Discounted Cash Flow (DCF) Analysis Unlevered

Wheeler Real Estate Investment Trus... (WHLRW)

- (-%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.50 | | overvalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 27,734.2144,160.4158.5458.5463.1656.2750.1344.6639.7935.45
Revenue (%)
EBITDA 9.0322.9331.8930.1731.0217.4715.5613.8612.3511
EBITDA (%)
EBIT -8.482.265.213.7710.963.683.272.922.602.32
EBIT (%)
Depreciation 17.5020.6726.6826.4020.0613.7912.2910.959.758.69
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 11.314.863.683.545.452.372.111.881.671.49
Total Cash (%)
Account Receivables 3.453.985.625.546.903.383.012.682.392.13
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.5311.3210.6212.089.566.075.414.824.293.83
Accounts Payable (%)
Capital Expenditure -0.53-1.96-7.37-5.57-2.71-2.97-2.65-2.36-2.10-1.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ -
Beta 0.000
Diluted Shares Outstanding 9.69
Cost of Debt
Tax Rate 1.11
After-tax Cost of Debt 63.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.285
Total Debt 29.80
Total Equity -
Total Capital 29.80
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 27,734.2144,160.4158.5458.5463.1656.2750.1344.6639.7935.45
EBITDA 9.0322.9331.8930.1731.0217.4715.5613.8612.3511
EBIT -8.482.265.213.7710.963.683.272.922.602.32
Tax Rate 18.04%13.53%14.58%-19.30%1.11%5.59%5.59%5.59%5.59%5.59%
EBIAT -6.951.964.454.5010.843.473.092.752.452.19
Depreciation 17.5020.6726.6826.4020.0613.7912.2910.959.758.69
Accounts Receivable --0.53-1.630.08-1.373.530.370.330.290.26
Inventories ----------
Accounts Payable -3.79-0.701.45-2.52-3.48-0.66-0.59-0.53-0.47
Capital Expenditure -0.53-1.96-7.37-5.57-2.71-2.97-2.65-2.36-2.10-1.87
UFCF 10.0223.9221.4326.8624.3014.3412.4411.089.878.79
WACC
PV UFCF 8.794.682.561.400.76
SUM PV UFCF 18.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 63.00
Free cash flow (t + 1) 8.97
Terminal Value 14.71
Present Value of Terminal Value 1.28

Intrinsic Value

Enterprise Value 19.48
Net Debt 24.35
Equity Value -4.87
Shares Outstanding 9.69
Equity Value Per Share -0.50