Discounted Cash Flow (DCF) Analysis Levered
Independent Bank Corp. (INDB)
$79.08
+0.62 (+0.79%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 338.41 | 383.24 | 502.75 | 477.45 | 507.41 | 565.35 | 629.90 | 701.83 | 781.97 | 871.26 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 130.91 | 141.84 | 216.52 | 64.64 | 190.22 | 191.98 | 213.90 | 238.32 | 265.54 | 295.86 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -25.08 | -11.11 | -16.58 | -12.59 | -25.20 | -23.98 | -26.72 | -29.77 | -33.17 | -36.96 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 105.83 | 130.73 | 199.94 | 52.05 | 165.02 | 168 | 187.18 | 208.55 | 232.37 | 258.90 |
Weighted Average Cost Of Capital
Share price | $ 79.08 |
---|---|
Beta | 0.863 |
Diluted Shares Outstanding | 32.96 |
Cost of Debt | |
Tax Rate | 22.78 |
After-tax Cost of Debt | 6.95% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.200 |
Total Debt | 152.37 |
Total Equity | 2,606.80 |
Total Capital | 2,759.17 |
Debt Weighting | 5.52 |
Equity Weighting | 94.48 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 338.41 | 383.24 | 502.75 | 477.45 | 507.41 | 565.35 | 629.90 | 701.83 | 781.97 | 871.26 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 130.91 | 141.84 | 216.52 | 64.64 | 190.22 | 191.98 | 213.90 | 238.32 | 265.54 | 295.86 |
Capital Expenditure | -25.08 | -11.11 | -16.58 | -12.59 | -25.20 | -23.98 | -26.72 | -29.77 | -33.17 | -36.96 |
Free Cash Flow | 105.83 | 130.73 | 199.94 | 52.05 | 165.02 | 168 | 187.18 | 208.55 | 232.37 | 258.90 |
WACC | ||||||||||
PV LFCF | 156.73 | 162.91 | 169.34 | 176.02 | 182.96 | |||||
SUM PV LFCF | 847.95 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.19 |
Free cash flow (t + 1) | 264.08 |
Terminal Value | 5,088.17 |
Present Value of Terminal Value | 3,595.76 |
Intrinsic Value
Enterprise Value | 4,443.71 |
---|---|
Net Debt | -2,088.31 |
Equity Value | 6,532.02 |
Shares Outstanding | 32.96 |
Equity Value Per Share | 198.16 |