Discounted Cash Flow (DCF) Analysis Levered

Glacier Bancorp, Inc. (GBCI)

$36.78

+0.79 (+2.20%)

All numbers are in Millions, Currency in USD

Stock DCF: 119.36 | 36.78 | 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	538.72	629.09	727.79	778.89	884.97	1,002.46	1,135.54	1,286.30	1,457.07	1,650.52
Revenue (%)
Operating Cash Flow	280.71	226.65	189.54	572.05	470.66	482.80	546.89	619.50	701.75	794.91
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	262.07	210.25	177.83	562.61	447.42	459.71	520.75	589.88	668.20	756.91

Weighted Average Cost Of Capital

Share price	$ 36.78
Beta	0.808
Diluted Shares Outstanding	110.83
Cost of Debt
Tax Rate	18.12
After-tax Cost of Debt	3.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.052
Total Debt	2,010.08
Total Equity	4,076.25
Total Capital	6,086.33
Debt Weighting	33.03
Equity Weighting	66.97
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	538.72	629.09	727.79	778.89	884.97	1,002.46	1,135.54	1,286.30	1,457.07	1,650.52
Operating Cash Flow	280.71	226.65	189.54	572.05	470.66	482.80	546.89	619.50	701.75	794.91
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	262.07	210.25	177.83	562.61	447.42	459.71	520.75	589.88	668.20	756.91
WACC
PV LFCF						431.49	458.78	487.78	518.62	551.42
SUM PV LFCF										2,448.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.54
Free cash flow (t + 1)	772.05
Terminal Value	17,005.41
Present Value of Terminal Value	12,388.64

Intrinsic Value

Enterprise Value	14,836.74
Net Debt	1,608.08
Equity Value	13,228.66
Shares Outstanding	110.83
Equity Value Per Share	119.36