Discounted Cash Flow (DCF) Analysis Levered

F.N.B. Corporation (FNB)

$11.92

-0.15 (-1.24%)

All numbers are in Millions, Currency in USD

Stock DCF: 33.27 | 11.92 | 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	1,208	1,211	1,233	1,237	1,443.33	1,512.14	1,584.23	1,659.76	1,738.89	1,821.78
Revenue (%)
Operating Cash Flow	611	259	113	530	1,218	630.16	660.20	691.67	724.65	759.19
Operating Cash Flow (%)
Capital Expenditure	-35	-46	-41	-58	-53.08	-55.61	-58.26	-61.04	-63.95	-67
Capital Expenditure (%)
Free Cash Flow	576	213	72	472	1,164.92	574.55	601.94	630.63	660.70	692.20

Weighted Average Cost Of Capital

Share price	$ 11.92
Beta	1.082
Diluted Shares Outstanding	323.22
Cost of Debt
Tax Rate	20.56
After-tax Cost of Debt	5.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.852
Total Debt	2,465
Total Equity	3,852.72
Total Capital	6,317.72
Debt Weighting	39.02
Equity Weighting	60.98
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	1,208	1,211	1,233	1,237	1,443.33	1,512.14	1,584.23	1,659.76	1,738.89	1,821.78
Operating Cash Flow	611	259	113	530	1,218	630.16	660.20	691.67	724.65	759.19
Capital Expenditure	-35	-46	-41	-58	-53.08	-55.61	-58.26	-61.04	-63.95	-67
Free Cash Flow	576	213	72	472	1,164.92	574.55	601.94	630.63	660.70	692.20
WACC
PV LFCF						534.61	521.17	508.06	495.28	482.83
SUM PV LFCF										2,541.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.47
Free cash flow (t + 1)	706.04
Terminal Value	12,907.51
Present Value of Terminal Value	9,003.39

Intrinsic Value

Enterprise Value	11,545.35
Net Debt	791
Equity Value	10,754.35
Shares Outstanding	323.22
Equity Value Per Share	33.27