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
Stock DCF: 138.04 | 13.15 | undervalue

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 109127.29145.30159.96185.15211.42241.42275.68314.80359.47
Revenue (%)
EBITDA 222.90195.59413.67179.68403.51411.47469.86536.54612.67699.61
EBITDA (%)
EBIT 222.59195.13413.14179.04402.61410.67468.94535.49611.47698.24
EBIT (%)
Depreciation 0.310.460.530.640.910.810.921.051.201.37
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 0.380.520.7551.642.0614.6716.7519.1221.8424.93
Total Cash (%)
Account Receivables 1.672.321.993.125.744.134.725.396.167.03
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.377.227.223.773.988.499.6911.0712.6414.43
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 109127.29145.30159.96185.15211.42241.42275.68314.80359.47
EBITDA 222.90195.59413.67179.68403.51411.47469.86536.54612.67699.61
EBIT 222.59195.13413.14179.04402.61410.67468.94535.49611.47698.24
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 222.59195.13413.14179.04402.61410.67468.94535.49611.47698.24
Depreciation 0.310.460.530.640.910.810.921.051.201.37
Accounts Receivable --0.650.33-1.12-2.621.60-0.59-0.67-0.76-0.87
Inventories ----------
Accounts Payable -1.850-3.440.204.511.201.381.571.79
Capital Expenditure ----------
UFCF -----417.59470.48537.24613.48700.53
WACC
PV UFCF 397.63426.58463.83504.33548.36
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