Discounted Cash Flow (DCF) Analysis Unlevered

CT Real Estate Investment Trust (CRT-UN.TO)

$16.44

-0.08 (-0.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.37 | 16.44 | 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 443.30472.48489.01502.35514.54534.13554.48575.59597.52620.27
Revenue (%)
EBITDA 413.82405.51416.33291.35562.58461.11478.67496.91515.83535.48
EBITDA (%)
EBIT -----461.11478.67496.91515.83535.48
EBIT (%)
Depreciation ----------
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 10.904.999.734.533.557.587.878.178.488.81
Total Cash (%)
Account Receivables 1.972.152.884.912.883.233.353.483.613.75
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -16.50-19.11-22.45-17.56-35.86-24.38-25.31-26.27-27.27-28.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.44
Beta 0.913
Diluted Shares Outstanding 322.57
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 8.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.843
Total Debt 1,302.09
Total Equity 5,303.12
Total Capital 6,605.21
Debt Weighting 19.71
Equity Weighting 80.29
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 443.30472.48489.01502.35514.54534.13554.48575.59597.52620.27
EBITDA 413.82405.51416.33291.35562.58461.11478.67496.91515.83535.48
EBIT -----461.11478.67496.91515.83535.48
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----461.11478.67496.91515.83535.48
Depreciation ----------
Accounts Receivable --0.18-0.74-2.032.03-0.35-0.12-0.13-0.13-0.14
Inventories ----------
Accounts Payable ----------
Capital Expenditure -16.50-19.11-22.45-17.56-35.86-24.38-25.31-26.27-27.27-28.31
UFCF -----436.39453.24470.51488.43507.03
WACC
PV UFCF 404.44389.30374.54360.34346.68
SUM PV UFCF 1,875.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.90
Free cash flow (t + 1) 517.17
Terminal Value 8,765.56
Present Value of Terminal Value 5,993.39

Intrinsic Value

Enterprise Value 7,868.68
Net Debt 1,298.53
Equity Value 6,570.15
Shares Outstanding 322.57
Equity Value Per Share 20.37