Discounted Cash Flow (DCF) Analysis Unlevered
Dream Industrial Real Estate Invest... (DIR-UN.TO)
$14.1
+0.33 (+2.40%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 193.55 | 195.33 | 235.95 | 289.82 | 369.57 | 436.15 | 514.72 | 607.46 | 716.89 | 846.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 207.75 | 235.47 | 254.89 | 677.95 | 762.88 | 677.14 | 799.13 | 943.10 | 1,113 | 1,313.52 |
| EBITDA (%) | ||||||||||
| EBIT | 207.70 | 235.42 | 254.87 | 676.17 | 759.81 | 675.82 | 797.57 | 941.26 | 1,110.84 | 1,310.96 |
| EBIT (%) | ||||||||||
| Depreciation | 0.06 | 0.05 | 0.02 | 1.78 | 3.07 | 1.32 | 1.56 | 1.84 | 2.17 | 2.56 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 4.97 | 441.54 | 254.94 | 164.02 | 83.80 | 362.81 | 428.18 | 505.32 | 596.35 | 703.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.31 | 7.41 | 10.04 | 7.86 | 27.67 | 17.86 | 21.08 | 24.88 | 29.36 | 34.65 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 21.17 | 26.18 | 33.56 | 72.91 | 58.37 | 69.36 | 81.86 | 96.61 | 114.01 | 134.55 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -14.02 | -11.41 | -7.13 | -45.96 | -147.62 | -62.73 | -74.03 | -87.36 | -103.10 | -121.68 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.1 |
|---|---|
| Beta | 1.201 |
| Diluted Shares Outstanding | 270.71 |
| Cost of Debt | |
| Tax Rate | 2.69 |
| After-tax Cost of Debt | 1.38% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.360 |
| Total Debt | 2,424.79 |
| Total Equity | 3,817.01 |
| Total Capital | 6,241.80 |
| Debt Weighting | 38.85 |
| Equity Weighting | 61.15 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 193.55 | 195.33 | 235.95 | 289.82 | 369.57 | 436.15 | 514.72 | 607.46 | 716.89 | 846.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 207.75 | 235.47 | 254.89 | 677.95 | 762.88 | 677.14 | 799.13 | 943.10 | 1,113 | 1,313.52 |
| EBIT | 207.70 | 235.42 | 254.87 | 676.17 | 759.81 | 675.82 | 797.57 | 941.26 | 1,110.84 | 1,310.96 |
| Tax Rate | 0.78% | 3.13% | 4.16% | 4.74% | 2.69% | 3.10% | 3.10% | 3.10% | 3.10% | 3.10% |
| EBIAT | 206.08 | 228.05 | 244.25 | 644.14 | 739.40 | 654.87 | 772.85 | 912.09 | 1,076.41 | 1,270.33 |
| Depreciation | 0.06 | 0.05 | 0.02 | 1.78 | 3.07 | 1.32 | 1.56 | 1.84 | 2.17 | 2.56 |
| Accounts Receivable | - | -3.10 | -2.63 | 2.19 | -19.82 | 9.81 | -3.22 | -3.80 | -4.48 | -5.29 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 5.01 | 7.38 | 39.35 | -14.55 | 11 | 12.50 | 14.75 | 17.40 | 20.54 |
| Capital Expenditure | -14.02 | -11.41 | -7.13 | -45.96 | -147.62 | -62.73 | -74.03 | -87.36 | -103.10 | -121.68 |
| UFCF | 192.12 | 218.60 | 241.89 | 641.49 | 560.50 | 614.27 | 709.66 | 837.51 | 988.40 | 1,166.46 |
| WACC | ||||||||||
| PV UFCF | 578.08 | 628.51 | 698.04 | 775.27 | 861.04 | |||||
| SUM PV UFCF | 3,540.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.26 |
| Free cash flow (t + 1) | 1,189.79 |
| Terminal Value | 27,929.40 |
| Present Value of Terminal Value | 20,616.39 |
Intrinsic Value
| Enterprise Value | 24,157.32 |
|---|---|
| Net Debt | 2,340.99 |
| Equity Value | 21,816.33 |
| Shares Outstanding | 270.71 |
| Equity Value Per Share | 80.59 |