Discounted Cash Flow (DCF) Analysis Unlevered
Crombie Real Estate Investment Trus... (CRR-UN.TO)
$14.38
+0.16 (+1.13%)
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 | $ 14.38 |
|---|---|
| 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 | 7.727 |
| Total Debt | 2,080.97 |
| Total Equity | 2,535.55 |
| Total Capital | 4,616.53 |
| Debt Weighting | 45.08 |
| Equity Weighting | 54.92 |
| 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 | 237.30 | 223.47 | 211.47 | 200.11 | 189.36 | |||||
| SUM PV UFCF | 1,061.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.06 |
| Free cash flow (t + 1) | 259.21 |
| Terminal Value | 6,384.50 |
| Present Value of Terminal Value | 4,757.39 |
Intrinsic Value
| Enterprise Value | 5,819.09 |
|---|---|
| Net Debt | 2,075.09 |
| Equity Value | 3,744.01 |
| Shares Outstanding | 176.32 |
| Equity Value Per Share | 21.23 |