DCF Tool

KIM

Kimco Realty Corp. – Other Financial Vehicles
Kimco Realty Corp. is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America's largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of December 31, 2020, the company owned interests in 400 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years.
Analysis Results
Intrinsic Value $36.57
Latest Price $22.62
Relative Value 38% undervalued
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Cash Flow (Billions)
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 11.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 11.6%, 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 (billion) Present value (billion)
2022 0.802 0.752
2023 0.895 0.787
2024 1.0 0.824
2025 1.12 0.862
2026 1.25 0.902
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 27.2 billion. This corresponds to a present value of 18.5 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.13 billion. Adding in the terminal value gives a total present value of 22.6 billion.

There are presently 618.0 million outstanding shares, so the intrinsic value per share is 36.57.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,945,540,000
Current Cash 1,546,402,000
Current Liabilities 225,674,000
Current Debt 0
Non-Cash Working Capital (NCWC) 173,464,000
Change in NCWC -29,928,000
EBIT 586,024,000
Tax Provision 3,380,000
Depreciation and Amortization 395,320,000
Capital Expenditure -163,699,000
Unlevered Free Cash Flow 785,395,095
Current Assets 1,355,357,000
Current Cash 1,000,142,000
Current Liabilities 151,823,000
Current Debt 0
Non-Cash Working Capital (NCWC) 203,392,000
Change in NCWC 130,729,000
EBIT 415,217,000
Tax Provision 978,000
Depreciation and Amortization 288,955,000
Capital Expenditure -258,554,000
Unlevered Free Cash Flow 575,942,477
Current Assets 492,966,000
Current Cash 123,947,000
Current Liabilities 296,356,000
Current Debt 0
Non-Cash Working Capital (NCWC) 72,663,000
Change in NCWC 22,697,000
EBIT 575,825,000
Tax Provision -3,317,000
Depreciation and Amortization 277,879,000
Capital Expenditure -456,478,000
Unlevered Free Cash Flow 419,923,000
Current Assets 509,014,000
Current Cash 153,883,000
Current Liabilities 305,165,000
Current Debt 0
Non-Cash Working Capital (NCWC) 49,966,000
Change in NCWC -2,507,000
EBIT 696,164,000
Tax Provision 1,600,000
Depreciation and Amortization 310,380,000
Capital Expenditure -527,386,000
Unlevered Free Cash Flow 474,423,555
Current Assets 618,845,000
Current Cash 251,778,000
Current Liabilities 314,594,000
Current Debt 0
Non-Cash Working Capital (NCWC) 52,473,000
Change in NCWC -29,973,000
EBIT 629,691,000
Tax Provision -880,000
Depreciation and Amortization 360,811,000
Capital Expenditure -367,723,000
Unlevered Free Cash Flow 592,806,000
Current Assets 503,301,000
Current Cash 150,587,000
Current Liabilities 270,268,000
Current Debt 0
Non-Cash Working Capital (NCWC) 82,446,000
Change in NCWC -3,738,000
EBIT 636,408,000
Tax Provision 72,545,000
Depreciation and Amortization 355,320,000
Capital Expenditure -216,481,000
Unlevered Free Cash Flow 656,461,495
Current Assets 548,524,000
Current Cash 197,099,000
Current Liabilities 265,241,000
Current Debt 0
Non-Cash Working Capital (NCWC) 86,184,000
Change in NCWC -102,193,000
EBIT 907,674,000
Tax Provision 60,230,000
Depreciation and Amortization 344,527,000
Capital Expenditure -184,172,000
Unlevered Free Cash Flow 898,444,158
Current Assets 706,586,000
Current Cash 277,557,000
Current Liabilities 240,652,000
Current Debt 0
Non-Cash Working Capital (NCWC) 188,377,000
Change in NCWC 46,896,000
EBIT 578,616,000
Tax Provision 34,288,000
Depreciation and Amortization 273,093,000
Capital Expenditure -521,379,000
Unlevered Free Cash Flow 322,561,405
Current Assets 581,801,000
Current Cash 211,534,000
Current Liabilities 228,786,000
Current Debt 0
Non-Cash Working Capital (NCWC) 141,481,000
Change in NCWC -53,310,000
EBIT 577,179,000
Tax Provision 24,191,000
Depreciation and Amortization 190,218,000
Capital Expenditure -462,155,000
Unlevered Free Cash Flow 194,669,294
Current Assets 577,606,000
Current Cash 174,416,000
Current Liabilities 208,399,000
Current Debt 0
Non-Cash Working Capital (NCWC) 194,791,000
Change in NCWC 24,097,000
EBIT 459,032,000
Tax Provision 6,018,000
Depreciation and Amortization 262,742,000
Capital Expenditure -560,594,000
Unlevered Free Cash Flow 175,627,953

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