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
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 | 835.49 | 734.65 | 704.04 | 661.32 | 658.59 | 621.19 | 585.91 | 552.64 | 521.26 | 491.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -227.39 | -58.84 | 614.45 | -184.40 | -57.65 | 19.15 | 18.06 | 17.04 | 16.07 | 15.16 |
| EBITDA (%) | ||||||||||
| EBIT | -225.88 | -61.90 | 609.62 | -191.05 | -65.06 | 15.35 | 14.48 | 13.66 | 12.88 | 12.15 |
| EBIT (%) | ||||||||||
| Depreciation | -1.50 | 3.07 | 4.83 | 6.64 | 7.41 | 3.79 | 3.58 | 3.38 | 3.18 | 3 |
| 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 | 6.93 | 1.50 | 152.63 | 13.59 | 7.60 | 32.21 | 30.38 | 28.65 | 27.03 | 25.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 54.52 | 40.68 | 37.45 | 46.55 | 32.66 | 36.50 | 34.43 | 32.47 | 30.63 | 28.89 |
| Account Receivables (%) | ||||||||||
| Inventories | 1,143.50 | 188.73 | 11.73 | 20.99 | 3,363.50 | 842.47 | 794.62 | 749.50 | 706.93 | 666.78 |
| Inventories (%) | ||||||||||
| Accounts Payable | 18.31 | 3.06 | 3.61 | 4.93 | 6.04 | 5.94 | 5.61 | 5.29 | 4.99 | 4.70 |
| 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 | 835.49 | 734.65 | 704.04 | 661.32 | 658.59 | 621.19 | 585.91 | 552.64 | 521.26 | 491.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -227.39 | -58.84 | 614.45 | -184.40 | -57.65 | 19.15 | 18.06 | 17.04 | 16.07 | 15.16 |
| EBIT | -225.88 | -61.90 | 609.62 | -191.05 | -65.06 | 15.35 | 14.48 | 13.66 | 12.88 | 12.15 |
| 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 | -61.97 | 609.68 | -191.01 | -65.04 | 15.32 | 14.45 | 13.63 | 12.85 | 12.12 |
| Depreciation | -1.50 | 3.07 | 4.83 | 6.64 | 7.41 | 3.79 | 3.58 | 3.38 | 3.18 | 3 |
| Accounts Receivable | - | 13.85 | 3.23 | -9.11 | 13.89 | -3.84 | 2.07 | 1.96 | 1.84 | 1.74 |
| Inventories | - | 954.77 | 177 | -9.26 | -3,342.51 | 2,521.03 | 47.84 | 45.13 | 42.56 | 40.15 |
| Accounts Payable | - | -15.25 | 0.55 | 1.32 | 1.11 | -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 | -428.35 | 715.25 | 623.53 | -362.75 | -3,545.80 | 2,384.66 | -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 |