Discounted Cash Flow (DCF) Analysis Unlevered

Kimco Realty Corporation (KIM-PM)

$21.64

+0.17 (+0.79%)
All numbers are in Millions, Currency in USD
Stock DCF: 83.51 | 21.64 | 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 1,200.831,164.761,158.881,057.891,364.591,421.791,481.391,543.491,608.191,675.60
Revenue (%)
EBITDA 977.96993.11862.561,477.671,446.891,384.381,442.421,502.881,565.881,631.52
EBITDA (%)
EBIT 617.15682.73584.681,188.721,051.57994.941,036.641,080.101,125.381,172.55
EBIT (%)
Depreciation 360.81310.38277.88288.96395.32389.45405.77422.78440.50458.97
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 251.78153.88123.951,000.141,537.37716.80746.85778.15810.77844.76
Total Cash (%)
Account Receivables 211.59198.98218.69219.25254.68264.35275.43286.97299311.54
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 185.70174.90170.08146.46220.31213.68222.64231.97241.70251.83
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.64
Beta 1.407
Diluted Shares Outstanding 429.85
Cost of Debt
Tax Rate -13.28
After-tax Cost of Debt 2.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.145
Total Debt 7,599.48
Total Equity 9,301.98
Total Capital 16,901.46
Debt Weighting 44.96
Equity Weighting 55.04
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 1,200.831,164.761,158.881,057.891,364.591,421.791,481.391,543.491,608.191,675.60
EBITDA 977.96993.11862.561,477.671,446.891,384.381,442.421,502.881,565.881,631.52
EBIT 617.15682.73584.681,188.721,051.57994.941,036.641,080.101,125.381,172.55
Tax Rate -191.18%-24.65%-31.60%-7.86%-13.28%-53.71%-53.71%-53.71%-53.71%-53.71%
EBIAT 1,797851.05769.451,282.181,191.191,529.361,593.471,660.271,729.861,802.38
Depreciation 360.81310.38277.88288.96395.32389.45405.77422.78440.50458.97
Accounts Receivable -12.62-19.71-0.56-35.43-9.67-11.08-11.55-12.03-12.53
Inventories ----------
Accounts Payable --10.80-4.82-23.6273.85-6.638.969.339.7210.13
Capital Expenditure ----------
UFCF -----1,902.511,997.122,080.832,168.062,258.95
WACC
PV UFCF 1,781.541,751.231,708.621,667.051,626.50
SUM PV UFCF 8,534.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.79
Free cash flow (t + 1) 2,304.12
Terminal Value 48,102.81
Present Value of Terminal Value 34,635.18

Intrinsic Value

Enterprise Value 43,170.12
Net Debt 7,273.85
Equity Value 35,896.27
Shares Outstanding 429.85
Equity Value Per Share 83.51