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

Stock DCF: 20.83 | 14.62 | undervalue

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