Discounted Cash Flow (DCF) Analysis Unlevered
Plaza Retail REIT (PLZ-UN.TO)
$4.39
-0.02 (-0.45%)
All numbers are in Millions, Currency in USD
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 | 102.89 | 104.02 | 112.46 | 106.90 | 110.63 | 112.78 | 114.97 | 117.20 | 119.47 | 121.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 47.63 | 39.57 | 80.39 | 14.04 | 127.51 | 64.11 | 65.35 | 66.62 | 67.91 | 69.23 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 64.11 | 65.35 | 66.62 | 67.91 | 69.23 |
| 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 | 6.25 | 7.30 | 8.85 | 8.27 | 8.06 | 8.12 | 8.27 | 8.43 | 8.60 | 8.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 14.93 | 16.05 | 10.43 | 15.42 | 12.40 | 14.63 | 14.91 | 15.20 | 15.50 | 15.80 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | 0.61 | 3.13 | 1.92 | 1.96 | 1.99 | 2.03 | 2.07 | 2.11 |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.40 | 8.18 | 11.03 | 7.01 | 11.58 | 9.45 | 9.63 | 9.82 | 10.01 | 10.20 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.39 |
|---|---|
| Beta | 1.079 |
| Diluted Shares Outstanding | 101.81 |
| Cost of Debt | |
| Tax Rate | 1.62 |
| After-tax Cost of Debt | 3.93% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.916 |
| Total Debt | 679.24 |
| Total Equity | 446.93 |
| Total Capital | 1,126.17 |
| Debt Weighting | 60.31 |
| Equity Weighting | 39.69 |
| 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 | 102.89 | 104.02 | 112.46 | 106.90 | 110.63 | 112.78 | 114.97 | 117.20 | 119.47 | 121.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 47.63 | 39.57 | 80.39 | 14.04 | 127.51 | 64.11 | 65.35 | 66.62 | 67.91 | 69.23 |
| EBIT | - | - | - | - | - | 64.11 | 65.35 | 66.62 | 67.91 | 69.23 |
| Tax Rate | 1.42% | -0.22% | 0.93% | -7.07% | 1.62% | -0.66% | -0.66% | -0.66% | -0.66% | -0.66% |
| EBIAT | - | - | - | - | - | 64.53 | 65.78 | 67.06 | 68.36 | 69.69 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -1.12 | 5.62 | -4.99 | 3.02 | -2.23 | -0.28 | -0.29 | -0.29 | -0.30 |
| Inventories | - | - | - | -2.52 | 1.21 | -0.04 | -0.04 | -0.04 | -0.04 | -0.04 |
| Accounts Payable | - | 0.79 | 2.85 | -4.02 | 4.57 | -2.13 | 0.18 | 0.19 | 0.19 | 0.19 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 60.13 | 65.65 | 66.92 | 68.22 | 69.54 |
| WACC | ||||||||||
| PV UFCF | 56.99 | 58.97 | 56.97 | 55.05 | 53.18 | |||||
| SUM PV UFCF | 281.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.51 |
| Free cash flow (t + 1) | 70.93 |
| Terminal Value | 2,020.87 |
| Present Value of Terminal Value | 1,545.50 |
Intrinsic Value
| Enterprise Value | 1,826.67 |
|---|---|
| Net Debt | 671.18 |
| Equity Value | 1,155.49 |
| Shares Outstanding | 101.81 |
| Equity Value Per Share | 11.35 |