Discounted Cash Flow (DCF) Analysis Unlevered
InvenTrust Properties Corp. (IVT)
$21.62
-0.02 (-0.09%)
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 | 251.81 | 242.67 | 226.49 | 197.83 | 211.98 | 203.61 | 195.56 | 187.84 | 180.42 | 173.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 184.50 | 204.07 | 153.50 | 89.27 | 93.73 | 128.06 | 123 | 118.14 | 113.47 | 108.99 |
| EBITDA (%) | ||||||||||
| EBIT | 93.27 | 108.82 | 62.22 | 8.58 | 10.90 | 48.39 | 46.48 | 44.64 | 42.88 | 41.19 |
| EBIT (%) | ||||||||||
| Depreciation | 91.22 | 95.25 | 91.28 | 80.70 | 82.83 | 79.67 | 76.52 | 73.50 | 70.60 | 67.81 |
| 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 | 167.51 | 260.13 | 255.07 | 222.61 | 1,967.70 | 540.42 | 519.07 | 498.57 | 478.88 | 459.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 30.52 | 27.09 | 30.19 | 28.98 | 30.06 | 26.65 | 25.60 | 24.59 | 23.62 | 22.68 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 37.80 | 32.78 | 29.80 | 28.28 | 36.21 | 29.75 | 28.57 | 27.45 | 26.36 | 25.32 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -66.12 | -42.60 | -47.36 | -17.28 | -15.36 | -32.86 | -31.56 | -30.32 | -29.12 | -27.97 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 21.62 |
|---|---|
| Beta | -5.162 |
| Diluted Shares Outstanding | 71.99 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | -21.059 |
| Total Debt | 533.08 |
| Total Equity | 1,556.39 |
| Total Capital | 2,089.47 |
| Debt Weighting | 25.51 |
| Equity Weighting | 74.49 |
| 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 | 251.81 | 242.67 | 226.49 | 197.83 | 211.98 | 203.61 | 195.56 | 187.84 | 180.42 | 173.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 184.50 | 204.07 | 153.50 | 89.27 | 93.73 | 128.06 | 123 | 118.14 | 113.47 | 108.99 |
| EBIT | 93.27 | 108.82 | 62.22 | 8.58 | 10.90 | 48.39 | 46.48 | 44.64 | 42.88 | 41.19 |
| Tax Rate | -4.24% | 0.04% | 40.93% | 0.00% | 0.00% | 7.34% | 7.34% | 7.34% | 7.34% | 7.34% |
| EBIAT | 97.23 | 108.78 | 36.75 | 8.58 | 10.90 | 44.84 | 43.07 | 41.36 | 39.73 | 38.16 |
| Depreciation | 91.22 | 95.25 | 91.28 | 80.70 | 82.83 | 79.67 | 76.52 | 73.50 | 70.60 | 67.81 |
| Accounts Receivable | - | 3.44 | -3.11 | 1.21 | -1.08 | 3.41 | 1.05 | 1.01 | 0.97 | 0.93 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -5.01 | -2.98 | -1.52 | 7.92 | -6.46 | -1.18 | -1.13 | -1.08 | -1.04 |
| Capital Expenditure | -66.12 | -42.60 | -47.36 | -17.28 | -15.36 | -32.86 | -31.56 | -30.32 | -29.12 | -27.97 |
| UFCF | 122.34 | 159.85 | 74.59 | 71.68 | 85.21 | 88.59 | 87.90 | 84.43 | 81.09 | 77.89 |
| WACC | ||||||||||
| PV UFCF | 104.12 | 121.40 | 137.04 | 154.69 | 174.62 | |||||
| SUM PV UFCF | 691.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -14.91 |
| Free cash flow (t + 1) | 79.45 |
| Terminal Value | -469.82 |
| Present Value of Terminal Value | -1,053.28 |
Intrinsic Value
| Enterprise Value | -361.41 |
|---|---|
| Net Debt | 488.23 |
| Equity Value | -849.64 |
| Shares Outstanding | 71.99 |
| Equity Value Per Share | -11.80 |