Discounted Cash Flow (DCF) Analysis Levered
First Horizon Corporation (FHN)
$11.71
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 1,886.84 | 1,818.20 | 2,565 | 2,991 | 3,529.82 | 4,165.70 | 4,916.14 | 5,801.76 | 6,846.92 | 8,080.37 | 9,536.02 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 234.30 | 830.29 | 172 | 741 | 790.36 | 932.74 | 1,100.77 | 1,299.06 | 1,533.09 | 1,809.27 | 2,135.20 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | -47.99 | -49.16 | -58 | -53 | -81.89 | -96.65 | -114.06 | -134.60 | -158.85 | -187.47 | -221.24 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | 186.32 | 781.14 | 114 | 688 | 708.46 | 836.09 | 986.71 | 1,164.46 | 1,374.24 | 1,621.80 | 1,913.96 |
Weighted Average Cost Of Capital
| Share price | $ 11.71 |
|---|---|
| Beta | 0.897 |
| Diluted Shares Outstanding | 566 |
| Cost of Debt | |
| Tax Rate | 22.35 |
| After-tax Cost of Debt | 5.75% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.978 |
| Total Debt | 4,103 |
| Total Equity | 6,627.86 |
| Total Capital | 10,730.86 |
| Debt Weighting | 38.24 |
| Equity Weighting | 61.76 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 1,886.84 | 1,818.20 | 2,565 | 2,991 | 3,529.82 | 4,165.70 | 4,916.14 | 5,801.76 | 6,846.92 | 8,080.37 | 9,536.02 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 234.30 | 830.29 | 172 | 741 | 790.36 | 932.74 | 1,100.77 | 1,299.06 | 1,533.09 | 1,809.27 | 2,135.20 |
| Capital Expenditure | -47.99 | -49.16 | -58 | -53 | -81.89 | -96.65 | -114.06 | -134.60 | -158.85 | -187.47 | -221.24 |
| Free Cash Flow | 186.32 | 781.14 | 114 | 688 | 708.46 | 836.09 | 986.71 | 1,164.46 | 1,374.24 | 1,621.80 | 1,913.96 |
| WACC | |||||||||||
| PV LFCF | 661.31 | 728.50 | 802.52 | 884.06 | 973.88 | 1,072.83 | 1,181.83 | ||||
| SUM PV LFCF | 5,641 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.13 |
| Free cash flow (t + 1) | 1,952.24 |
| Terminal Value | 38,055.34 |
| Present Value of Terminal Value | 26,968.70 |
Intrinsic Value
| Enterprise Value | 32,609.70 |
|---|---|
| Net Debt | 1,658 |
| Equity Value | 30,951.70 |
| Shares Outstanding | 566 |
| Equity Value Per Share | 54.68 |