Discounted Cash Flow

Kimco Realty Corp. REIT

KIM · Based on 10 years of SEC filings · Converted from AUD to USD

Cash flow predictability 83/100 (stable) — FCF YoY std dev 14%, net income 58% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $841.2m $272.2m $425.4m 32.4% $0.79
2017 $862.8m (2.6%) $306.1m (12.5%) $441.3m (3.7%) 35.5% (9.7%) $0.87 (10.1%)
2018 $836.9m (-3.0%) $357.7m (16.8%) $458.4m (3.9%) 42.7% (20.5%) $1.02 (17.2%)
2019 $832.7m (-0.5%) $295.0m (-17.5%) $419.3m (-8.5%) 35.4% (-17.1%)
2020 $760.1m (-8.7%) $719.1m (143.7%) $423.9m (1.1%) 94.6% (167.0%)
2021 $980.5m (29.0%) $606.5m (-15.7%) $444.7m (4.9%) 61.9% (-34.6%)
2022 $1.2b (26.6%) $90.5m (-85.1%) $618.7m (39.1%) 7.3% (-88.2%)
2023 $1.3b (3.2%) $470.1m (419.4%) $769.9m (24.4%) 36.7% (403.1%)
2024 $1.5b (14.2%) $295.1m (-37.2%) $722.5m (-6.2%) 20.2% (-45.0%)
2025 $1.5b (5.1%) $420.1m (42.3%) $791.5m (9.5%) 27.3% (35.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in AUD. Values above are converted to USD for comparison with the US-listed share price.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model