Discounted Cash Flow (DCF) Analysis Unlevered

Crombie Real Estate Investment Trus... (CRR-UN.TO)

$16.13

+0.18 (+1.13%)
All numbers are in Millions, Currency in USD
Stock DCF: 24.61 | 16.13 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 411.81414.65398.74388.73408.89408.41407.93407.45406.97406.49
Revenue (%)
EBITDA 273.49308.60333.91235.38324.66297.75297.40297.05296.70296.35
EBITDA (%)
EBIT 191.99213.04259.60159.81248.90216.53216.27216.02215.76215.51
EBIT (%)
Depreciation 81.5095.5674.3175.5775.7681.2381.1381.0380.9480.84
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1.291.291.241.211.281.271.271.271.271.27
Total Cash (%)
Account Receivables 8.558.341550.1842.1525.3725.3425.3125.2825.25
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 38.3030.8729.9319.5534.1630.7430.7030.6730.6330.60
Accounts Payable (%)
Capital Expenditure -122.50-122.43-154.03-44.09-0.19-89.27-89.16-89.06-88.95-88.85
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.13
Beta 0.836
Diluted Shares Outstanding 164.80
Cost of Debt
Tax Rate 0.11
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.916
Total Debt 2,253.60
Total Equity 2,658.27
Total Capital 4,911.87
Debt Weighting 45.88
Equity Weighting 54.12
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 411.81414.65398.74388.73408.89408.41407.93407.45406.97406.49
EBITDA 273.49308.60333.91235.38324.66297.75297.40297.05296.70296.35
EBIT 191.99213.04259.60159.81248.90216.53216.27216.02215.76215.51
Tax Rate -89.86%0.00%0.00%0.01%0.11%-17.95%-17.95%-17.95%-17.95%-17.95%
EBIAT 364.53213.04259.59159.79248.64255.39255.09254.79254.49254.19
Depreciation 81.5095.5674.3175.5775.7681.2381.1381.0380.9480.84
Accounts Receivable -0.21-6.66-35.188.0316.780.030.030.030.03
Inventories ----------
Accounts Payable --7.43-0.94-10.3814.61-3.42-0.04-0.04-0.04-0.04
Capital Expenditure -122.50-122.43-154.03-44.09-0.19-89.27-89.16-89.06-88.95-88.85
UFCF 323.53178.95172.27145.71346.85260.70247.05246.76246.47246.18
WACC
PV UFCF 246.79221.37209.31197.90187.11
SUM PV UFCF 1,062.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.64
Free cash flow (t + 1) 251.10
Terminal Value 6,898.34
Present Value of Terminal Value 5,243.28

Intrinsic Value

Enterprise Value 6,305.76
Net Debt 2,249.69
Equity Value 4,056.07
Shares Outstanding 164.80
Equity Value Per Share 24.61