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
Stock DCF: -3,942.37 | 8.705 | 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 28.02-29.6676.47-27.25125.76-270.66582.51-1,253.682,698.16-5,806.94
Revenue (%)
EBITDA 30.27-26.4279.80-26.24126.39-269.73580.51-1,249.362,688.86-5,786.93
EBITDA (%)
EBIT ------269.73580.51-1,249.362,688.86-5,786.93
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 -0.06-0.150.05-0.250.53-1.152.47-5.3211.45
Total Cash (%)
Account Receivables 4.362.202.023.421.900.14-0.300.64-1.382.97
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.420.040.260.050.08-4.7110.14-21.8346.99-101.12
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 28.02-29.6676.47-27.25125.76-270.66582.51-1,253.682,698.16-5,806.94
EBITDA 30.27-26.4279.80-26.24126.39-269.73580.51-1,249.362,688.86-5,786.93
EBIT ------269.73580.51-1,249.362,688.86-5,786.93
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------269.73580.51-1,249.362,688.86-5,786.93
Depreciation ----------
Accounts Receivable -2.160.18-1.401.511.760.44-0.942.02-4.35
Inventories ----------
Accounts Payable --2.370.22-0.210.03-4.7914.86-31.9868.82-148.11
Capital Expenditure ----------
UFCF ------272.76595.80-1,282.282,759.70-5,939.39
WACC
PV UFCF -257.13529.46-1,074.192,179.35-4,421.55
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