Discounted Cash Flow (DCF) Analysis Unlevered

Kimco Realty Corporation (KIM)

$17.65

+0.21 (+1.20%)

All numbers are in Millions, Currency in USD

Stock DCF: 36.05 | 17.65 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,164.76	1,158.88	1,057.89	1,364.59	1,727.68	1,928.01	2,151.57	2,401.04	2,679.45	2,990.13
Revenue (%)
EBITDA	755.19	736.80	625.83	862.36	1,106.07	1,213.84	1,354.58	1,511.65	1,686.92	1,882.53
EBITDA (%)
EBIT	444.81	458.93	336.87	467.04	614.66	691.91	772.14	861.67	961.58	1,073.08
EBIT (%)
Depreciation	310.38	277.88	288.95	395.32	491.41	521.92	582.44	649.98	725.34	809.45
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	153.88	123.95	1,000.14	1,546.40	747.56	1,060.57	1,183.54	1,320.77	1,473.92	1,644.82
Total Cash (%)
Account Receivables	198.98	218.69	219.25	254.68	304.23	358.42	399.98	446.36	498.11	555.87
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	174.90	170.08	146.46	220.31	207.82	276.52	308.58	344.36	384.29	428.84
Accounts Payable (%)
Capital Expenditure	230.22	-128.19	-227.22	-216.81	-123.80	-138.16	-154.18	-172.05	-192	-214.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 17.65
Beta	1.457
Diluted Shares Outstanding	617.86
Cost of Debt
Tax Rate	127.88
After-tax Cost of Debt	-0.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.423
Total Debt	7,271.56
Total Equity	10,905.19
Total Capital	18,176.76
Debt Weighting	40.00
Equity Weighting	60.00
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,164.76	1,158.88	1,057.89	1,364.59	1,727.68	1,928.01	2,151.57	2,401.04	2,679.45	2,990.13
EBITDA	755.19	736.80	625.83	862.36	1,106.07	1,213.84	1,354.58	1,511.65	1,686.92	1,882.53
EBIT	444.81	458.93	336.87	467.04	614.66	691.91	772.14	861.67	961.58	1,073.08
Tax Rate	-24.65%	-1.06%	-7.86%	-13.28%	127.88%	16.20%	16.20%	16.20%	16.20%	16.20%
EBIAT	554.47	463.80	363.36	529.05	-171.34	579.80	647.02	722.05	805.77	899.20
Depreciation	310.38	277.88	288.95	395.32	491.41	521.92	582.44	649.98	725.34	809.45
Accounts Receivable	-	-19.71	-0.56	-35.43	-49.55	-54.19	-41.56	-46.38	-51.76	-57.76
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-4.82	-23.62	73.85	-12.49	68.70	32.06	35.78	39.93	44.56
Capital Expenditure	230.22	-128.19	-227.22	-216.81	-123.80	-138.16	-154.18	-172.05	-192	-214.26
UFCF	1,095.08	588.95	400.91	745.98	134.22	978.07	1,065.79	1,189.37	1,327.28	1,481.18
WACC
PV UFCF						918.29	939.49	984.34	1,031.34	1,080.58
SUM PV UFCF										4,954.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.51
Free cash flow (t + 1)	1,510.80
Terminal Value	33,499
Present Value of Terminal Value	24,438.80

Intrinsic Value

Enterprise Value	29,392.84
Net Debt	7,121.74
Equity Value	22,271.11
Shares Outstanding	617.86
Equity Value Per Share	36.05