Discounted Cash Flow (DCF) Analysis Levered

First Business Financial Services, ... (FBIZ)

$30.57

+0.45 (+1.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 200.36 | 30.57 | 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 83.4389.19101.62112.76127.85142.29158.37176.26196.18218.34
Revenue (%)
Operating Cash Flow 25.6928.9926.6335.9938.6443.1648.0453.4659.5066.22
Operating Cash Flow (%)
Capital Expenditure -0.97-0.23-0.26-0.63-0.71-0.79-0.88-0.98-1.09-1.22
Capital Expenditure (%)
Free Cash Flow 24.7328.7626.3735.3637.9342.3747.1552.4858.4165.01

Weighted Average Cost Of Capital

Share price $ 30.57
Beta 0.725
Diluted Shares Outstanding 8.34
Cost of Debt
Tax Rate 21.79
After-tax Cost of Debt 3.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.802
Total Debt 466.98
Total Equity 254.96
Total Capital 721.94
Debt Weighting 64.68
Equity Weighting 35.32
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 83.4389.19101.62112.76127.85142.29158.37176.26196.18218.34
Operating Cash Flow 25.6928.9926.6335.9938.6443.1648.0453.4659.5066.22
Capital Expenditure -0.97-0.23-0.26-0.63-0.71-0.79-0.88-0.98-1.09-1.22
Free Cash Flow 24.7328.7626.3735.3637.9342.3747.1552.4858.4165.01
WACC
PV LFCF 40.3942.8645.4848.2551.20
SUM PV LFCF 228.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.89
Free cash flow (t + 1) 66.31
Terminal Value 2,294.35
Present Value of Terminal Value 1,807.13

Intrinsic Value

Enterprise Value 2,035.31
Net Debt 364.30
Equity Value 1,671
Shares Outstanding 8.34
Equity Value Per Share 200.36