9.91 | 1.36 | -0.11 | -0.11 | -0.11 | -0.11 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -0.94 | -10.38 | 14.61 | -4.13 | -0.14 | 0.11 | 0.11 | 0.11 | 0.11 |
Capital Expenditure | -122.43 | -154.03 | -44.09 | -0.19 | -0.26 | -67.05 | -67.29 | -67.53 | -67.78 | -68.03 |
UFCF | 186.16 | 172.27 | 145.71 | 346.85 | 336.73 | 251.68 | 251.37 | 252.29 | 253.21 | 254.13 |
WACC | ||||||||||
PV UFCF | 237.19 | 223.26 | 211.17 | 199.73 | 188.92 | |||||
SUM PV UFCF | 1,060.26 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.11 |
Free cash flow (t + 1) | 259.21 |
Terminal Value | 6,306.83 |
Present Value of Terminal Value | 4,688.45 |
Intrinsic Value
Enterprise Value | 5,748.71 |
---|---|
Net Debt | 2,075.09 |
Equity Value | 3,673.63 |
Shares Outstanding | 176.32 |
Equity Value Per Share | 20.83 |