Discounted Cash Flow (DCF) Analysis Levered
Stifel Financial Corp. (SF)
$68.56
+0.94 (+1.39%)
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 | 2,882.30 | 2,982.91 | 3,293.02 | 3,696.10 | 4,677.41 | 5,293.39 | 5,990.49 | 6,779.39 | 7,672.19 | 8,682.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 662.35 | 529.53 | 626.86 | 1,661.82 | 872.09 | 1,306.13 | 1,478.14 | 1,672.80 | 1,893.10 | 2,142.40 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -28.22 | -108.21 | -157.90 | -73.36 | -188.18 | -163.14 | -184.62 | -208.93 | -236.45 | -267.59 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 634.13 | 421.32 | 468.96 | 1,588.45 | 683.92 | 1,143 | 1,293.52 | 1,463.87 | 1,656.65 | 1,874.82 |
Weighted Average Cost Of Capital
| Share price | $ 68.56 |
|---|---|
| Beta | 1.268 |
| Diluted Shares Outstanding | 114.57 |
| Cost of Debt | |
| Tax Rate | 22.70 |
| After-tax Cost of Debt | 3.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.362 |
| Total Debt | 1,173.48 |
| Total Equity | 7,855.12 |
| Total Capital | 9,028.60 |
| Debt Weighting | 13.00 |
| Equity Weighting | 87.00 |
| 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 | 2,882.30 | 2,982.91 | 3,293.02 | 3,696.10 | 4,677.41 | 5,293.39 | 5,990.49 | 6,779.39 | 7,672.19 | 8,682.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 662.35 | 529.53 | 626.86 | 1,661.82 | 872.09 | 1,306.13 | 1,478.14 | 1,672.80 | 1,893.10 | 2,142.40 |
| Capital Expenditure | -28.22 | -108.21 | -157.90 | -73.36 | -188.18 | -163.14 | -184.62 | -208.93 | -236.45 | -267.59 |
| Free Cash Flow | 634.13 | 421.32 | 468.96 | 1,588.45 | 683.92 | 1,143 | 1,293.52 | 1,463.87 | 1,656.65 | 1,874.82 |
| WACC | ||||||||||
| PV LFCF | 1,053.07 | 1,097.98 | 1,144.81 | 1,193.63 | 1,244.54 | |||||
| SUM PV LFCF | 5,734.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.54 |
| Free cash flow (t + 1) | 1,912.31 |
| Terminal Value | 29,240.28 |
| Present Value of Terminal Value | 19,410.31 |
Intrinsic Value
| Enterprise Value | 25,144.34 |
|---|---|
| Net Debt | -789.85 |
| Equity Value | 25,934.19 |
| Shares Outstanding | 114.57 |
| Equity Value Per Share | 226.36 |