Discounted Cash Flow (DCF) Analysis Unlevered
RioCan Real Estate Investment Trust (REI-UN.TO)
$18.125
-0.12 (-0.63%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 1,147.84 | 1,326.33 | 1,143.66 | 1,175.06 | 1,213.85 | 1,237.59 | 1,261.79 | 1,286.47 | 1,311.64 | 1,337.29 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 680.20 | 721.84 | 652.50 | 675.33 | 674.08 | 702.31 | 716.04 | 730.05 | 744.33 | 758.89 |
EBITDA (%) | ||||||||||
EBIT | 675.62 | 717.46 | 648.15 | 671.31 | 669.30 | 697.74 | 711.39 | 725.30 | 739.49 | 753.95 |
EBIT (%) | ||||||||||
Depreciation | 4.57 | 4.38 | 4.34 | 4.02 | 4.77 | 4.56 | 4.65 | 4.74 | 4.84 | 4.93 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 74.70 | 93.52 | 238.46 | 77.76 | 86.23 | 119.13 | 121.46 | 123.84 | 126.26 | 128.73 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 42.32 | 90.99 | 129.55 | 149.86 | 145.47 | 115.37 | 117.63 | 119.93 | 122.28 | 124.67 |
Account Receivables (%) | ||||||||||
Inventories | 206.12 | 108.96 | 214.18 | 217.04 | 272.01 | 212.32 | 216.47 | 220.71 | 225.02 | 229.42 |
Inventories (%) | ||||||||||
Accounts Payable | 56.17 | 57.75 | 86.54 | 92.25 | 88.62 | 79.12 | 80.67 | 82.25 | 83.86 | 85.50 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -421.93 | -537.09 | -516.63 | -463.88 | -392.97 | -480.87 | -490.28 | -499.87 | -509.64 | -519.61 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 18.125 |
---|---|
Beta | 1.184 |
Diluted Shares Outstanding | 317.28 |
Cost of Debt | |
Tax Rate | 0.39 |
After-tax Cost of Debt | 2.65% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.217 |
Total Debt | 6,778.91 |
Total Equity | 5,750.77 |
Total Capital | 12,529.69 |
Debt Weighting | 54.10 |
Equity Weighting | 45.90 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 1,147.84 | 1,326.33 | 1,143.66 | 1,175.06 | 1,213.85 | 1,237.59 | 1,261.79 | 1,286.47 | 1,311.64 | 1,337.29 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 680.20 | 721.84 | 652.50 | 675.33 | 674.08 | 702.31 | 716.04 | 730.05 | 744.33 | 758.89 |
EBIT | 675.62 | 717.46 | 648.15 | 671.31 | 669.30 | 697.74 | 711.39 | 725.30 | 739.49 | 753.95 |
Tax Rate | -0.41% | 0.18% | -19.63% | -0.01% | 0.39% | -3.90% | -3.90% | -3.90% | -3.90% | -3.90% |
EBIAT | 678.43 | 716.20 | 775.39 | 671.38 | 666.71 | 724.94 | 739.12 | 753.58 | 768.32 | 783.35 |
Depreciation | 4.57 | 4.38 | 4.34 | 4.02 | 4.77 | 4.56 | 4.65 | 4.74 | 4.84 | 4.93 |
Accounts Receivable | - | -48.66 | -38.56 | -20.31 | 4.39 | 30.10 | -2.26 | -2.30 | -2.35 | -2.39 |
Inventories | - | 97.17 | -105.23 | -2.86 | -54.96 | 59.69 | -4.15 | -4.23 | -4.32 | -4.40 |
Accounts Payable | - | 1.58 | 28.79 | 5.71 | -3.64 | -9.49 | 1.55 | 1.58 | 1.61 | 1.64 |
Capital Expenditure | -421.93 | -537.09 | -516.63 | -463.88 | -392.97 | -480.87 | -490.28 | -499.87 | -509.64 | -519.61 |
UFCF | 261.07 | 233.58 | 148.10 | 194.06 | 224.30 | 328.93 | 248.64 | 253.50 | 258.46 | 263.51 |
WACC | ||||||||||
PV UFCF | 309.96 | 220.79 | 212.12 | 203.80 | 195.80 | |||||
SUM PV UFCF | 1,142.47 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.12 |
Free cash flow (t + 1) | 268.78 |
Terminal Value | 6,523.91 |
Present Value of Terminal Value | 4,847.54 |
Intrinsic Value
Enterprise Value | 5,990.01 |
---|---|
Net Debt | 6,692.69 |
Equity Value | -702.67 |
Shares Outstanding | 317.28 |
Equity Value Per Share | -2.21 |