Discounted Cash Flow (DCF) Analysis Unlevered

H&R Real Estate Investment Trust (HR-UN.TO)

$12.35

-0.19 (-1.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.42 | 12.35 | 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 1,168.451,176.561,149.451,098.681,065.381,041.251,017.67994.63972.10950.09
Revenue (%)
EBITDA 877.74623.17623.64-463.40829.24453.98443.70433.65423.83414.24
EBITDA (%)
EBIT -----453.98443.70433.65423.83414.24
EBIT (%)
Depreciation ----------
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 42.2853.0748.6462.86124.1461.9260.5259.1557.8156.50
Total Cash (%)
Account Receivables 168.95109.31566.39290.26197.14245.63240.06234.63229.32224.12
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 149.28148.11145.77139.34135.11132.05129.06126.14123.28120.49
Accounts Payable (%)
Capital Expenditure -51.85-57.83-64.23-52.98-47.09-50.36-49.22-48.10-47.02-45.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.35
Beta 1.858
Diluted Shares Outstanding 286.80
Cost of Debt
Tax Rate 0.92
After-tax Cost of Debt 5.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.472
Total Debt 3,924.03
Total Equity 3,542.03
Total Capital 7,466.06
Debt Weighting 52.56
Equity Weighting 47.44
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 1,168.451,176.561,149.451,098.681,065.381,041.251,017.67994.63972.10950.09
EBITDA 877.74623.17623.64-463.40829.24453.98443.70433.65423.83414.24
EBIT -----453.98443.70433.65423.83414.24
Tax Rate -6.07%10.64%9.42%7.92%0.92%4.56%4.56%4.56%4.56%4.56%
EBIAT -----433.26423.45413.86404.49395.33
Depreciation ----------
Accounts Receivable -59.64-457.08276.1393.12-48.495.565.445.315.19
Inventories ----------
Accounts Payable --1.18-2.33-6.44-4.22-3.06-2.99-2.92-2.86-2.79
Capital Expenditure -51.84-57.83-64.23-52.98-47.09-50.36-49.22-48.10-47.02-45.95
UFCF -----331.35376.80368.27359.93351.78
WACC
PV UFCF 304.24317.67285.08255.83229.58
SUM PV UFCF 1,392.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.91
Free cash flow (t + 1) 358.81
Terminal Value 5,192.69
Present Value of Terminal Value 3,388.86

Intrinsic Value

Enterprise Value 4,781.26
Net Debt 3,799.89
Equity Value 981.37
Shares Outstanding 286.80
Equity Value Per Share 3.42