Discounted Cash Flow (DCF) Analysis Levered

Park National Corporation (PRK)

$127.98

+1.18 (+0.93%)
All numbers are in Millions, Currency in USD
Stock DCF: 218.06 | 127.98 | 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 324.39368394.93453.29459.84502.35548.80599.53654.96715.52
Revenue (%)
Operating Cash Flow 87.99132.95111.01111.65157.33150.91164.87180.11196.76214.95
Operating Cash Flow (%)
Capital Expenditure -7.02-11.53-14.88-28.63-14.09-18.53-20.25-22.12-24.17-26.40
Capital Expenditure (%)
Free Cash Flow 80.97121.4296.1383.01143.24132.38144.62157.99172.60188.55

Weighted Average Cost Of Capital

Share price $ 127.98
Beta 0.744
Diluted Shares Outstanding 16.31
Cost of Debt
Tax Rate 18.22
After-tax Cost of Debt 3.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.218
Total Debt 427
Total Equity 2,087.89
Total Capital 2,514.89
Debt Weighting 16.98
Equity Weighting 83.02
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 324.39368394.93453.29459.84502.35548.80599.53654.96715.52
Operating Cash Flow 87.99132.95111.01111.65157.33150.91164.87180.11196.76214.95
Capital Expenditure -7.02-11.53-14.88-28.63-14.09-18.53-20.25-22.12-24.17-26.40
Free Cash Flow 80.97121.4296.1383.01143.24132.38144.62157.99172.60188.55
WACC
PV LFCF 124.29127.48130.75134.11137.56
SUM PV LFCF 654.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.51
Free cash flow (t + 1) 192.32
Terminal Value 4,264.39
Present Value of Terminal Value 3,111.03

Intrinsic Value

Enterprise Value 3,765.22
Net Debt 207.82
Equity Value 3,557.41
Shares Outstanding 16.31
Equity Value Per Share 218.06