Discounted Cash Flow (DCF) Analysis Levered
Park National Corporation (PRK)
$137.43
+2.85 (+2.12%)
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 | 324.39 | 368 | 394.93 | 453.29 | 459.84 | 502.35 | 548.80 | 599.53 | 654.96 | 715.52 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 87.99 | 132.95 | 111.01 | 111.65 | 157.33 | 150.91 | 164.87 | 180.11 | 196.76 | 214.95 |
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 | 80.97 | 121.42 | 96.13 | 83.01 | 143.24 | 132.38 | 144.62 | 157.99 | 172.60 | 188.55 |
Weighted Average Cost Of Capital
Share price | $ 137.43 |
---|---|
Beta | 0.763 |
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 | 6.450 |
Total Debt | 427 |
Total Equity | 2,242.06 |
Total Capital | 2,669.06 |
Debt Weighting | 16.00 |
Equity Weighting | 84.00 |
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 | 324.39 | 368 | 394.93 | 453.29 | 459.84 | 502.35 | 548.80 | 599.53 | 654.96 | 715.52 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 87.99 | 132.95 | 111.01 | 111.65 | 157.33 | 150.91 | 164.87 | 180.11 | 196.76 | 214.95 |
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 | 80.97 | 121.42 | 96.13 | 83.01 | 143.24 | 132.38 | 144.62 | 157.99 | 172.60 | 188.55 |
WACC | ||||||||||
PV LFCF | 124.99 | 128.93 | 132.99 | 137.18 | 141.50 | |||||
SUM PV LFCF | 665.58 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.91 |
Free cash flow (t + 1) | 192.32 |
Terminal Value | 4,918.77 |
Present Value of Terminal Value | 3,691.23 |
Intrinsic Value
Enterprise Value | 4,356.82 |
---|---|
Net Debt | 207.82 |
Equity Value | 4,149 |
Shares Outstanding | 16.31 |
Equity Value Per Share | 254.32 |