Discounted Cash Flow (DCF) Analysis Unlevered

SmartCentres Real Estate Investment... (SRU-UN.TO)

$29.59

+0.18 (+0.61%)
All numbers are in Millions, Currency in USD
Stock DCF: 43.53 | 29.59 | 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 734.03790.18806.41781.25780.76793.48806.42819.56832.92846.50
Revenue (%)
EBITDA 433.66478.05451.39228.79985.51525.39533.95542.65551.50560.49
EBITDA (%)
EBIT 425.50469.58443.38214.32973.04514.87523.26531.79540.46549.27
EBIT (%)
Depreciation 8.158.478.0214.4712.4610.5110.6910.8611.0411.22
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 162.7029.4455.37794.5962.24226.04229.73233.47237.28241.15
Total Cash (%)
Account Receivables 60.4577.7687.59183.90121.49107.97109.73111.52113.34115.19
Account Receivables (%)
Inventories 20.2723.4324.5625.7927.4024.7325.1325.5425.9626.38
Inventories (%)
Accounts Payable 87.8593.8386.1977.3478.5286.4787.8889.3190.7792.25
Accounts Payable (%)
Capital Expenditure -0.40-0.84-1.28-0.83-0.83-0.85-0.86-0.87-0.89-0.90
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.59
Beta 1.209
Diluted Shares Outstanding 170.12
Cost of Debt
Tax Rate 16.17
After-tax Cost of Debt 2.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.502
Total Debt 4,854.53
Total Equity 5,033.87
Total Capital 9,888.40
Debt Weighting 49.09
Equity Weighting 50.91
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 734.03790.18806.41781.25780.76793.48806.42819.56832.92846.50
EBITDA 433.66478.05451.39228.79985.51525.39533.95542.65551.50560.49
EBIT 425.50469.58443.38214.32973.04514.87523.26531.79540.46549.27
Tax Rate 16.60%16.98%16.08%16.29%16.17%16.42%16.42%16.42%16.42%16.42%
EBIAT 354.86389.85372.10179.41815.71430.31437.33444.45451.70459.06
Depreciation 8.158.478.0214.4712.4610.5110.6910.8611.0411.22
Accounts Receivable --17.31-9.83-96.3162.4113.52-1.76-1.79-1.82-1.85
Inventories --3.16-1.14-1.23-1.602.67-0.40-0.41-0.42-0.42
Accounts Payable -5.97-7.64-8.841.177.951.411.431.461.48
Capital Expenditure -0.40-0.84-1.28-0.83-0.35-0.85-0.86-0.87-0.89-0.90
UFCF 362.61382.97360.2386.66889.32464.12446.40453.67461.07468.59
WACC
PV UFCF 439.67400.61385.70371.34357.51
SUM PV UFCF 1,954.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.56
Free cash flow (t + 1) 477.96
Terminal Value 13,425.76
Present Value of Terminal Value 10,243.35

Intrinsic Value

Enterprise Value 12,198.18
Net Debt 4,792.29
Equity Value 7,405.89
Shares Outstanding 170.12
Equity Value Per Share 43.53