Discounted Cash Flow (DCF) Analysis Unlevered
Slate Grocery REIT (SGR-UN.TO)
$13.5
-0.07 (-0.52%)
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 | 144.21 | 141.31 | 126.13 | 138.27 | 177.48 | 188.68 | 200.58 | 213.23 | 226.68 | 240.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 26.01 | 77.55 | 77.40 | 150.02 | 204.18 | 135.02 | 143.54 | 152.60 | 162.22 | 172.45 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 135.02 | 143.54 | 152.60 | 162.22 | 172.45 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 1.11 | 2.41 | 2.36 | 14.04 | 20.39 | 9.81 | 10.43 | 11.08 | 11.78 | 12.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 21.89 | 12.10 | 13.22 | 18 | 24.05 | 22.94 | 24.39 | 25.93 | 27.56 | 29.30 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 14.50 | 11.37 | 13.74 | 12.78 | 16.31 | 17.90 | 19.02 | 20.22 | 21.50 | 22.86 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.55 | -2.51 | -2.74 | -4.69 | -7.04 | -5.72 | -6.08 | -6.47 | -6.87 | -7.31 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 13.5 |
|---|---|
| Beta | 1.467 |
| Diluted Shares Outstanding | 61.10 |
| Cost of Debt | |
| Tax Rate | 25.85 |
| After-tax Cost of Debt | 2.71% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.455 |
| Total Debt | 1,131.49 |
| Total Equity | 824.86 |
| Total Capital | 1,956.35 |
| Debt Weighting | 57.84 |
| Equity Weighting | 42.16 |
| 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 | 144.21 | 141.31 | 126.13 | 138.27 | 177.48 | 188.68 | 200.58 | 213.23 | 226.68 | 240.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 26.01 | 77.55 | 77.40 | 150.02 | 204.18 | 135.02 | 143.54 | 152.60 | 162.22 | 172.45 |
| EBIT | - | - | - | - | - | 135.02 | 143.54 | 152.60 | 162.22 | 172.45 |
| Tax Rate | 36.85% | 23.70% | 25.33% | 28.57% | 25.85% | 28.06% | 28.06% | 28.06% | 28.06% | 28.06% |
| EBIAT | - | - | - | - | - | 97.14 | 103.26 | 109.78 | 116.70 | 124.06 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 9.80 | -1.13 | -4.78 | -6.04 | 1.10 | -1.45 | -1.54 | -1.64 | -1.74 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -3.13 | 2.38 | -0.97 | 3.54 | 1.58 | 1.13 | 1.20 | 1.28 | 1.36 |
| Capital Expenditure | -5.55 | -2.51 | -2.74 | -4.69 | -7.04 | -5.72 | -6.08 | -6.47 | -6.87 | -7.31 |
| UFCF | - | - | - | - | - | 94.10 | 96.86 | 102.97 | 109.47 | 116.37 |
| WACC | ||||||||||
| PV UFCF | 88.80 | 86.26 | 86.53 | 86.81 | 87.08 | |||||
| SUM PV UFCF | 435.48 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.97 |
| Free cash flow (t + 1) | 118.70 |
| Terminal Value | 2,989.94 |
| Present Value of Terminal Value | 2,237.42 |
Intrinsic Value
| Enterprise Value | 2,672.90 |
|---|---|
| Net Debt | 1,111.10 |
| Equity Value | 1,561.80 |
| Shares Outstanding | 61.10 |
| Equity Value Per Share | 25.56 |