Discounted Cash Flow (DCF) Analysis Levered

Peapack-Gladstone Financial Corpora... (PGC)

$27.28

-0.90 (-3.19%)

All numbers are in Millions, Currency in USD

Stock DCF: 144.03 | 27.28 | undervalue

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	156.70	174.97	189.36	210.30	242.50	270.54	301.82	336.71	375.65	419.08
Revenue (%)
Operating Cash Flow	64.25	86.30	36.72	75.46	118.90	105.31	117.48	131.07	146.22	163.13
Operating Cash Flow (%)
Capital Expenditure	-1.06	-1.71	-3.08	-3.93	-3.52	-3.57	-3.98	-4.44	-4.95	-5.53
Capital Expenditure (%)
Free Cash Flow	63.19	84.59	33.64	71.54	115.38	101.74	113.50	126.63	141.27	157.60

Weighted Average Cost Of Capital

Share price	$ 27.28
Beta	1.026
Diluted Shares Outstanding	18.57
Cost of Debt
Tax Rate	27.45
After-tax Cost of Debt	4.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.534
Total Debt	530.92
Total Equity	506.54
Total Capital	1,037.45
Debt Weighting	51.17
Equity Weighting	48.83
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	156.70	174.97	189.36	210.30	242.50	270.54	301.82	336.71	375.65	419.08
Operating Cash Flow	64.25	86.30	36.72	75.46	118.90	105.31	117.48	131.07	146.22	163.13
Capital Expenditure	-1.06	-1.71	-3.08	-3.93	-3.52	-3.57	-3.98	-4.44	-4.95	-5.53
Free Cash Flow	63.19	84.59	33.64	71.54	115.38	101.74	113.50	126.63	141.27	157.60
WACC
PV LFCF						95.38	99.75	104.33	109.11	114.12
SUM PV LFCF										522.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.67
Free cash flow (t + 1)	160.75
Terminal Value	3,442.28
Present Value of Terminal Value	2,492.50

Intrinsic Value

Enterprise Value	3,015.18
Net Debt	340.84
Equity Value	2,674.34
Shares Outstanding	18.57
Equity Value Per Share	144.03