Discounted Cash Flow (DCF) Analysis Levered

Associated Banc-Corp (ASB)

$20.84

+0.42 (+2.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.25 | 20.84 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,200.561,120.711,130.041,197.101,097.351,074.801,052.721,031.101,009.91989.17
Revenue (%)
Operating Cash Flow 574.26550.02529.55846.57442.74547.80536.54525.52514.72504.15
Operating Cash Flow (%)
Capital Expenditure -67.46-54.88-52.28-62.71-61.81-55.92-54.77-53.65-52.54-51.46
Capital Expenditure (%)
Free Cash Flow 506.80495.14477.27783.85380.93491.88481.77471.88462.18452.69

Weighted Average Cost Of Capital

Share price $ 20.84
Beta 1.010
Diluted Shares Outstanding 150.86
Cost of Debt
Tax Rate 11.21
After-tax Cost of Debt 32.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.029
Total Debt 2,481.46
Total Equity 3,143.92
Total Capital 5,625.39
Debt Weighting 44.11
Equity Weighting 55.89
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,200.561,120.711,130.041,197.101,097.351,074.801,052.721,031.101,009.91989.17
Operating Cash Flow 574.26550.02529.55846.57442.74547.80536.54525.52514.72504.15
Capital Expenditure -67.46-54.88-52.28-62.71-61.81-55.92-54.77-53.65-52.54-51.46
Free Cash Flow 506.80495.14477.27783.85380.93491.88481.77471.88462.18452.69
WACC
PV LFCF 411.48337.14276.24226.34185.45
SUM PV LFCF 1,436.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 19.54
Free cash flow (t + 1) 461.74
Terminal Value 2,632.50
Present Value of Terminal Value 1,078.45

Intrinsic Value

Enterprise Value 2,515.10
Net Debt 1,571.99
Equity Value 943.11
Shares Outstanding 150.86
Equity Value Per Share 6.25