Discounted Cash Flow (DCF) Analysis Unlevered

Summit Industrial Income REIT (SMU-UN.TO)

$22.66

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 290.44 | 22.66 | 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 58.5792.15142.19190.91216.97303.51424.57593.91830.801,162.17
Revenue (%)
EBITDA 74.31200.97181.29247.271,168.20692.25968.361,354.591,894.882,650.67
EBITDA (%)
EBIT -----692.25968.361,354.591,894.882,650.67
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 0.864.331.7070.0916.0531.2443.7061.1385.51119.62
Total Cash (%)
Account Receivables 1.953.307.7133.803.5319.2226.8837.6052.6073.58
Account Receivables (%)
Inventories --17.2615.853.9822.5431.5344.1061.6986.30
Inventories (%)
Accounts Payable 9.4128.7238.1638.5650.8771.4699.96139.82195.59273.61
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.66
Beta 1.139
Diluted Shares Outstanding 145.23
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.945
Total Debt 1,323.88
Total Equity 3,290.87
Total Capital 4,614.75
Debt Weighting 28.69
Equity Weighting 71.31
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 58.5792.15142.19190.91216.97303.51424.57593.91830.801,162.17
EBITDA 74.31200.97181.29247.271,168.20692.25968.361,354.591,894.882,650.67
EBIT -----692.25968.361,354.591,894.882,650.67
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----692.25968.361,354.591,894.882,650.67
Depreciation ----------
Accounts Receivable --1.35-4.41-26.0930.27-15.69-7.66-10.72-15-20.98
Inventories ---1.4111.87-18.56-8.99-12.58-17.59-24.61
Accounts Payable -19.329.430.4112.3120.5828.5039.8755.7778.01
Capital Expenditure ----------
UFCF -----678.58980.201,371.161,918.062,683.10
WACC
PV UFCF 633.24853.591,114.271,454.561,898.77
SUM PV UFCF 5,954.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.16
Free cash flow (t + 1) 2,736.76
Terminal Value 53,037.95
Present Value of Terminal Value 37,533.86

Intrinsic Value

Enterprise Value 43,488.30
Net Debt 1,307.83
Equity Value 42,180.47
Shares Outstanding 145.23
Equity Value Per Share 290.44