Discounted Cash Flow (DCF) Analysis Levered

Glacier Bancorp, Inc. (GBCI)

$36.44

-0.23 (-0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 119.67 | 36.44 | 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 538.72629.09727.79778.89884.971,002.461,135.541,286.301,457.071,650.52
Revenue (%)
Operating Cash Flow 280.71226.65189.54572.05470.66482.80546.89619.50701.75794.91
Operating Cash Flow (%)
Capital Expenditure -18.64-16.40-11.72-9.44-23.24-23.08-26.15-29.62-33.55-38.01
Capital Expenditure (%)
Free Cash Flow 262.07210.25177.83562.61447.42459.71520.75589.88668.20756.91

Weighted Average Cost Of Capital

Share price $ 36.44
Beta 0.794
Diluted Shares Outstanding 110.83
Cost of Debt
Tax Rate 18.12
After-tax Cost of Debt 3.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.033
Total Debt 2,010.08
Total Equity 4,038.57
Total Capital 6,048.64
Debt Weighting 33.23
Equity Weighting 66.77
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 538.72629.09727.79778.89884.971,002.461,135.541,286.301,457.071,650.52
Operating Cash Flow 280.71226.65189.54572.05470.66482.80546.89619.50701.75794.91
Capital Expenditure -18.64-16.40-11.72-9.44-23.24-23.08-26.15-29.62-33.55-38.01
Free Cash Flow 262.07210.25177.83562.61447.42459.71520.75589.88668.20756.91
WACC
PV LFCF 431.53458.86487.92518.82551.67
SUM PV LFCF 2,448.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.53
Free cash flow (t + 1) 772.05
Terminal Value 17,042.95
Present Value of Terminal Value 12,421.82

Intrinsic Value

Enterprise Value 14,870.63
Net Debt 1,608.08
Equity Value 13,262.55
Shares Outstanding 110.83
Equity Value Per Share 119.67