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
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 | $ 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 | 443.30 | 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 | 404.44 | 389.30 | 374.54 | 360.34 | 346.68 | |||||
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 |