Discounted Cash Flow (DCF) Analysis Levered
Heartland Financial USA, Inc. (HTLF)
$31.43
-0.70 (-2.18%)
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 | 153.15 | 388.01 | 287.75 | 312.94 | 340.34 | 370.13 | 402.54 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -12.74 | -17.93 | -18.54 | -19.86 | -20.98 | -22.81 | -24.81 | -26.98 | -29.35 | -31.91 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 230.01 | 143.25 | 171.83 | 133.29 | 367.03 | 264.94 | 288.13 | 313.36 | 340.79 | 370.62 |
Weighted Average Cost Of Capital
Share price | $ 31.43 |
---|---|
Beta | 1.042 |
Diluted Shares Outstanding | 42.48 |
Cost of Debt | |
Tax Rate | 20.76 |
After-tax Cost of Debt | 8.10% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.664 |
Total Debt | 747.87 |
Total Equity | 1,335.13 |
Total Capital | 2,083 |
Debt Weighting | 35.90 |
Equity Weighting | 64.10 |
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 | 153.15 | 388.01 | 287.75 | 312.94 | 340.34 | 370.13 | 402.54 |
Capital Expenditure | -12.74 | -17.93 | -18.54 | -19.86 | -20.98 | -22.81 | -24.81 | -26.98 | -29.35 | -31.91 |
Free Cash Flow | 230.01 | 143.25 | 171.83 | 133.29 | 367.03 | 264.94 | 288.13 | 313.36 | 340.79 | 370.62 |
WACC | ||||||||||
PV LFCF | 162.75 | 163.19 | 163.64 | 164.08 | 164.53 | |||||
SUM PV LFCF | 1,228.01 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.46 |
Free cash flow (t + 1) | 378.03 |
Terminal Value | 5,851.91 |
Present Value of Terminal Value | 3,898.97 |
Intrinsic Value
Enterprise Value | 5,126.98 |
---|---|
Net Debt | 383.04 |
Equity Value | 4,743.94 |
Shares Outstanding | 42.48 |
Equity Value Per Share | 111.68 |