Discounted Cash Flow (DCF) Analysis Unlevered

Pennsylvania Real Estate Investment... (PEI-PB)

$2.67

-0.37 (-12.17%)
All numbers are in Millions, Currency in USD
Stock DCF: -20.10 | 2.67 | 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 367.49362.40336.79261.82296.43283.47271.07259.21247.88237.04
Revenue (%)
EBITDA 160.5887.22195.88-44.30115.2683.8480.1876.6773.3270.11
EBITDA (%)
EBIT 29.09-48.9753.12-175.18-4.71-33.06-31.62-30.24-28.91-27.65
EBIT (%)
Depreciation 131.50136.20142.76130.88119.96116.91111.80106.91102.2397.76
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 15.3518.0812.2143.313,250.21638.24610.33583.64558.12533.71
Total Cash (%)
Account Receivables 38.1738.9141.2654.5342.5038.8637.1635.5333.9832.49
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -6.07-12.02-0.57-0.15-0.23-2.99-2.86-2.73-2.61-2.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.67
Beta 2.636
Diluted Shares Outstanding 22.76
Cost of Debt
Tax Rate 2.30
After-tax Cost of Debt 6.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.187
Total Debt 1,864.97
Total Equity 60.77
Total Capital 1,925.74
Debt Weighting 96.84
Equity Weighting 3.16
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 367.49362.40336.79261.82296.43283.47271.07259.21247.88237.04
EBITDA 160.5887.22195.88-44.30115.2683.8480.1876.6773.3270.11
EBIT 29.09-48.9753.12-175.18-4.71-33.06-31.62-30.24-28.91-27.65
Tax Rate 10.67%12.79%16.37%2.70%2.30%8.96%8.96%8.96%8.96%8.96%
EBIAT 25.98-42.7144.42-170.45-4.60-30.10-28.78-27.53-26.32-25.17
Depreciation 131.50136.20142.76130.88119.96116.91111.80106.91102.2397.76
Accounts Receivable --0.75-2.35-13.2712.033.641.701.631.551.49
Inventories ----------
Accounts Payable ----------
Capital Expenditure -6.07-12.02-0.57-0.15-0.23-2.99-2.86-2.73-2.61-2.50
UFCF 151.4280.72184.27-53127.1687.4681.8578.2774.8571.58
WACC
PV UFCF 81.7371.4863.8857.0851.01
SUM PV UFCF 325.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.01
Free cash flow (t + 1) 73.01
Terminal Value 1,457.23
Present Value of Terminal Value 1,038.50

Intrinsic Value

Enterprise Value 1,363.67
Net Debt 1,821.12
Equity Value -457.44
Shares Outstanding 22.76
Equity Value Per Share -20.10