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
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 | 74.49 | 83.43 | 89.19 | 101.62 | 112.76 | 125.11 | 138.81 | 154.02 | 170.88 | 189.60 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 22.41 | 25.69 | 28.99 | 26.63 | 35.99 | 37.91 | 42.06 | 46.67 | 51.78 | 57.45 |
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 | 21.17 | 24.73 | 28.76 | 26.37 | 35.05 | 36.87 | 40.90 | 45.38 | 50.35 | 55.87 |
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 | 74.49 | 83.43 | 89.19 | 101.62 | 112.76 | 125.11 | 138.81 | 154.02 | 170.88 | 189.60 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 22.41 | 25.69 | 28.99 | 26.63 | 35.99 | 37.91 | 42.06 | 46.67 | 51.78 | 57.45 |
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 | 21.17 | 24.73 | 28.76 | 26.37 | 35.05 | 36.87 | 40.90 | 45.38 | 50.35 | 55.87 |
WACC | ||||||||||
PV LFCF | 35.38 | 37.67 | 40.10 | 42.70 | 45.46 | |||||
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 |