Discounted Cash Flow (DCF) Analysis Unlevered

Wheeler Real Estate Investment Trus... (WHLRP)

$5

+0.19 (+3.95%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.95 | 5 | 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 31.8930.1732.2834.6338.3833.6734.1334.5935.0735.55
EBITDA (%)
EBIT 5.213.7710.9617.3423.5912.2912.4612.6312.8012.98
EBIT (%)
Depreciation 26.6826.4021.3217.2914.8021.3821.6721.9722.2722.57
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 5.625.546.909.159.237.347.447.547.647.75
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 $ 5
Beta 2.613
Diluted Shares Outstanding 1.01
Cost of Debt
Tax Rate -1.01
After-tax Cost of Debt 9.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.173
Total Debt 346.32
Total Equity 5.05
Total Capital 351.37
Debt Weighting 98.56
Equity Weighting 1.44
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 31.8930.1732.2834.6338.3833.6734.1334.5935.0735.55
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 26.6826.4021.3217.2914.8021.3821.6721.9722.2722.57
Accounts Receivable -0.08-1.37-2.25-0.081.90-0.10-0.10-0.10-0.10
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 23.7726.8625.5628.5232.1830.5528.9429.3429.7430.15
WACC
PV UFCF 27.8724.0922.2720.6019.05
SUM PV UFCF 113.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.62
Free cash flow (t + 1) 30.75
Terminal Value 403.53
Present Value of Terminal Value 254.93

Intrinsic Value

Enterprise Value 368.80
Net Debt 323.43
Equity Value 45.38
Shares Outstanding 1.01
Equity Value Per Share 44.95