Discounted Cash Flow (DCF) Analysis Unlevered

Cominar Real Estate Investment Trus... (CUF-UN.TO)

$11.74

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -14.66 | 11.74 | overvalue

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 835.49734.65704.04661.32658.59621.19585.91552.64521.26491.65
Revenue (%)
EBITDA -227.39-58.84614.45-184.40-57.6519.1518.0617.0416.0715.16
EBITDA (%)
EBIT -225.88-61.90609.62-191.05-65.0615.3514.4813.6612.8812.15
EBIT (%)
Depreciation -1.503.074.836.647.413.793.583.383.183
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 6.931.50152.6313.597.6032.2130.3828.6527.0325.49
Total Cash (%)
Account Receivables 54.5240.6837.4546.5532.6636.5034.4332.4730.6328.89
Account Receivables (%)
Inventories 1,143.50188.7311.7320.993,363.50842.47794.62749.50706.93666.78
Inventories (%)
Accounts Payable 18.313.063.614.936.045.945.615.294.994.70
Accounts Payable (%)
Capital Expenditure -203.82-179.22-171.76-161.33-160.67-151.54-142.94-134.82-127.16-119.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.74
Beta 1.371
Diluted Shares Outstanding 182.60
Cost of Debt
Tax Rate 0.03
After-tax Cost of Debt 3.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.297
Total Debt 3,459.90
Total Equity 2,143.77
Total Capital 5,603.67
Debt Weighting 61.74
Equity Weighting 38.26
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 835.49734.65704.04661.32658.59621.19585.91552.64521.26491.65
EBITDA -227.39-58.84614.45-184.40-57.6519.1518.0617.0416.0715.16
EBIT -225.88-61.90609.62-191.05-65.0615.3514.4813.6612.8812.15
Tax Rate 1.27%-0.11%-0.01%0.02%0.03%0.24%0.24%0.24%0.24%0.24%
EBIAT -223.02-61.97609.68-191.01-65.0415.3214.4513.6312.8512.12
Depreciation -1.503.074.836.647.413.793.583.383.183
Accounts Receivable -13.853.23-9.1113.89-3.842.071.961.841.74
Inventories -954.77177-9.26-3,342.512,521.0347.8445.1342.5640.15
Accounts Payable --15.250.551.321.11-0.10-0.34-0.32-0.30-0.28
Capital Expenditure -203.82-179.22-171.76-161.33-160.67-151.54-142.94-134.82-127.16-119.94
UFCF -428.35715.25623.53-362.75-3,545.802,384.66-75.33-71.05-67.02-63.21
WACC
PV UFCF 2,252.23-67.20-59.86-53.33-47.50
SUM PV UFCF 2,024.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.88
Free cash flow (t + 1) -64.48
Terminal Value -1,661.78
Present Value of Terminal Value -1,248.83

Intrinsic Value

Enterprise Value 775.51
Net Debt 3,452.30
Equity Value -2,676.78
Shares Outstanding 182.60
Equity Value Per Share -14.66