Discounted Cash Flow (DCF) Analysis Unlevered

Dream Office Real Estate Investment... (D-UN.TO)

$15.48

+0.03 (+0.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.54 | 15.48 | 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 469.77285.21229.02206.58195.93159.71130.19106.1286.5170.51
Revenue (%)
EBITDA 245.57238.10188.83237.90215.18141.57115.4094.0776.6862.50
EBITDA (%)
EBIT 223.48221.51171.89224.29202.68131.70107.3687.5171.3458.15
EBIT (%)
Depreciation 22.0916.5916.9313.6112.499.868.046.555.344.35
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 96.968.7795.4113.088.7624.3319.8316.1713.1810.74
Total Cash (%)
Account Receivables 14.8320.0113.836.639.947.826.385.204.243.45
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.854.049.175.576.123.853.142.562.091.70
Accounts Payable (%)
Capital Expenditure -28.70-18.03-23.23-34.72-41.12-19.28-15.72-12.81-10.44-8.51
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.48
Beta 1.076
Diluted Shares Outstanding 60.46
Cost of Debt
Tax Rate 0.58
After-tax Cost of Debt 3.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.780
Total Debt 1,287.38
Total Equity 935.92
Total Capital 2,223.30
Debt Weighting 57.90
Equity Weighting 42.10
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 469.77285.21229.02206.58195.93159.71130.19106.1286.5170.51
EBITDA 245.57238.10188.83237.90215.18141.57115.4094.0776.6862.50
EBIT 223.48221.51171.89224.29202.68131.70107.3687.5171.3458.15
Tax Rate -2.92%0.22%7.16%-0.76%0.58%0.86%0.86%0.86%0.86%0.86%
EBIAT 230.01221.03159.58225.99201.51130.58106.4486.7670.7257.65
Depreciation 22.0916.5916.9313.6112.499.868.046.555.344.35
Accounts Receivable --5.186.177.20-3.312.111.451.180.960.78
Inventories ----------
Accounts Payable -0.195.13-3.600.55-2.27-0.71-0.58-0.47-0.39
Capital Expenditure -28.70-18.03-23.23-34.72-41.12-19.28-15.72-12.81-10.44-8.51
UFCF 223.40214.60164.58208.49170.1212199.4981.1066.1153.89
WACC
PV UFCF 114.2988.7768.3552.6240.52
SUM PV UFCF 364.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.87
Free cash flow (t + 1) 54.97
Terminal Value 1,420.33
Present Value of Terminal Value 1,067.88

Intrinsic Value

Enterprise Value 1,432.43
Net Debt 1,278.62
Equity Value 153.81
Shares Outstanding 60.46
Equity Value Per Share 2.54