Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Real Estate Income Fund (JRS)
$8.705
+0.05 (+0.52%)
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 | 28.02 | -29.66 | 76.47 | -27.25 | 125.76 | -270.66 | 582.51 | -1,253.68 | 2,698.16 | -5,806.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 30.27 | -26.42 | 79.80 | -26.24 | 126.39 | -269.73 | 580.51 | -1,249.36 | 2,688.86 | -5,786.93 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -269.73 | 580.51 | -1,249.36 | 2,688.86 | -5,786.93 |
| 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 | - | 0.06 | -0.15 | 0.05 | -0.25 | 0.53 | -1.15 | 2.47 | -5.32 | 11.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.36 | 2.20 | 2.02 | 3.42 | 1.90 | 0.14 | -0.30 | 0.64 | -1.38 | 2.97 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.42 | 0.04 | 0.26 | 0.05 | 0.08 | -4.71 | 10.14 | -21.83 | 46.99 | -101.12 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.705 |
|---|---|
| Beta | 1.186 |
| Diluted Shares Outstanding | 28.85 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.200 |
| Total Debt | 144 |
| Total Equity | 251.12 |
| Total Capital | 395.12 |
| Debt Weighting | 36.45 |
| Equity Weighting | 63.55 |
| 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 | 28.02 | -29.66 | 76.47 | -27.25 | 125.76 | -270.66 | 582.51 | -1,253.68 | 2,698.16 | -5,806.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 30.27 | -26.42 | 79.80 | -26.24 | 126.39 | -269.73 | 580.51 | -1,249.36 | 2,688.86 | -5,786.93 |
| EBIT | - | - | - | - | - | -269.73 | 580.51 | -1,249.36 | 2,688.86 | -5,786.93 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -269.73 | 580.51 | -1,249.36 | 2,688.86 | -5,786.93 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 2.16 | 0.18 | -1.40 | 1.51 | 1.76 | 0.44 | -0.94 | 2.02 | -4.35 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -2.37 | 0.22 | -0.21 | 0.03 | -4.79 | 14.86 | -31.98 | 68.82 | -148.11 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -272.76 | 595.80 | -1,282.28 | 2,759.70 | -5,939.39 |
| WACC | ||||||||||
| PV UFCF | -257.13 | 529.46 | -1,074.19 | 2,179.35 | -4,421.55 | |||||
| SUM PV UFCF | -3,044.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.08 |
| Free cash flow (t + 1) | -6,058.18 |
| Terminal Value | -148,484.71 |
| Present Value of Terminal Value | -110,538.66 |
Intrinsic Value
| Enterprise Value | -113,582.71 |
|---|---|
| Net Debt | 144 |
| Equity Value | -113,726.71 |
| Shares Outstanding | 28.85 |
| Equity Value Per Share | -3,942.37 |