Discounted Cash Flow (DCF) Analysis Unlevered

Plaza Retail REIT (PLZ-UN.TO)

$3.92

+0.02 (+0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.15 | 3.92 | 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 102.89104.02112.46106.90110.63112.78114.97117.20119.47121.79
Revenue (%)
EBITDA 47.6339.5780.3914.04127.5164.1165.3566.6267.9169.23
EBITDA (%)
EBIT -----64.1165.3566.6267.9169.23
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 6.257.308.858.278.068.128.278.438.608.76
Total Cash (%)
Account Receivables 14.9316.0510.4315.4212.4014.6314.9115.2015.5015.80
Account Receivables (%)
Inventories --0.613.131.921.961.992.032.072.11
Inventories (%)
Accounts Payable 7.408.1811.037.0111.589.459.639.8210.0110.20
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.92
Beta 1.076
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 8.884
Total Debt 679.24
Total Equity 399.08
Total Capital 1,078.32
Debt Weighting 62.99
Equity Weighting 37.01
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 102.89104.02112.46106.90110.63112.78114.97117.20119.47121.79
EBITDA 47.6339.5780.3914.04127.5164.1165.3566.6267.9169.23
EBIT -----64.1165.3566.6267.9169.23
Tax Rate 1.42%-0.22%0.93%-7.07%1.62%-0.66%-0.66%-0.66%-0.66%-0.66%
EBIAT -----64.5365.7867.0668.3669.69
Depreciation ----------
Accounts Receivable --1.125.62-4.993.02-2.23-0.28-0.29-0.29-0.30
Inventories ----2.521.21-0.04-0.04-0.04-0.04-0.04
Accounts Payable -0.792.85-4.024.57-2.130.180.190.190.19
Capital Expenditure ----------
UFCF -----60.1365.6566.9268.2269.54
WACC
PV UFCF 56.8658.6956.5754.5352.56
SUM PV UFCF 279.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.76
Free cash flow (t + 1) 70.93
Terminal Value 1,886.50
Present Value of Terminal Value 1,425.77

Intrinsic Value

Enterprise Value 1,704.98
Net Debt 671.18
Equity Value 1,033.80
Shares Outstanding 101.81
Equity Value Per Share 10.15