DCF Tool

BRX

Brixmor Property Group Inc – Other Financial Vehicles
Brixmor is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 393 retail centers comprise approximately 69 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor's vision 'to be the center of the communities it serves' and is home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness.
Analysis Results
Intrinsic Value $20.35
Latest Price $22.24
Relative Value 9% overvalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -9.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -9.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 380 359
2023 344 307
2024 311 262
2025 282 224
2026 255 192
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6690 million. This corresponds to a present value of 4750 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1340 million. Adding in the terminal value gives a total present value of 6090 million.

There are presently 300.0 million outstanding shares, so the intrinsic value per share is 20.35.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,392,686,000
Current Cash 633,712,000
Current Liabilities 989,058,000
Current Debt 0
Non-Cash Working Capital (NCWC) -230,084,000
Change in NCWC -116,963,000
EBIT 843,760,000
Tax Provision 0
Depreciation and Amortization 654,304,000
Capital Expenditure -617,150,000
Unlevered Free Cash Flow 763,951,000
Current Assets 769,218,000
Current Cash 388,223,000
Current Liabilities 494,116,000
Current Debt 0
Non-Cash Working Capital (NCWC) -113,121,000
Change in NCWC 43,688,000
EBIT 338,782,000
Tax Provision 0
Depreciation and Amortization 335,583,000
Capital Expenditure -284,756,000
Unlevered Free Cash Flow 433,297,000
Current Assets 417,796,000
Current Cash 37,151,000
Current Liabilities 537,454,000
Current Debt 0
Non-Cash Working Capital (NCWC) -156,809,000
Change in NCWC -19,329,000
EBIT 437,654,000
Tax Provision 0
Depreciation and Amortization 332,431,000
Capital Expenditure -395,095,000
Unlevered Free Cash Flow 355,661,000
Current Assets 454,967,000
Current Cash 71,988,000
Current Liabilities 520,459,000
Current Debt 0
Non-Cash Working Capital (NCWC) -137,480,000
Change in NCWC -1,598,000
EBIT 464,799,000
Tax Provision 0
Depreciation and Amortization 352,245,000
Capital Expenditure -268,689,000
Unlevered Free Cash Flow 546,757,000
Current Assets 518,402,000
Current Cash 84,944,000
Current Liabilities 569,340,000
Current Debt 0
Non-Cash Working Capital (NCWC) -135,882,000
Change in NCWC 65,284,000
EBIT 495,774,000
Tax Provision 0
Depreciation and Amortization 375,028,000
Capital Expenditure -202,873,000
Unlevered Free Cash Flow 733,213,000
Current Assets 429,445,000
Current Cash 76,975,000
Current Liabilities 553,636,000
Current Debt 0
Non-Cash Working Capital (NCWC) -201,166,000
Change in NCWC 71,176,000
EBIT 479,601,000
Tax Provision 0
Depreciation and Amortization 387,302,000
Capital Expenditure -192,428,000
Unlevered Free Cash Flow 745,651,000
Current Assets 423,626,000
Current Cash 92,529,000
Current Liabilities 603,439,000
Current Debt 0
Non-Cash Working Capital (NCWC) -272,342,000
Change in NCWC 56,414,000
EBIT 430,122,000
Tax Provision 0
Depreciation and Amortization 417,935,000
Capital Expenditure -189,934,000
Unlevered Free Cash Flow 714,537,000

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