Discounted Cash Flow (DCF) Analysis Levered

Bryn Mawr Bank Corporation (BMTC)

$45.01

-0.72 (-1.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 81.53 | 45.01 | undervalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 160.11173.97224.39229.01222.45242.94265.31289.74316.42345.56
Revenue (%)
Operating Cash Flow 54.2332.9379.2393.3871.2878.1985.3993.25101.84111.22
Operating Cash Flow (%)
Capital Expenditure -2.21-8.45-19.79-7.21-1.35-9.14-9.98-10.90-11.90-13
Capital Expenditure (%)
Free Cash Flow 52.0224.4859.4486.1869.9369.0575.4182.3589.9498.22

Weighted Average Cost Of Capital

Share price $ 45.01
Beta 0.819
Diluted Shares Outstanding 20.04
Cost of Debt
Tax Rate 21.23
After-tax Cost of Debt 8.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.707
Total Debt 234.33
Total Equity 902.11
Total Capital 1,136.44
Debt Weighting 20.62
Equity Weighting 79.38
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 160.11173.97224.39229.01222.45242.94265.31289.74316.42345.56
Operating Cash Flow 54.2332.9379.2393.3871.2878.1985.3993.25101.84111.22
Capital Expenditure -2.21-8.45-19.79-7.21-1.35-9.14-9.98-10.90-11.90-13
Free Cash Flow 52.0224.4859.4486.1869.9369.0575.4182.3589.9498.22
WACC
PV LFCF 64.5565.8967.2668.6670.09
SUM PV LFCF 336.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.98
Free cash flow (t + 1) 100.18
Terminal Value 2,011.72
Present Value of Terminal Value 1,435.67

Intrinsic Value

Enterprise Value 1,772.12
Net Debt 138.02
Equity Value 1,634.10
Shares Outstanding 20.04
Equity Value Per Share 81.53