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Cedar Realty Trust Inc – Other Financial Vehicles
Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company's portfolio (excluding properties treated as 'held for sale') comprises 54 properties, with approximately 8.2 million square feet of gross leasable area.
Analysis Results
Intrinsic Value $65.42
Latest Price $26.67
Relative Value 59% undervalued
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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 -6.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -6.7%, 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 41.2 39.6
2023 38.4 35.4
2024 35.8 31.7
2025 33.4 28.4
2026 31.2 25.4
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 935 million. This corresponds to a present value of 732 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 160 million. Adding in the terminal value gives a total present value of 892 million.

There are presently 13.6 million outstanding shares, so the intrinsic value per share is 65.42.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 33,296,000
Current Cash 3,039,000
Current Liabilities 346,316,000
Current Debt 304,217,000
Non-Cash Working Capital (NCWC) -11,842,000
Change in NCWC 15,257,000
EBIT 23,617,000
Tax Provision 0
Depreciation and Amortization 38,380,000
Capital Expenditure -28,309,000
Unlevered Free Cash Flow 48,945,000
Current Assets 31,118,000
Current Cash 1,637,000
Current Liabilities 460,469,000
Current Debt 403,889,000
Non-Cash Working Capital (NCWC) -27,099,000
Change in NCWC -5,966,000
EBIT 24,665,000
Tax Provision 0
Depreciation and Amortization 48,412,000
Capital Expenditure -39,551,000
Unlevered Free Cash Flow 27,560,000
Current Assets 32,116,000
Current Cash 2,747,000
Current Liabilities 55,866,000
Current Debt 5,364,000
Non-Cash Working Capital (NCWC) -21,133,000
Change in NCWC -33,256,000
EBIT 31,071,000
Tax Provision 0
Depreciation and Amortization 45,861,000
Capital Expenditure -31,910,000
Unlevered Free Cash Flow 11,766,000
Current Assets 40,242,000
Current Cash 1,977,000
Current Liabilities 26,142,000
Current Debt 0
Non-Cash Working Capital (NCWC) 12,123,000
Change in NCWC 1,954,000
EBIT 47,158,000
Tax Provision 0
Depreciation and Amortization 40,053,000
Capital Expenditure -30,377,000
Unlevered Free Cash Flow 58,788,000
Current Assets 38,390,000
Current Cash 3,702,000
Current Liabilities 24,519,000
Current Debt 0
Non-Cash Working Capital (NCWC) 10,169,000
Change in NCWC 6,358,000
EBIT 44,501,000
Tax Provision 0
Depreciation and Amortization 40,115,000
Capital Expenditure -25,561,000
Unlevered Free Cash Flow 65,413,000
Current Assets 30,156,000
Current Cash 2,882,000
Current Liabilities 23,463,000
Current Debt 0
Non-Cash Working Capital (NCWC) 3,811,000
Change in NCWC -1,966,000
EBIT 44,204,000
Tax Provision 0
Depreciation and Amortization 40,787,000
Capital Expenditure -15,484,000
Unlevered Free Cash Flow 67,541,000
Current Assets 31,691,000
Current Cash 2,083,000
Current Liabilities 23,831,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,777,000
Change in NCWC -4,812,000
EBIT 49,946,000
Tax Provision 0
Depreciation and Amortization 38,594,000
Capital Expenditure -12,698,000
Unlevered Free Cash Flow 71,030,000
Current Assets 36,452,000
Current Cash 3,499,000
Current Liabilities 22,364,000
Current Debt 0
Non-Cash Working Capital (NCWC) 10,589,000
Change in NCWC -1,534,000
EBIT 49,750,000
Tax Provision 0
Depreciation and Amortization 38,700,000
Capital Expenditure -16,254,000
Unlevered Free Cash Flow 70,662,000
Current Assets 38,762,000
Current Cash 3,973,000
Current Liabilities 22,666,000
Current Debt 0
Non-Cash Working Capital (NCWC) 12,123,000
Change in NCWC 3,065,000
EBIT 43,884,000
Tax Provision 0
Depreciation and Amortization 45,663,000
Capital Expenditure -20,288,000
Unlevered Free Cash Flow 72,324,000
Current Assets 44,759,000
Current Cash 7,522,000
Current Liabilities 28,179,000
Current Debt 0
Non-Cash Working Capital (NCWC) 9,058,000
Change in NCWC 15,198,000
EBIT 52,964,000
Tax Provision 0
Depreciation and Amortization 44,674,000
Capital Expenditure -31,497,000
Unlevered Free Cash Flow 81,339,000

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