Discounted Cash Flow (DCF) Analysis Unlevered

SITE Centers Corp. (SITC)

$10.79

-0.07 (-0.64%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.88 | 10.79 | overvalue

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 913.09700.37507.10460.33532.86473.77421.23374.52332.99296.06
Revenue (%)
EBITDA 305.58498.70351.17285.13388.64292.60260.15231.30205.65182.84
EBITDA (%)
EBIT -40.62256.60186.08114.46202.87124.90111.0598.7487.7978.05
EBIT (%)
Depreciation 346.20242.10165.09170.67185.77167.69149.10132.56117.86104.79
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 92.6111.0916.0869.7441.8135.9031.9228.3825.2422.44
Total Cash (%)
Account Receivables 186.9587.0160.5973.5261.3868.5460.9454.1848.1742.83
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 344.77203.66220.81215.11218.78187.77166.95148.44131.97117.34
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.79
Beta 1.507
Diluted Shares Outstanding 209.14
Cost of Debt
Tax Rate 1.60
After-tax Cost of Debt 4.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.075
Total Debt 1,677.38
Total Equity 2,256.65
Total Capital 3,934.03
Debt Weighting 42.64
Equity Weighting 57.36
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 913.09700.37507.10460.33532.86473.77421.23374.52332.99296.06
EBITDA 305.58498.70351.17285.13388.64292.60260.15231.30205.65182.84
EBIT -40.62256.60186.08114.46202.87124.90111.0598.7487.7978.05
Tax Rate 38.33%2.17%1.74%5.30%1.60%9.83%9.83%9.83%9.83%9.83%
EBIAT -25.05251.04182.84108.39199.62112.63100.1489.0379.1670.38
Depreciation 346.20242.10165.09170.67185.77167.69149.10132.56117.86104.79
Accounts Receivable -99.9426.42-12.9212.13-7.167.606.766.015.34
Inventories ----------
Accounts Payable --141.1117.15-5.703.67-31.01-20.82-18.51-16.46-14.64
Capital Expenditure ----------
UFCF -----242.16236.01209.84186.57165.88
WACC
PV UFCF 223.68201.37165.38135.82111.55
SUM PV UFCF 837.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.26
Free cash flow (t + 1) 169.20
Terminal Value 2,702.84
Present Value of Terminal Value 1,817.52

Intrinsic Value

Enterprise Value 2,655.32
Net Debt 1,635.57
Equity Value 1,019.75
Shares Outstanding 209.14
Equity Value Per Share 4.88