Discounted Cash Flow (DCF) Analysis Levered

CVB Financial Corp. (CVBF)

$26.36

+0.13 (+0.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 96.54 | 26.36 | undervalue

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 321.05392.53484.35464.24461.75509.04561.17618.65682.01751.86
Revenue (%)
Operating Cash Flow 139.59168.38208.18185.10195.24215.33237.39261.70288.51318.06
Operating Cash Flow (%)
Capital Expenditure -4.89-4.19-5.52-4.67-4.68-5.86-6.46-7.12-7.85-8.65
Capital Expenditure (%)
Free Cash Flow 134.70164.18202.66180.42190.56209.48230.93254.59280.66309.41

Weighted Average Cost Of Capital

Share price $ 26.36
Beta 0.336
Diluted Shares Outstanding 135.18
Cost of Debt
Tax Rate 28.60
After-tax Cost of Debt 190.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.372
Total Debt 2.28
Total Equity 3,563.45
Total Capital 3,565.73
Debt Weighting 0.06
Equity Weighting 99.94
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 321.05392.53484.35464.24461.75509.04561.17618.65682.01751.86
Operating Cash Flow 139.59168.38208.18185.10195.24215.33237.39261.70288.51318.06
Capital Expenditure -4.89-4.19-5.52-4.67-4.68-5.86-6.46-7.12-7.85-8.65
Free Cash Flow 134.70164.18202.66180.42190.56209.48230.93254.59280.66309.41
WACC
PV LFCF 200.48211.51223.16235.44248.40
SUM PV LFCF 1,118.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.49
Free cash flow (t + 1) 315.59
Terminal Value 12,674.47
Present Value of Terminal Value 10,175.51

Intrinsic Value

Enterprise Value 11,294.50
Net Debt -1,756.27
Equity Value 13,050.76
Shares Outstanding 135.18
Equity Value Per Share 96.54