Discounted Cash Flow (DCF) Analysis Unlevered
InterRent Real Estate Investment Tr... (IIP-UN.TO)
$13.15
+0.01 (+0.08%)
All numbers are in Millions, Currency in USD
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 | 109 | 127.29 | 145.30 | 159.96 | 185.15 | 211.42 | 241.42 | 275.68 | 314.80 | 359.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 222.90 | 195.59 | 413.67 | 179.68 | 403.51 | 411.47 | 469.86 | 536.54 | 612.67 | 699.61 |
| EBITDA (%) | ||||||||||
| EBIT | 222.59 | 195.13 | 413.14 | 179.04 | 402.61 | 410.67 | 468.94 | 535.49 | 611.47 | 698.24 |
| EBIT (%) | ||||||||||
| Depreciation | 0.31 | 0.46 | 0.53 | 0.64 | 0.91 | 0.81 | 0.92 | 1.05 | 1.20 | 1.37 |
| 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 | 0.38 | 0.52 | 0.75 | 51.64 | 2.06 | 14.67 | 16.75 | 19.12 | 21.84 | 24.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.67 | 2.32 | 1.99 | 3.12 | 5.74 | 4.13 | 4.72 | 5.39 | 6.16 | 7.03 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.37 | 7.22 | 7.22 | 3.77 | 3.98 | 8.49 | 9.69 | 11.07 | 12.64 | 14.43 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 13.15 |
|---|---|
| Beta | 0.948 |
| Diluted Shares Outstanding | 140.18 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 2.17% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.356 |
| Total Debt | 1,513.62 |
| Total Equity | 1,843.36 |
| Total Capital | 3,356.98 |
| Debt Weighting | 45.09 |
| Equity Weighting | 54.91 |
| 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 | 109 | 127.29 | 145.30 | 159.96 | 185.15 | 211.42 | 241.42 | 275.68 | 314.80 | 359.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 222.90 | 195.59 | 413.67 | 179.68 | 403.51 | 411.47 | 469.86 | 536.54 | 612.67 | 699.61 |
| EBIT | 222.59 | 195.13 | 413.14 | 179.04 | 402.61 | 410.67 | 468.94 | 535.49 | 611.47 | 698.24 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 222.59 | 195.13 | 413.14 | 179.04 | 402.61 | 410.67 | 468.94 | 535.49 | 611.47 | 698.24 |
| Depreciation | 0.31 | 0.46 | 0.53 | 0.64 | 0.91 | 0.81 | 0.92 | 1.05 | 1.20 | 1.37 |
| Accounts Receivable | - | -0.65 | 0.33 | -1.12 | -2.62 | 1.60 | -0.59 | -0.67 | -0.76 | -0.87 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.85 | 0 | -3.44 | 0.20 | 4.51 | 1.20 | 1.38 | 1.57 | 1.79 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 417.59 | 470.48 | 537.24 | 613.48 | 700.53 |
| WACC | ||||||||||
| PV UFCF | 397.63 | 426.58 | 463.83 | 504.33 | 548.36 | |||||
| SUM PV UFCF | 2,340.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.02 |
| Free cash flow (t + 1) | 714.54 |
| Terminal Value | 23,660.31 |
| Present Value of Terminal Value | 18,520.82 |
Intrinsic Value
| Enterprise Value | 20,861.54 |
|---|---|
| Net Debt | 1,511.56 |
| Equity Value | 19,349.99 |
| Shares Outstanding | 140.18 |
| Equity Value Per Share | 138.04 |