Discounted Cash Flow (DCF) Analysis Unlevered

Urstadt Biddle Properties Inc. (UBA)

$16.68

-0.12 (-0.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.29 | 16.68 | 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 123.56135.35137.58126.74135.58139.07142.64146.31150.07153.93
Revenue (%)
EBITDA 92.4379.4779.3168.7789.4086.6088.8391.1193.4595.86
EBITDA (%)
EBIT 65.9151.1451.3839.5860.3756.8058.2659.7661.3062.88
EBIT (%)
Depreciation 26.5128.3227.9329.1929.0329.7930.5631.3532.1532.98
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 8.6715.8594.0840.7924.0638.1239.1040.1041.1342.19
Total Cash (%)
Account Receivables 19.6322.6122.8520.7922.2422.8123.392424.6125.25
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ---18.0319.2919.7920.3020.8221.3521.90
Accounts Payable (%)
Capital Expenditure -9.68-8.18-18.68-11.60-12.41-12.73-13.05-13.39-13.73-14.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.68
Beta 1.071
Diluted Shares Outstanding 40.23
Cost of Debt
Tax Rate 7.16
After-tax Cost of Debt 4.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.813
Total Debt 296.45
Total Equity 670.99
Total Capital 967.44
Debt Weighting 30.64
Equity Weighting 69.36
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 123.56135.35137.58126.74135.58139.07142.64146.31150.07153.93
EBITDA 92.4379.4779.3168.7789.4086.6088.8391.1193.4595.86
EBIT 65.9151.1451.3839.5860.3756.8058.2659.7661.3062.88
Tax Rate 4.51%11.18%10.41%0.00%7.16%6.65%6.65%6.65%6.65%6.65%
EBIAT 62.9445.4346.0339.5856.0553.0354.3955.7957.2258.69
Depreciation 26.5128.3227.9329.1929.0329.7930.5631.3532.1532.98
Accounts Receivable --2.98-0.252.07-1.45-0.57-0.59-0.60-0.62-0.63
Inventories ----------
Accounts Payable ----1.260.500.510.520.540.55
Capital Expenditure -9.68-8.18-18.68-11.60-12.41-12.73-13.05-13.39-13.73-14.09
UFCF 79.7862.5955.0359.2372.4870.0271.8273.6675.5677.50
WACC
PV UFCF 65.2162.3059.5156.8554.31
SUM PV UFCF 298.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.37
Free cash flow (t + 1) 79.05
Terminal Value 1,472.10
Present Value of Terminal Value 1,031.63

Intrinsic Value

Enterprise Value 1,329.81
Net Debt 272.39
Equity Value 1,057.42
Shares Outstanding 40.23
Equity Value Per Share 26.29