Discounted Cash Flow (DCF) Analysis Levered
Independent Bank Group, Inc. (IBTX)
$39.55
+0.07 (+0.18%)
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 | 368.35 | 580.65 | 601.14 | 587.14 | 610.17 | 705.90 | 816.65 | 944.77 | 1,092.99 | 1,264.47 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 158.74 | 173.32 | 154.30 | 277.43 | 217.23 | 256.19 | 296.38 | 342.88 | 396.68 | 458.91 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -38.11 | -31.68 | -21.14 | -71.36 | -62.96 | -59 | -68.25 | -78.96 | -91.35 | -105.68 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 120.63 | 141.64 | 133.16 | 206.08 | 154.27 | 197.19 | 228.13 | 263.92 | 305.33 | 353.23 |
Weighted Average Cost Of Capital
Share price | $ 39.55 |
---|---|
Beta | 1.389 |
Diluted Shares Outstanding | 43.10 |
Cost of Debt | |
Tax Rate | 20.30 |
After-tax Cost of Debt | 12.42% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.129 |
Total Debt | 621.49 |
Total Equity | 1,704.77 |
Total Capital | 2,326.25 |
Debt Weighting | 26.72 |
Equity Weighting | 73.28 |
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 | 368.35 | 580.65 | 601.14 | 587.14 | 610.17 | 705.90 | 816.65 | 944.77 | 1,092.99 | 1,264.47 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 158.74 | 173.32 | 154.30 | 277.43 | 217.23 | 256.19 | 296.38 | 342.88 | 396.68 | 458.91 |
Capital Expenditure | -38.11 | -31.68 | -21.14 | -71.36 | -62.96 | -59 | -68.25 | -78.96 | -91.35 | -105.68 |
Free Cash Flow | 120.63 | 141.64 | 133.16 | 206.08 | 154.27 | 197.19 | 228.13 | 263.92 | 305.33 | 353.23 |
WACC | ||||||||||
PV LFCF | 176.90 | 183.60 | 190.55 | 197.76 | 205.24 | |||||
SUM PV LFCF | 954.05 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 11.47 |
Free cash flow (t + 1) | 360.30 |
Terminal Value | 3,804.60 |
Present Value of Terminal Value | 2,210.65 |
Intrinsic Value
Enterprise Value | 3,164.69 |
---|---|
Net Debt | -33.33 |
Equity Value | 3,198.03 |
Shares Outstanding | 43.10 |
Equity Value Per Share | 74.19 |