Discounted Cash Flow (DCF) Analysis Levered

Lakeland Financial Corporation (LKFN)

$77.64

-0.54 (-0.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 111.53 | 77.64 | undervalue

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 163.67181.70189.64197.99210.13223.75238.25253.70270.14287.64
Revenue (%)
Operating Cash Flow 77.24104.98100.0487.23113.77114.53121.95129.85138.27147.23
Operating Cash Flow (%)
Capital Expenditure -9.58-7.97-8-5.72-6.17-9.08-9.66-10.29-10.96-11.67
Capital Expenditure (%)
Free Cash Flow 67.6697.0192.0481.51107.60105.45112.28119.56127.31135.56

Weighted Average Cost Of Capital

Share price $ 77.64
Beta 0.765
Diluted Shares Outstanding 25.62
Cost of Debt
Tax Rate 18.49
After-tax Cost of Debt 16.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.118
Total Debt 75
Total Equity 1,989.14
Total Capital 2,064.14
Debt Weighting 3.63
Equity Weighting 96.37
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 163.67181.70189.64197.99210.13223.75238.25253.70270.14287.64
Operating Cash Flow 77.24104.98100.0487.23113.77114.53121.95129.85138.27147.23
Capital Expenditure -9.58-7.97-8-5.72-6.17-9.08-9.66-10.29-10.96-11.67
Free Cash Flow 67.6697.0192.0481.51107.60105.45112.28119.56127.31135.56
WACC
PV LFCF 98.1397.2496.3595.4794.60
SUM PV LFCF 481.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.46
Free cash flow (t + 1) 138.27
Terminal Value 2,532.46
Present Value of Terminal Value 1,767.29

Intrinsic Value

Enterprise Value 2,249.08
Net Debt -608.24
Equity Value 2,857.32
Shares Outstanding 25.62
Equity Value Per Share 111.53