Discounted Cash Flow (DCF) Analysis Unlevered
BSR Real Estate Investment Trust (HOM-UN.TO)
$18.1
-0.33 (-1.79%)
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 | 64.07 | 111.66 | 113.29 | 119.58 | 158.52 | 203.63 | 261.59 | 336.05 | 431.69 | 554.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 154.97 | -31.18 | 49.82 | 305.52 | 168.58 | 252.40 | 324.24 | 416.53 | 535.08 | 687.37 |
| EBITDA (%) | ||||||||||
| EBIT | 154.97 | -31.31 | 49.68 | 305.39 | 168.45 | 252.19 | 323.96 | 416.17 | 534.62 | 686.78 |
| EBIT (%) | ||||||||||
| Depreciation | - | 0.13 | 0.13 | 0.13 | 0.13 | 0.22 | 0.28 | 0.36 | 0.46 | 0.59 |
| 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 | 7.58 | 36.99 | 5.26 | 6.84 | 7.20 | 24.38 | 31.32 | 40.23 | 51.68 | 66.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.34 | 2.94 | 2.08 | 4.24 | 3.23 | 5.58 | 7.17 | 9.21 | 11.83 | 15.19 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.43 | 1.28 | 0.57 | 0.84 | 0.54 | 1.37 | 1.76 | 2.26 | 2.90 | 3.73 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 18.1 |
|---|---|
| Beta | 1.114 |
| Diluted Shares Outstanding | 23.86 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.50% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.757 |
| Total Debt | 769.27 |
| Total Equity | 431.93 |
| Total Capital | 1,201.20 |
| Debt Weighting | 64.04 |
| Equity Weighting | 35.96 |
| 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 | 64.07 | 111.66 | 113.29 | 119.58 | 158.52 | 203.63 | 261.59 | 336.05 | 431.69 | 554.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 154.97 | -31.18 | 49.82 | 305.52 | 168.58 | 252.40 | 324.24 | 416.53 | 535.08 | 687.37 |
| EBIT | 154.97 | -31.31 | 49.68 | 305.39 | 168.45 | 252.19 | 323.96 | 416.17 | 534.62 | 686.78 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 154.97 | -31.31 | 49.68 | 305.39 | 168.45 | 252.19 | 323.96 | 416.17 | 534.62 | 686.78 |
| Depreciation | - | 0.13 | 0.13 | 0.13 | 0.13 | 0.22 | 0.28 | 0.36 | 0.46 | 0.59 |
| Accounts Receivable | - | -0.60 | 0.86 | -2.16 | 1.01 | -2.35 | -1.59 | -2.04 | -2.62 | -3.37 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.85 | -0.71 | 0.27 | -0.30 | 0.83 | 0.39 | 0.50 | 0.64 | 0.83 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 250.88 | 323.04 | 414.99 | 533.10 | 684.83 |
| WACC | ||||||||||
| PV UFCF | 238.05 | 290.85 | 354.52 | 432.13 | 526.73 | |||||
| SUM PV UFCF | 1,842.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.39 |
| Free cash flow (t + 1) | 698.53 |
| Terminal Value | 20,605.48 |
| Present Value of Terminal Value | 15,848.41 |
Intrinsic Value
| Enterprise Value | 17,690.67 |
|---|---|
| Net Debt | 761.76 |
| Equity Value | 16,928.91 |
| Shares Outstanding | 23.86 |
| Equity Value Per Share | 709.41 |