Discounted Cash Flow (DCF) Analysis Levered
The Bank of N.T. Butterfield & Son ... (NTB)
$31.19
+0.55 (+1.80%)
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 | 448.79 | 511 | 531.89 | 502.65 | 497.61 | 511.86 | 526.51 | 541.58 | 557.08 | 573.03 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 193.36 | 296.35 | 249.65 | 188.15 | 251.35 | 241.55 | 248.46 | 255.58 | 262.89 | 270.42 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -14.78 | -19.84 | -22.78 | -20.57 | -15.72 | -19.15 | -19.70 | -20.26 | -20.84 | -21.44 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 178.58 | 276.51 | 226.87 | 167.58 | 235.62 | 222.40 | 228.76 | 235.31 | 242.05 | 248.98 |
Weighted Average Cost Of Capital
Share price | $ 31.19 |
---|---|
Beta | 1.392 |
Diluted Shares Outstanding | 50.58 |
Cost of Debt | |
Tax Rate | 1.88 |
After-tax Cost of Debt | 14.32% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.088 |
Total Debt | 171.88 |
Total Equity | 1,577.72 |
Total Capital | 1,749.60 |
Debt Weighting | 9.82 |
Equity Weighting | 90.18 |
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 | 448.79 | 511 | 531.89 | 502.65 | 497.61 | 511.86 | 526.51 | 541.58 | 557.08 | 573.03 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 193.36 | 296.35 | 249.65 | 188.15 | 251.35 | 241.55 | 248.46 | 255.58 | 262.89 | 270.42 |
Capital Expenditure | -14.78 | -19.84 | -22.78 | -20.57 | -15.72 | -19.15 | -19.70 | -20.26 | -20.84 | -21.44 |
Free Cash Flow | 178.58 | 276.51 | 226.87 | 167.58 | 235.62 | 222.40 | 228.76 | 235.31 | 242.05 | 248.98 |
WACC | ||||||||||
PV LFCF | 201.27 | 187.35 | 174.40 | 162.35 | 151.13 | |||||
SUM PV LFCF | 876.50 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.50 |
Free cash flow (t + 1) | 253.96 |
Terminal Value | 2,987.71 |
Present Value of Terminal Value | 1,813.54 |
Intrinsic Value
Enterprise Value | 2,690.04 |
---|---|
Net Debt | -2,007.96 |
Equity Value | 4,698 |
Shares Outstanding | 50.58 |
Equity Value Per Share | 92.87 |