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
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 | 83.43 | 89.19 | 101.62 | 112.76 | 127.85 | 142.29 | 158.37 | 176.26 | 196.18 | 218.34 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 25.69 | 28.99 | 26.63 | 35.99 | 38.64 | 43.16 | 48.04 | 53.46 | 59.50 | 66.22 |
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 | 24.73 | 28.76 | 26.37 | 35.36 | 37.93 | 42.37 | 47.15 | 52.48 | 58.41 | 65.01 |
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 | 83.43 | 89.19 | 101.62 | 112.76 | 127.85 | 142.29 | 158.37 | 176.26 | 196.18 | 218.34 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 25.69 | 28.99 | 26.63 | 35.99 | 38.64 | 43.16 | 48.04 | 53.46 | 59.50 | 66.22 |
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 | 24.73 | 28.76 | 26.37 | 35.36 | 37.93 | 42.37 | 47.15 | 52.48 | 58.41 | 65.01 |
WACC | ||||||||||
PV LFCF | 40.39 | 42.86 | 45.48 | 48.25 | 51.20 | |||||
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 |