Discounted Cash Flow (DCF) Analysis Levered
First Republic Bank (FRC)
$3.51
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 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,967.47 | 3,253.99 | 3,853.32 | 4,960 | 5,773 | 6,829.24 | 8,078.74 | 9,556.85 | 11,305.40 | 13,373.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,111.20 | 938.51 | 531.26 | 1,204 | 252 | 1,484.88 | 1,756.55 | 2,077.94 | 2,458.12 | 2,907.87 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -133.87 | -167.94 | -148.67 | -198 | -197 | -285.94 | -338.26 | -400.15 | -473.36 | -559.97 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 977.33 | 770.57 | 382.60 | 1,006 | 55 | 1,198.94 | 1,418.30 | 1,677.79 | 1,984.77 | 2,347.90 |
Weighted Average Cost Of Capital
| Share price | $ 3.51 |
|---|---|
| Beta | 1.011 |
| Diluted Shares Outstanding | 183 |
| Cost of Debt | |
| Tax Rate | 22.23 |
| After-tax Cost of Debt | 4.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.516 |
| Total Debt | 15,279 |
| Total Equity | 642.33 |
| Total Capital | 15,921.33 |
| Debt Weighting | 95.97 |
| Equity Weighting | 4.03 |
| 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 | 2,967.47 | 3,253.99 | 3,853.32 | 4,960 | 5,773 | 6,829.24 | 8,078.74 | 9,556.85 | 11,305.40 | 13,373.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,111.20 | 938.51 | 531.26 | 1,204 | 252 | 1,484.88 | 1,756.55 | 2,077.94 | 2,458.12 | 2,907.87 |
| Capital Expenditure | -133.87 | -167.94 | -148.67 | -198 | -197 | -285.94 | -338.26 | -400.15 | -473.36 | -559.97 |
| Free Cash Flow | 977.33 | 770.57 | 382.60 | 1,006 | 55 | 1,198.94 | 1,418.30 | 1,677.79 | 1,984.77 | 2,347.90 |
| WACC | ||||||||||
| PV LFCF | 1,145.33 | 1,294.31 | 1,462.67 | 1,652.93 | 1,867.94 | |||||
| SUM PV LFCF | 7,423.19 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.68 |
| Free cash flow (t + 1) | 2,394.86 |
| Terminal Value | 89,360.55 |
| Present Value of Terminal Value | 71,093.07 |
Intrinsic Value
| Enterprise Value | 78,516.26 |
|---|---|
| Net Debt | 10,996 |
| Equity Value | 67,520.26 |
| Shares Outstanding | 183 |
| Equity Value Per Share | 368.96 |