Discounted Cash Flow (DCF) Analysis Levered

First Busey Corporation (BUSE)

$21.32

-0.08 (-0.37%)

All numbers are in Millions, Currency in USD

Stock DCF: 87.31 | 21.32 | undervalue

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	331.40	403.64	401.20	403.50	450.24	487.78	528.45	572.51	620.25	671.96
Revenue (%)
Operating Cash Flow	202.55	80.80	169.30	162.01	165.79	195.41	211.71	229.36	248.48	269.20
Operating Cash Flow (%)
Capital Expenditure	-11.62	-13.24	-4.20	-5.04	-4.99	-9.94	-10.77	-11.67	-12.64	-13.69
Capital Expenditure (%)
Free Cash Flow	190.93	67.56	165.10	156.97	160.80	185.47	200.94	217.69	235.84	255.51

Weighted Average Cost Of Capital

Share price	$ 21.32
Beta	0.841
Diluted Shares Outstanding	54.83
Cost of Debt
Tax Rate	20.67
After-tax Cost of Debt	4.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.682
Total Debt	687.90
Total Equity	1,168.91
Total Capital	1,856.81
Debt Weighting	37.05
Equity Weighting	62.95
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	331.40	403.64	401.20	403.50	450.24	487.78	528.45	572.51	620.25	671.96
Operating Cash Flow	202.55	80.80	169.30	162.01	165.79	195.41	211.71	229.36	248.48	269.20
Capital Expenditure	-11.62	-13.24	-4.20	-5.04	-4.99	-9.94	-10.77	-11.67	-12.64	-13.69
Free Cash Flow	190.93	67.56	165.10	156.97	160.80	185.47	200.94	217.69	235.84	255.51
WACC
PV LFCF						174.32	177.49	180.72	184.01	187.37
SUM PV LFCF										903.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.40
Free cash flow (t + 1)	260.62
Terminal Value	5,923.07
Present Value of Terminal Value	4,343.49

Intrinsic Value

Enterprise Value	5,247.40
Net Debt	460.73
Equity Value	4,786.67
Shares Outstanding	54.83
Equity Value Per Share	87.31