DCF Tool

REG

Regency Centers Corporation – Other Financial Vehicles
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent, infill suburban trade areas. Its portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust that is self-administered, self-managed, and an S&P 500 Index member.
Analysis Results
Intrinsic Value $149.07
Latest Price $53.85
Relative Value 64% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Billions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 21.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 21.5%, 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 (billion) Present value (billion)
2022 0.759 0.708
2023 0.922 0.802
2024 1.12 0.908
2025 1.36 1.03
2026 1.65 1.16
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 32.1 billion. This corresponds to a present value of 21.1 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.61 billion. Adding in the terminal value gives a total present value of 25.7 billion.

There are presently 172.0 million outstanding shares, so the intrinsic value per share is 149.07.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 858,990,000
Current Cash 95,027,000
Current Liabilities 747,899,000
Current Debt 0
Non-Cash Working Capital (NCWC) 16,064,000
Change in NCWC -82,174,000
EBIT 505,995,000
Tax Provision 0
Depreciation and Amortization 303,331,000
Capital Expenditure -177,631,000
Unlevered Free Cash Flow 549,521,000
Current Assets 1,211,971,000
Current Cash 378,450,000
Current Liabilities 735,283,000
Current Debt 0
Non-Cash Working Capital (NCWC) 98,238,000
Change in NCWC 156,667,000
EBIT 352,653,000
Tax Provision 0
Depreciation and Amortization 345,900,000
Capital Expenditure -197,671,000
Unlevered Free Cash Flow 657,549,000
Current Assets 754,421,000
Current Cash 113,020,000
Current Liabilities 699,830,000
Current Debt 0
Non-Cash Working Capital (NCWC) -58,429,000
Change in NCWC 22,320,000
EBIT 400,936,000
Tax Provision 0
Depreciation and Amortization 374,283,000
Capital Expenditure -422,456,000
Unlevered Free Cash Flow 375,083,000
Current Assets 741,066,000
Current Cash 42,532,000
Current Liabilities 779,283,000
Current Debt 0
Non-Cash Working Capital (NCWC) -80,749,000
Change in NCWC 561,941,000
EBIT 413,571,000
Tax Provision 522,000
Depreciation and Amortization 359,688,000
Capital Expenditure -226,191,000
Unlevered Free Cash Flow 1,108,155,186
Current Assets 220,366,000
Current Cash 45,370,000
Current Liabilities 817,686,000
Current Debt 0
Non-Cash Working Capital (NCWC) -642,690,000
Change in NCWC -565,639,000
EBIT 310,426,000
Tax Provision -9,647,000
Depreciation and Amortization 334,201,000
Capital Expenditure -347,780,000
Unlevered Free Cash Flow -268,792,000
Current Assets 158,189,000
Current Cash 13,256,000
Current Liabilities 221,984,000
Current Debt 0
Non-Cash Working Capital (NCWC) -77,051,000
Change in NCWC -22,133,000
EBIT 310,858,000
Tax Provision 0
Depreciation and Amortization 162,327,000
Capital Expenditure -234,598,000
Unlevered Free Cash Flow 216,454,000
Current Assets 175,880,000
Current Cash 36,856,000
Current Liabilities 193,942,000
Current Debt 0
Non-Cash Working Capital (NCWC) -54,918,000
Change in NCWC 17,224,000
EBIT 262,779,000
Tax Provision 0
Depreciation and Amortization 146,829,000
Capital Expenditure -205,103,000
Unlevered Free Cash Flow 221,729,000
Current Assets 248,822,000
Current Cash 113,776,000
Current Liabilities 207,188,000
Current Debt 0
Non-Cash Working Capital (NCWC) -72,142,000
Change in NCWC -26,278,000
EBIT 215,820,000
Tax Provision -996,000
Depreciation and Amortization 147,791,000
Capital Expenditure -238,237,000
Unlevered Free Cash Flow 99,096,000
Current Assets 205,776,000
Current Cash 80,684,000
Current Liabilities 170,956,000
Current Debt 0
Non-Cash Working Capital (NCWC) -45,864,000
Change in NCWC -30,776,000
EBIT 203,370,000
Tax Provision 0
Depreciation and Amortization 134,454,000
Capital Expenditure -213,282,000
Unlevered Free Cash Flow 93,766,000
Current Assets 152,592,000
Current Cash 22,349,000
Current Liabilities 145,331,000
Current Debt 0
Non-Cash Working Capital (NCWC) -15,088,000
Change in NCWC -42,185,000
EBIT 201,142,000
Tax Provision 13,206,000
Depreciation and Amortization 127,839,000
Capital Expenditure -164,588,000
Unlevered Free Cash Flow 54,815,351

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.