Discounted Cash Flow (DCF) Analysis Unlevered
CT Real Estate Investment Trust (CRT-UN.TO)
$15.85
+0.16 (+1.02%)
All numbers are in Millions, Currency in USD
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 | 443.30 | 472.48 | 489.01 | 502.35 | 514.54 | 534.13 | 554.48 | 575.59 | 597.52 | 620.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 413.82 | 405.51 | 416.33 | 291.35 | 562.58 | 461.11 | 478.67 | 496.91 | 515.83 | 535.48 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 461.11 | 478.67 | 496.91 | 515.83 | 535.48 |
| 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 | 10.90 | 4.99 | 9.73 | 4.53 | 3.55 | 7.58 | 7.87 | 8.17 | 8.48 | 8.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.97 | 2.15 | 2.88 | 4.91 | 2.88 | 3.23 | 3.35 | 3.48 | 3.61 | 3.75 |
| 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 | $ 15.85 |
|---|---|
| Beta | 0.960 |
| 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 | 8.222 |
| Total Debt | 1,302.09 |
| Total Equity | 5,112.81 |
| Total Capital | 6,414.89 |
| Debt Weighting | 20.30 |
| Equity Weighting | 79.70 |
| 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 | 443.30 | 472.48 | 489.01 | 502.35 | 514.54 | 534.13 | 554.48 | 575.59 | 597.52 | 620.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 413.82 | 405.51 | 416.33 | 291.35 | 562.58 | 461.11 | 478.67 | 496.91 | 515.83 | 535.48 |
| EBIT | - | - | - | - | - | 461.11 | 478.67 | 496.91 | 515.83 | 535.48 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 461.11 | 478.67 | 496.91 | 515.83 | 535.48 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.18 | -0.74 | -2.03 | 2.03 | -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 | - | - | - | - | - | 436.39 | 453.24 | 470.51 | 488.43 | 507.03 |
| WACC | ||||||||||
| PV UFCF | 403.31 | 387.15 | 371.44 | 356.36 | 341.90 | |||||
| SUM PV UFCF | 1,860.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.20 |
| Free cash flow (t + 1) | 517.17 |
| Terminal Value | 8,341.42 |
| Present Value of Terminal Value | 5,624.75 |
Intrinsic Value
| Enterprise Value | 7,484.91 |
|---|---|
| Net Debt | 1,298.53 |
| Equity Value | 6,186.38 |
| Shares Outstanding | 322.57 |
| Equity Value Per Share | 19.18 |