DCF Tool

SPG

Simon Property Group, Inc. – Other Financial Vehicles
Simon Property Group, Inc. is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company Its properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
Analysis Results
Intrinsic Value $378.44
Latest Price $108.84
Relative Value 71% 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 8.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.4%, 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 5.32 4.97
2023 5.76 5.03
2024 6.24 5.09
2025 6.77 5.16
2026 7.34 5.22
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 149 billion. This corresponds to a present value of 98.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 25.5 billion. Adding in the terminal value gives a total present value of 124 billion.

There are presently 329.0 million outstanding shares, so the intrinsic value per share is 378.44.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,919,601,000
Current Cash 533,936,000
Current Liabilities 3,007,789,000
Current Debt 0
Non-Cash Working Capital (NCWC) -622,124,000
Change in NCWC 1,517,382,000
EBIT 3,196,027,000
Tax Provision 157,199,000
Depreciation and Amortization 1,325,895,000
Capital Expenditure -527,935,000
Unlevered Free Cash Flow 5,327,058,811
Current Assets 2,248,347,000
Current Cash 1,011,613,000
Current Liabilities 3,376,240,000
Current Debt 0
Non-Cash Working Capital (NCWC) -2,139,506,000
Change in NCWC -14,681,000
EBIT 2,191,679,000
Tax Provision -4,637,000
Depreciation and Amortization 1,354,991,000
Capital Expenditure -484,119,000
Unlevered Free Cash Flow 3,047,870,000
Current Assets 1,501,524,000
Current Cash 669,373,000
Current Liabilities 2,956,976,000
Current Debt 0
Non-Cash Working Capital (NCWC) -2,124,825,000
Change in NCWC -35,668,000
EBIT 3,352,180,000
Tax Provision 30,054,000
Depreciation and Amortization 1,394,172,000
Capital Expenditure -876,011,000
Unlevered Free Cash Flow 3,793,606,355
Current Assets 1,278,150,000
Current Cash 514,335,000
Current Liabilities 2,852,972,000
Current Debt 0
Non-Cash Working Capital (NCWC) -2,089,157,000
Change in NCWC -156,261,000
EBIT 3,675,164,000
Tax Provision 36,898,000
Depreciation and Amortization 1,349,776,000
Capital Expenditure -781,909,000
Unlevered Free Cash Flow 4,039,342,657
Current Assets 2,224,981,000
Current Cash 1,482,309,000
Current Liabilities 2,675,568,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,932,896,000
Change in NCWC -23,755,000
EBIT 3,202,610,000
Tax Provision 23,343,000
Depreciation and Amortization 1,357,351,000
Capital Expenditure -732,100,000
Unlevered Free Cash Flow 3,771,147,262
Current Assets 1,224,678,000
Current Cash 560,059,000
Current Liabilities 2,573,760,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,909,141,000
Change in NCWC -167,121,000
EBIT 3,074,162,000
Tax Provision 29,678,000
Depreciation and Amortization 1,327,946,000
Capital Expenditure -798,465,000
Unlevered Free Cash Flow 3,394,369,138
Current Assets 1,651,459,000
Current Cash 701,134,000
Current Liabilities 2,692,345,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,742,020,000
Change in NCWC -207,942,000
EBIT 2,953,679,000
Tax Provision 20,170,000
Depreciation and Amortization 1,239,214,000
Capital Expenditure -1,020,924,000
Unlevered Free Cash Flow 2,936,439,843
Current Assets 1,505,048,000
Current Cash 612,282,000
Current Liabilities 2,426,844,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,534,078,000
Change in NCWC 5,174,000
EBIT 2,667,423,000
Tax Provision 0
Depreciation and Amortization 1,285,784,000
Capital Expenditure -796,736,000
Unlevered Free Cash Flow 3,161,645,000
Current Assets 2,643,315,000
Current Cash 1,716,863,000
Current Liabilities 2,465,704,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,539,252,000
Change in NCWC -295,974,000
EBIT 2,620,948,000
Tax Provision 39,734,000
Depreciation and Amortization 1,332,950,000
Capital Expenditure -841,209,000
Unlevered Free Cash Flow 2,751,272,168
Current Assets 2,040,156,000
Current Cash 1,184,518,000
Current Liabilities 2,098,916,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,243,278,000
Change in NCWC -1,064,940,000
EBIT 2,346,081,000
Tax Provision 15,880,000
Depreciation and Amortization 1,301,304,000
Capital Expenditure -802,427,000
Unlevered Free Cash Flow 1,758,551,270

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