Discounted Cash Flow (DCF) Analysis Levered
Heartland Financial USA, Inc. (HTLF)
$29.38
+0.08 (+0.27%)
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 | 520.91 | 569.36 | 606.92 | 688.91 | 727.55 | 791.24 | 860.50 | 935.83 | 1,017.76 | 1,106.85 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 242.75 | 161.17 | 190.37 | 326.04 | 388.01 | 327.47 | 356.13 | 387.31 | 421.22 | 458.09 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -12.74 | -17.93 | -18.54 | -17.20 | -14.80 | -20.86 | -22.69 | -24.67 | -26.83 | -29.18 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 230.01 | 143.25 | 171.83 | 308.83 | 373.20 | 306.61 | 333.45 | 362.64 | 394.38 | 428.91 |
Weighted Average Cost Of Capital
Share price | $ 29.38 |
---|---|
Beta | 1.062 |
Diluted Shares Outstanding | 42.63 |
Cost of Debt | |
Tax Rate | 20.76 |
After-tax Cost of Debt | 8.10% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.611 |
Total Debt | 747.87 |
Total Equity | 1,252.50 |
Total Capital | 2,000.37 |
Debt Weighting | 37.39 |
Equity Weighting | 62.61 |
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 | 520.91 | 569.36 | 606.92 | 688.91 | 727.55 | 791.24 | 860.50 | 935.83 | 1,017.76 | 1,106.85 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 242.75 | 161.17 | 190.37 | 326.04 | 388.01 | 327.47 | 356.13 | 387.31 | 421.22 | 458.09 |
Capital Expenditure | -12.74 | -17.93 | -18.54 | -17.20 | -14.80 | -20.86 | -22.69 | -24.67 | -26.83 | -29.18 |
Free Cash Flow | 230.01 | 143.25 | 171.83 | 308.83 | 373.20 | 306.61 | 333.45 | 362.64 | 394.38 | 428.91 |
WACC | ||||||||||
PV LFCF | 281.16 | 280.40 | 279.64 | 278.88 | 278.12 | |||||
SUM PV LFCF | 1,398.20 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.05 |
Free cash flow (t + 1) | 437.49 |
Terminal Value | 6,205.48 |
Present Value of Terminal Value | 4,023.90 |
Intrinsic Value
Enterprise Value | 5,422.10 |
---|---|
Net Debt | 383.04 |
Equity Value | 5,039.05 |
Shares Outstanding | 42.63 |
Equity Value Per Share | 118.20 |