Discounted Cash Flow (DCF) Analysis Levered
SVB Financial Group (SIVB)
$106.04
0.00 (0.00%)
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 | 2,601.02 | 3,259.50 | 3,919.85 | 5,917 | 5,673 | 6,983.48 | 8,596.69 | 10,582.55 | 13,027.16 | 16,036.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 933.56 | 1,164.13 | 1,445.49 | 1,812 | 2,864 | 2,648.02 | 3,259.72 | 4,012.73 | 4,939.68 | 6,080.76 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -45.86 | -65.48 | -87.41 | -118.38 | -113.50 | -139.72 | -171.99 | -211.72 | -260.63 | -320.84 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 887.70 | 1,098.65 | 1,358.08 | 1,693.62 | 2,750.50 | 2,508.30 | 3,087.73 | 3,801 | 4,679.04 | 5,759.92 |
Weighted Average Cost Of Capital
| Share price | $ 106.04 |
|---|---|
| Beta | 1.569 |
| Diluted Shares Outstanding | 58.52 |
| Cost of Debt | |
| Tax Rate | 30.52 |
| After-tax Cost of Debt | 4.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.907 |
| Total Debt | 19,348 |
| Total Equity | 6,205.57 |
| Total Capital | 25,553.57 |
| Debt Weighting | 75.72 |
| Equity Weighting | 24.28 |
| 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 | 2,601.02 | 3,259.50 | 3,919.85 | 5,917 | 5,673 | 6,983.48 | 8,596.69 | 10,582.55 | 13,027.16 | 16,036.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 933.56 | 1,164.13 | 1,445.49 | 1,812 | 2,864 | 2,648.02 | 3,259.72 | 4,012.73 | 4,939.68 | 6,080.76 |
| Capital Expenditure | -45.86 | -65.48 | -87.41 | -118.38 | -113.50 | -139.72 | -171.99 | -211.72 | -260.63 | -320.84 |
| Free Cash Flow | 887.70 | 1,098.65 | 1,358.08 | 1,693.62 | 2,750.50 | 2,508.30 | 3,087.73 | 3,801 | 4,679.04 | 5,759.92 |
| WACC | ||||||||||
| PV LFCF | 2,369 | 2,754.30 | 3,202.26 | 3,723.07 | 4,328.59 | |||||
| SUM PV LFCF | 16,377.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.88 |
| Free cash flow (t + 1) | 5,875.12 |
| Terminal Value | 151,420.57 |
| Present Value of Terminal Value | 113,792.91 |
Intrinsic Value
| Enterprise Value | 130,170.13 |
|---|---|
| Net Debt | 5,545 |
| Equity Value | 124,625.13 |
| Shares Outstanding | 58.52 |
| Equity Value Per Share | 2,129.58 |