Discounted Cash Flow (DCF) Analysis Unlevered

Kite Realty Group Trust (KRG)

$18.42

+0.39 (+2.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.38 | 18.42 | 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 358.82354.18315.17266.64373.32384.81396.65408.85421.42434.39
Revenue (%)
EBITDA 252.10176.10193.31164.26182.47224.57231.48238.60245.94253.50
EBITDA (%)
EBIT 77.4819.9958.4533.48-20.6740.6441.8943.1844.5045.87
EBIT (%)
Depreciation 174.63156.11134.86130.78203.14183.93189.59195.42201.43207.63
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 24.0835.3831.3443.65218.2478.0980.5082.9785.5288.15
Total Cash (%)
Account Receivables 58.3358.0655.2957.1568.4469.2371.3673.5675.8278.15
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 78.4885.9369.8279.41195.78115.84119.40123.07126.86130.76
Accounts Payable (%)
Capital Expenditure -70.53-59.30-53.28-38.27-57.31-63.88-65.85-67.87-69.96-72.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.42
Beta 1.261
Diluted Shares Outstanding 84.56
Cost of Debt
Tax Rate 1.49
After-tax Cost of Debt 1.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.079
Total Debt 3,221.05
Total Equity 1,557.53
Total Capital 4,778.58
Debt Weighting 67.41
Equity Weighting 32.59
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 358.82354.18315.17266.64373.32384.81396.65408.85421.42434.39
EBITDA 252.10176.10193.31164.26182.47224.57231.48238.60245.94253.50
EBIT 77.4819.9958.4533.48-20.6740.6441.8943.1844.5045.87
Tax Rate 965.45%0.24%-88.03%3.54%1.49%176.54%176.54%176.54%176.54%176.54%
EBIAT -670.5219.94109.9132.29-20.36-31.10-32.06-33.05-34.06-35.11
Depreciation 174.63156.11134.86130.78203.14183.93189.59195.42201.43207.63
Accounts Receivable -0.272.77-1.87-11.29-0.79-2.13-2.20-2.26-2.33
Inventories ----------
Accounts Payable -7.45-16.129.60116.37-79.943.563.673.793.90
Capital Expenditure -70.53-59.30-53.28-38.27-57.31-63.88-65.85-67.87-69.96-72.11
UFCF -566.42124.47178.14132.54230.548.2193.1295.9898.93101.98
WACC
PV UFCF 7.8885.7484.8183.8982.98
SUM PV UFCF 345.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.21
Free cash flow (t + 1) 104.02
Terminal Value 4,706.59
Present Value of Terminal Value 3,829.65

Intrinsic Value

Enterprise Value 4,174.95
Net Debt 3,127.80
Equity Value 1,047.15
Shares Outstanding 84.56
Equity Value Per Share 12.38