Discounted Cash Flow (DCF) Analysis Levered

TriCo Bancshares (TCBK)

$44.65

-0.65 (-1.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 156.76 | 44.65 | 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 219.87259.36305.39307.72330.92367.33407.75452.61502.41557.69
Revenue (%)
Operating Cash Flow 55.3891.07102.81114.80132.21125.79139.63154.99172.05190.98
Operating Cash Flow (%)
Capital Expenditure -15.16-7.44-4.29-2.81-10-11.10-12.32-13.67-15.18-16.85
Capital Expenditure (%)
Free Cash Flow 40.2283.6398.51111.99122.21114.70127.31141.32156.87174.13

Weighted Average Cost Of Capital

Share price $ 44.65
Beta 0.505
Diluted Shares Outstanding 29.73
Cost of Debt
Tax Rate 28.13
After-tax Cost of Debt 2.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.188
Total Debt 134.45
Total Equity 1,327.32
Total Capital 1,461.77
Debt Weighting 9.20
Equity Weighting 90.80
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 219.87259.36305.39307.72330.92367.33407.75452.61502.41557.69
Operating Cash Flow 55.3891.07102.81114.80132.21125.79139.63154.99172.05190.98
Capital Expenditure -15.16-7.44-4.29-2.81-10-11.10-12.32-13.67-15.18-16.85
Free Cash Flow 40.2283.6398.51111.99122.21114.70127.31141.32156.87174.13
WACC
PV LFCF 108.32113.55119.03124.77130.80
SUM PV LFCF 596.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.89
Free cash flow (t + 1) 177.61
Terminal Value 4,565.92
Present Value of Terminal Value 3,429.68

Intrinsic Value

Enterprise Value 4,026.14
Net Debt -633.98
Equity Value 4,660.11
Shares Outstanding 29.73
Equity Value Per Share 156.76