Discounted Cash Flow (DCF) Analysis Unlevered

Weingarten Realty Investors (WRI)

$31.44

-0.66 (-2.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 53.13 | 31.44 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 549.55573.16531.15486.62433.92409.78386.99365.47345.14325.94
Revenue (%)
EBITDA 490.80579.89554.78506.56326.83388.76367.14346.72327.43309.22
EBITDA (%)
EBIT 328.27412.79392.94370.88176.90264.49249.78235.88222.76210.37
EBIT (%)
Depreciation 162.54167.10161.84135.67149.93124.27117.36110.83104.6798.85
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 16.2613.2265.8741.4835.4228.1526.5925.1123.7122.39
Total Cash (%)
Account Receivables 94.47104.3697.9283.6481.0273.5169.4265.5661.9158.47
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----104.9999.1593.6488.4383.5178.86
Accounts Payable (%)
Capital Expenditure -265.73431.76606.22226.47203.56192.24181.54171.45161.91152.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31.44
Beta 1.658
Diluted Shares Outstanding 125.44
Cost of Debt
Tax Rate -48.32
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.528
Total Debt 1,882.60
Total Equity 3,943.99
Total Capital 5,826.59
Debt Weighting 32.31
Equity Weighting 67.69
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 549.55573.16531.15486.62433.92409.78386.99365.47345.14325.94
EBITDA 490.80579.89554.78506.56326.83388.76367.14346.72327.43309.22
EBIT 328.27412.79392.94370.88176.90264.49249.78235.88222.76210.37
Tax Rate -47.19%-219.27%-1.85%-4.16%-48.32%-64.16%-64.16%-64.16%-64.16%-64.16%
EBIAT 483.171,317.92400.21386.30262.38434.17410.03387.22365.68345.34
Depreciation 162.54167.10161.84135.67149.93124.27117.36110.83104.6798.85
Accounts Receivable --9.896.4314.282.627.514.093.863.653.44
Inventories ----------
Accounts Payable ------5.84-5.51-5.21-4.92-4.64
Capital Expenditure -265.73431.76606.22226.47203.56192.24181.54171.45161.91152.91
UFCF 379.971,906.891,174.70762.73618.50752.35707.51668.15630.99595.89
WACC
PV UFCF 691.50597.68518.79450.31390.86
SUM PV UFCF 2,649.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.80
Free cash flow (t + 1) 607.81
Terminal Value 8,938.41
Present Value of Terminal Value 5,862.94

Intrinsic Value

Enterprise Value 8,512.08
Net Debt 1,847.18
Equity Value 6,664.91
Shares Outstanding 125.44
Equity Value Per Share 53.13