Discounted Cash Flow (DCF) Analysis Unlevered

Wheeler Real Estate Investment Trus... (WHLRD)

$11.9

-0.35 (-2.86%)
All numbers are in Millions, Currency in USD
Stock DCF: 40.80 | 11.9 | 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 58.5365.7163.166161.3162.156363.8664.7365.61
Revenue (%)
EBITDA 31.4430.8632.2834.6338.3833.7034.1634.6335.1035.58
EBITDA (%)
EBIT 5.213.7710.9617.3423.5912.2912.4612.6312.8012.98
EBIT (%)
Depreciation 26.2327.0921.3217.2914.8021.4121.712222.3022.61
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 3.683.545.457.6622.908.738.858.979.099.21
Total Cash (%)
Account Receivables 12.3610.546.909.159.239.719.859.9810.1210.26
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 10.6212.089.5610.5010.5610.7010.851111.1511.30
Accounts Payable (%)
Capital Expenditure -7.37-5.57-2.71-2.27-6.41-4.91-4.98-5.05-5.12-5.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.9
Beta 2.488
Diluted Shares Outstanding 0.93
Cost of Debt
Tax Rate -1.01
After-tax Cost of Debt 9.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.708
Total Debt 346.32
Total Equity 11.11
Total Capital 357.43
Debt Weighting 96.89
Equity Weighting 3.11
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 58.5365.7163.166161.3162.156363.8664.7365.61
EBITDA 31.4430.8632.2834.6338.3833.7034.1634.6335.1035.58
EBIT 5.213.7710.9617.3423.5912.2912.4612.6312.8012.98
Tax Rate 14.58%-19.30%1.11%14.63%-1.01%2.00%2.00%2.00%2.00%2.00%
EBIAT 4.454.5010.8414.8023.8212.0412.2112.3712.5412.72
Depreciation 26.2327.0921.3217.2914.8021.4121.712222.3022.61
Accounts Receivable -1.823.63-2.25-0.08-0.48-0.13-0.13-0.14-0.14
Inventories ----------
Accounts Payable -1.45-2.520.950.050.140.150.150.150.15
Capital Expenditure -7.37-5.57-2.71-2.27-6.41-4.91-4.98-5.05-5.12-5.19
UFCF 23.3129.2930.5628.5232.1828.2128.9529.3429.7430.15
WACC
PV UFCF 25.7124.0422.2120.5218.95
SUM PV UFCF 111.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.73
Free cash flow (t + 1) 30.75
Terminal Value 397.83
Present Value of Terminal Value 250.08

Intrinsic Value

Enterprise Value 361.50
Net Debt 323.43
Equity Value 38.08
Shares Outstanding 0.93
Equity Value Per Share 40.80