Discounted Cash Flow (DCF) Analysis Levered

German American Bancorp, Inc. (GABC)

$37.38

+0.16 (+0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 115.27 | 37.38 | undervalue

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 131.76151.68190.73209.72220.29251.05286.11326.07371.60423.49
Revenue (%)
Operating Cash Flow 54.8862.3365.2392.42100.84103.83118.33134.85153.68175.14
Operating Cash Flow (%)
Capital Expenditure -11.18-15.19-9.37-7.07-4.69-14.52-16.54-18.86-21.49-24.49
Capital Expenditure (%)
Free Cash Flow 43.6947.1555.8585.3596.1689.31101.78116132.20150.66

Weighted Average Cost Of Capital

Share price $ 37.38
Beta 0.686
Diluted Shares Outstanding 26.55
Cost of Debt
Tax Rate 18.14
After-tax Cost of Debt 9.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.077
Total Debt 83.86
Total Equity 992.28
Total Capital 1,076.14
Debt Weighting 7.79
Equity Weighting 92.21
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 131.76151.68190.73209.72220.29251.05286.11326.07371.60423.49
Operating Cash Flow 54.8862.3365.2392.42100.84103.83118.33134.85153.68175.14
Capital Expenditure -11.18-15.19-9.37-7.07-4.69-14.52-16.54-18.86-21.49-24.49
Free Cash Flow 43.6947.1555.8585.3596.1689.31101.78116132.20150.66
WACC
PV LFCF 83.9990.0396.49103.42110.84
SUM PV LFCF 484.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.33
Free cash flow (t + 1) 153.67
Terminal Value 3,548.94
Present Value of Terminal Value 2,611.08

Intrinsic Value

Enterprise Value 3,095.85
Net Debt 35.94
Equity Value 3,059.91
Shares Outstanding 26.55
Equity Value Per Share 115.27