Discounted Cash Flow (DCF) Analysis Unlevered

Retail Properties of America, Inc. (RPAI)

-13.58 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.39 | 0 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 583.14538.14482.50481.69430.04398.92370.05343.27318.43295.39
Revenue (%)
EBITDA 500.98601.45327.36303.54259.04310.18287.74266.91247.60229.68
EBITDA (%)
EBIT 276.55397.58151.39108.9793.07157.13145.76135.21125.43116.35
EBIT (%)
Depreciation 224.43203.87175.98194.57165.97153.05141.98131.70122.17113.33
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 53.1225.1914.729.9941.7822.8421.1919.6618.2316.91
Total Cash (%)
Account Receivables 78.9471.6878.4073.8373.9860.3555.9851.9348.1744.68
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 83.0982.7082.9478.9078.6965.0160.3155.9451.8948.14
Accounts Payable (%)
Capital Expenditure -51.77-73.75-72.94-75.60-62.91-54.27-50.34-46.70-43.32-40.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ -
Beta 1.759
Diluted Shares Outstanding 213.33
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.871
Total Debt 1,829.70
Total Equity -
Total Capital 1,829.70
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 583.14538.14482.50481.69430.04398.92370.05343.27318.43295.39
EBITDA 500.98601.45327.36303.54259.04310.18287.74266.91247.60229.68
EBIT 276.55397.58151.39108.9793.07157.13145.76135.21125.43116.35
Tax Rate -349.52%390.79%0.00%0.00%0.00%8.25%8.25%8.25%8.25%8.25%
EBIAT 1,243.14-1,156.15151.39108.9793.07144.16133.73124.05115.07106.75
Depreciation 224.43203.87175.98194.57165.97153.05141.98131.70122.17113.33
Accounts Receivable -7.26-6.724.57-0.1513.644.374.053.763.49
Inventories ----------
Accounts Payable --0.390.24-4.04-0.21-13.68-4.70-4.36-4.05-3.76
Capital Expenditure -51.77-73.75-72.94-75.60-62.91-54.27-50.34-46.70-43.32-40.19
UFCF 1,415.80-1,019.16247.95228.47195.77242.90225.02208.74193.63179.62
WACC
PV UFCF 232.90206.89184.02163.68145.59
SUM PV UFCF 933.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.29
Free cash flow (t + 1) 183.21
Terminal Value 8,000.52
Present Value of Terminal Value 6,484.92

Intrinsic Value

Enterprise Value 7,418.01
Net Debt 1,787.92
Equity Value 5,630.10
Shares Outstanding 213.33
Equity Value Per Share 26.39