Discounted Cash Flow (DCF) Analysis Unlevered

CBRE Global Real Estate Income Fund (IGR)

$8.19

+0.09 (+1.11%)
All numbers are in Millions, Currency in USD
Stock DCF: -529,278.28 | 8.19 | 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 111.37-95.88224.17-15.99348.14-2,179.9213,649.65-85,467.81535,159.85-3,350,923.19
Revenue (%)
EBITDA 112.21-94.26226.30-15.37348.73-2,163.8013,548.71-84,835.74531,202.14-3,326,141.84
EBITDA (%)
EBIT ------2,163.8013,548.71-84,835.74531,202.14-3,326,141.84
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 0.200.181.640.160.160.89-5.5734.90-218.541,368.38
Total Cash (%)
Account Receivables 5.885.8327.4912.889.05290.01-1,815.9311,370.50-71,196.83445,801.59
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.889.4881.6011.0510.68168.94-1,057.796,623.42-41,472.80259,683.48
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.19
Beta 1.146
Diluted Shares Outstanding 118.27
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.258
Total Debt 320.49
Total Equity 968.66
Total Capital 1,289.15
Debt Weighting 24.86
Equity Weighting 75.14
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 111.37-95.88224.17-15.99348.14-2,179.9213,649.65-85,467.81535,159.85-3,350,923.19
EBITDA 112.21-94.26226.30-15.37348.73-2,163.8013,548.71-84,835.74531,202.14-3,326,141.84
EBIT ------2,163.8013,548.71-84,835.74531,202.14-3,326,141.84
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------2,163.8013,548.71-84,835.74531,202.14-3,326,141.84
Depreciation ----------
Accounts Receivable -0.05-21.6614.613.84-280.972,105.94-13,186.4382,567.33-516,998.42
Inventories ----------
Accounts Payable -8.6072.12-70.55-0.37158.26-1,226.737,681.22-48,096.22301,156.28
Capital Expenditure ----------
UFCF ------2,286.5114,427.92-90,340.96565,673.25-3,541,983.98
WACC
PV UFCF -2,149.1812,746.83-75,020.90441,532.22-2,598,618.64
SUM PV UFCF -2,221,509.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.39
Free cash flow (t + 1) -3,612,823.66
Terminal Value -82,296,666.60
Present Value of Terminal Value -60,377,927.30

Intrinsic Value

Enterprise Value -62,599,436.96
Net Debt 320.33
Equity Value -62,599,757.29
Shares Outstanding 118.27
Equity Value Per Share -529,278.28