Discounted Cash Flow (DCF) Analysis Levered
Cadence Bank (CADE)
$27.82
+0.42 (+1.53%)
All numbers are in Millions, Currency in USD
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 | 857.26 | 930.62 | 1,027.47 | 1,183.88 | 1,844.34 | 2,259.19 | 2,767.37 | 3,389.85 | 4,152.36 | 5,086.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 223.37 | 239.58 | 226.54 | 1,172.72 | 923.05 | 1,007.39 | 1,233.99 | 1,511.57 | 1,851.57 | 2,268.06 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -39.54 | -54.99 | -55.91 | -72.27 | -94.50 | -122.86 | -150.49 | -184.34 | -225.81 | -276.60 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 183.83 | 184.59 | 170.63 | 1,100.46 | 828.55 | 884.54 | 1,083.50 | 1,327.22 | 1,625.76 | 1,991.46 |
Weighted Average Cost Of Capital
| Share price | $ 27.82 |
|---|---|
| Beta | 1.057 |
| Diluted Shares Outstanding | 184.50 |
| Cost of Debt | |
| Tax Rate | 22.71 |
| After-tax Cost of Debt | 4.54% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.244 |
| Total Debt | 3,562.78 |
| Total Equity | 5,132.73 |
| Total Capital | 8,695.52 |
| Debt Weighting | 40.97 |
| Equity Weighting | 59.03 |
| 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 | 857.26 | 930.62 | 1,027.47 | 1,183.88 | 1,844.34 | 2,259.19 | 2,767.37 | 3,389.85 | 4,152.36 | 5,086.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 223.37 | 239.58 | 226.54 | 1,172.72 | 923.05 | 1,007.39 | 1,233.99 | 1,511.57 | 1,851.57 | 2,268.06 |
| Capital Expenditure | -39.54 | -54.99 | -55.91 | -72.27 | -94.50 | -122.86 | -150.49 | -184.34 | -225.81 | -276.60 |
| Free Cash Flow | 183.83 | 184.59 | 170.63 | 1,100.46 | 828.55 | 884.54 | 1,083.50 | 1,327.22 | 1,625.76 | 1,991.46 |
| WACC | ||||||||||
| PV LFCF | 824.20 | 940.74 | 1,073.75 | 1,225.56 | 1,398.84 | |||||
| SUM PV LFCF | 5,463.09 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.32 |
| Free cash flow (t + 1) | 2,031.29 |
| Terminal Value | 38,182.07 |
| Present Value of Terminal Value | 26,819.84 |
Intrinsic Value
| Enterprise Value | 32,282.92 |
|---|---|
| Net Debt | 1,564.63 |
| Equity Value | 30,718.29 |
| Shares Outstanding | 184.50 |
| Equity Value Per Share | 166.50 |