Discounted Cash Flow (DCF) Analysis Levered
New York Community Bancorp, Inc. (NYCB)
$10.825
+0.27 (+2.51%)
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 | 1,122.55 | 1,026.33 | 1,161.22 | 1,350 | 2,092 | 2,488.39 | 2,959.88 | 3,520.72 | 4,187.81 | 4,981.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 540.35 | 509.75 | 334.20 | 290 | 1,026 | 980.97 | 1,166.84 | 1,387.93 | 1,650.91 | 1,963.72 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -9.85 | -9 | -10.19 | -11.84 | -18.35 | -21.83 | -25.96 | -30.88 | -36.74 | -43.70 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 530.51 | 500.75 | 324.01 | 278.16 | 1,007.65 | 959.14 | 1,140.87 | 1,357.04 | 1,614.17 | 1,920.02 |
Weighted Average Cost Of Capital
| Share price | $ 10.825 |
|---|---|
| Beta | 1.051 |
| Diluted Shares Outstanding | 463.28 |
| Cost of Debt | |
| Tax Rate | 25.30 |
| After-tax Cost of Debt | 3.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.656 |
| Total Debt | - |
| Total Equity | 5,015.02 |
| Total Capital | 5,015.02 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 1,122.55 | 1,026.33 | 1,161.22 | 1,350 | 2,092 | 2,488.39 | 2,959.88 | 3,520.72 | 4,187.81 | 4,981.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 540.35 | 509.75 | 334.20 | 290 | 1,026 | 980.97 | 1,166.84 | 1,387.93 | 1,650.91 | 1,963.72 |
| Capital Expenditure | -9.85 | -9 | -10.19 | -11.84 | -18.35 | -21.83 | -25.96 | -30.88 | -36.74 | -43.70 |
| Free Cash Flow | 530.51 | 500.75 | 324.01 | 278.16 | 1,007.65 | 959.14 | 1,140.87 | 1,357.04 | 1,614.17 | 1,920.02 |
| WACC | ||||||||||
| PV LFCF | 882.70 | 966.27 | 1,057.75 | 1,157.90 | 1,267.53 | |||||
| SUM PV LFCF | 5,332.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.66 |
| Free cash flow (t + 1) | 1,958.42 |
| Terminal Value | 29,405.78 |
| Present Value of Terminal Value | 19,412.62 |
Intrinsic Value
| Enterprise Value | 24,744.77 |
|---|---|
| Net Debt | -2,032 |
| Equity Value | 26,776.77 |
| Shares Outstanding | 463.28 |
| Equity Value Per Share | 57.80 |