Discounted Cash Flow (DCF) Analysis Levered

Nicolet Bankshares, Inc. (NCBS)

$75.35

+0.26 (+0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 286.41 | 75.35 | 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 133.38146.16169.90193.23225.32256.95293.03334.17381.09434.60
Revenue (%)
Operating Cash Flow 40.7150.9958.1478.9097.6594.46107.72122.84140.09159.76
Operating Cash Flow (%)
Capital Expenditure -3.74-4.26-4.39-10.79-7.82-8.92-10.17-11.60-13.23-15.09
Capital Expenditure (%)
Free Cash Flow 36.9846.7353.7568.1189.8385.5497.55111.24126.86144.67

Weighted Average Cost Of Capital

Share price $ 75.35
Beta 0.664
Diluted Shares Outstanding 11.14
Cost of Debt
Tax Rate 25.23
After-tax Cost of Debt 4.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.097
Total Debt 216.91
Total Equity 839.78
Total Capital 1,056.69
Debt Weighting 20.53
Equity Weighting 79.47
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 133.38146.16169.90193.23225.32256.95293.03334.17381.09434.60
Operating Cash Flow 40.7150.9958.1478.9097.6594.46107.72122.84140.09159.76
Capital Expenditure -3.74-4.26-4.39-10.79-7.82-8.92-10.17-11.60-13.23-15.09
Free Cash Flow 36.9846.7353.7568.1189.8385.5497.55111.24126.86144.67
WACC
PV LFCF 80.2485.8491.8398.24105.10
SUM PV LFCF 461.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.60
Free cash flow (t + 1) 147.57
Terminal Value 3,207.97
Present Value of Terminal Value 2,330.47

Intrinsic Value

Enterprise Value 2,791.73
Net Debt -400.30
Equity Value 3,192.03
Shares Outstanding 11.14
Equity Value Per Share 286.41