Discounted Cash Flow (DCF) Analysis Levered

First Business Financial Services, ... (FBIZ)

$36.499

+0.11 (+0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 232.32 | 36.499 | 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 74.4983.4389.19101.62112.76125.11138.81154.02170.88189.60
Revenue (%)
Operating Cash Flow 22.4125.6928.9926.6335.9937.9142.0646.6751.7857.45
Operating Cash Flow (%)
Capital Expenditure -1.24-0.97-0.23-0.26-0.94-1.04-1.16-1.29-1.43-1.58
Capital Expenditure (%)
Free Cash Flow 21.1724.7328.7626.3735.0536.8740.9045.3850.3555.87

Weighted Average Cost Of Capital

Share price $ 36.499
Beta 0.746
Diluted Shares Outstanding 8.34
Cost of Debt
Tax Rate 23.97
After-tax Cost of Debt 2.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.161
Total Debt 418.93
Total Equity 304.40
Total Capital 723.34
Debt Weighting 57.92
Equity Weighting 42.08
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 74.4983.4389.19101.62112.76125.11138.81154.02170.88189.60
Operating Cash Flow 22.4125.6928.9926.6335.9937.9142.0646.6751.7857.45
Capital Expenditure -1.24-0.97-0.23-0.26-0.94-1.04-1.16-1.29-1.43-1.58
Free Cash Flow 21.1724.7328.7626.3735.0536.8740.9045.3850.3555.87
WACC
PV LFCF 35.3837.6740.1042.7045.46
SUM PV LFCF 201.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.21
Free cash flow (t + 1) 56.99
Terminal Value 2,578.53
Present Value of Terminal Value 2,098.10

Intrinsic Value

Enterprise Value 2,299.40
Net Debt 361.82
Equity Value 1,937.57
Shares Outstanding 8.34
Equity Value Per Share 232.32