DCF Tool

BRX

Brixmor Property Group Inc – Other Financial Vehicles
brixmor property group (nyse: brx) owns & operates one of the nation's largest portfolios of open-air shopping centers, with approximately 500 properties located primarily in the top 50 u.s. metro markets. brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing repositioning and redevelopment projects. headquartered in new york city, the company is the largest landlord to the tjx companies and the kroger company. we offer a diverse range of commercial real estate jobs in multiple functions across 15 office locations nationwide. we are looking for demonstrated leaders at all levels who continually seek to raise the bar on performance every day. as an industry leader, brixmor opens the door to commercial real estate jobs through summer internships for college students in our corporate and regional offices. brixmor is a rea
Analysis Results
Intrinsic Value $16.84
Latest Price $21.37
Relative Value 27% 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 -8.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -8.8%, 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)
2023 361 339
2024 330 290
2025 301 248
2026 274 212
2027 250 182
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5560 million. This corresponds to a present value of 3790 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1270 million. Adding in the terminal value gives a total present value of 5060 million.

There are presently 301.0 million outstanding shares, so the intrinsic value per share is 16.84.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 461,215,000
Current Cash 38,161,000
Current Liabilities 535,419,000
Current Debt 0
Non-Cash Working Capital (NCWC) -112,365,000
Change in NCWC 2,677,000
EBIT 444,327,000
Tax Provision 0
Depreciation and Amortization 344,731,000
Capital Expenditure -330,356,000
Unlevered Free Cash Flow 461,379,000
Current Assets 696,343,000
Current Cash 316,856,000
Current Liabilities 494,529,000
Current Debt 0
Non-Cash Working Capital (NCWC) -115,042,000
Change in NCWC -1,921,000
EBIT 421,880,000
Tax Provision 0
Depreciation and Amortization 327,152,000
Capital Expenditure -308,575,000
Unlevered Free Cash Flow 438,536,000
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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