Discounted Cash Flow (DCF) Analysis Levered
Associated Banc-Corp (ASB)
$21.62
-0.23 (-1.05%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 1,073.90 | 1,235.15 | 1,207.64 | 1,256.97 | 1,049.04 | 1,049.91 | 1,050.77 | 1,051.64 | 1,052.51 | 1,053.38 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 458.37 | 496.57 | 574.26 | 550.02 | 529.55 | 471.78 | 472.17 | 472.56 | 472.95 | 473.34 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -47.37 | -65.85 | -67.46 | -54.88 | -52.28 | -51.82 | -51.86 | -51.91 | -51.95 | -51.99 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 411 | 430.71 | 506.80 | 495.14 | 477.27 | 419.96 | 420.30 | 420.65 | 421 | 421.35 |
Weighted Average Cost Of Capital
Share price | $ 21.62 |
---|---|
Beta | 1.063 |
Diluted Shares Outstanding | 153.64 |
Cost of Debt | |
Tax Rate | 19.55 |
After-tax Cost of Debt | 3.06% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.906 |
Total Debt | 1,905.10 |
Total Equity | 3,321.74 |
Total Capital | 5,226.84 |
Debt Weighting | 36.45 |
Equity Weighting | 63.55 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 1,073.90 | 1,235.15 | 1,207.64 | 1,256.97 | 1,049.04 | 1,049.91 | 1,050.77 | 1,051.64 | 1,052.51 | 1,053.38 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 458.37 | 496.57 | 574.26 | 550.02 | 529.55 | 471.78 | 472.17 | 472.56 | 472.95 | 473.34 |
Capital Expenditure | -47.37 | -65.85 | -67.46 | -54.88 | -52.28 | -51.82 | -51.86 | -51.91 | -51.95 | -51.99 |
Free Cash Flow | 411 | 430.71 | 506.80 | 495.14 | 477.27 | 419.96 | 420.30 | 420.65 | 421 | 421.35 |
WACC | ||||||||||
PV LFCF | 395.66 | 373.08 | 351.79 | 331.71 | 312.78 | |||||
SUM PV LFCF | 1,765.03 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.14 |
Free cash flow (t + 1) | 429.77 |
Terminal Value | 10,380.99 |
Present Value of Terminal Value | 7,706.25 |
Intrinsic Value
Enterprise Value | 9,471.28 |
---|---|
Net Debt | 879.59 |
Equity Value | 8,591.70 |
Shares Outstanding | 153.64 |
Equity Value Per Share | 55.92 |