Discounted Cash Flow (DCF) Analysis Levered

First Bancorp (FBNC)

$31.66

+0.25 (+0.80%)
Financial Summary
Financial Statements
Quarter Financials
Chart
Financial Ratios
Profile
Historical Data
DCFDCF Levered
All numbers are in Millions, Currency in USD
Stock DCF: 72.85 | 31.66 | 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 269.26274.79299.47320.01392.84432.76476.74525.19578.57637.36
Revenue (%)
Operating Cash Flow 46.4151.2457.07138.90230.65135.94149.76164.97181.74200.21
Operating Cash Flow (%)
Capital Expenditure -10.72-3.53-12.36-9.40-5.29-11.84-13.04-14.37-15.83-17.44
Capital Expenditure (%)
Free Cash Flow 35.6947.7044.71129.50225.37124.10136.71150.60165.91182.77

Weighted Average Cost Of Capital

Share price $ 31.66
Beta 1.067
Diluted Shares Outstanding 35.67
Cost of Debt
Tax Rate 20.67
After-tax Cost of Debt 4.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.255
Total Debt 306.90
Total Equity 1,129.46
Total Capital 1,436.36
Debt Weighting 21.37
Equity Weighting 78.63
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 269.26274.79299.47320.01392.84432.76476.74525.19578.57637.36
Operating Cash Flow 46.4151.2457.07138.90230.65135.94149.76164.97181.74200.21
Capital Expenditure -10.72-3.53-12.36-9.40-5.29-11.84-13.04-14.37-15.83-17.44
Free Cash Flow 35.6947.7044.71129.50225.37124.10136.71150.60165.91182.77
WACC
PV LFCF 114.73116.84118.99121.18123.42
SUM PV LFCF 595.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.17
Free cash flow (t + 1) 186.43
Terminal Value 3,021.50
Present Value of Terminal Value 2,040.27

Intrinsic Value

Enterprise Value 2,635.43
Net Debt 36.58
Equity Value 2,598.85
Shares Outstanding 35.67
Equity Value Per Share 72.85