Discounted Cash Flow (DCF) Analysis Levered
Trustmark Corporation (TRMK)
$23.06
-0.03 (-0.11%)
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 | 535.50 | 536.41 | 610.08 | 543.66 | 554.18 | 561.04 | 567.99 | 575.02 | 582.14 | 589.34 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 239.20 | 116.45 | 65.35 | 348.77 | 0.19 | 158.52 | 160.48 | 162.47 | 164.48 | 166.52 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -27.84 | -30.74 | -30.83 | -31.20 | -30.09 | -30.47 | -30.84 | -31.22 | -31.61 | -32 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 211.36 | 85.71 | 34.52 | 317.57 | -29.90 | 128.06 | 129.64 | 131.25 | 132.87 | 134.52 |
Weighted Average Cost Of Capital
Share price | $ 23.06 |
---|---|
Beta | 0.777 |
Diluted Shares Outstanding | 63.65 |
Cost of Debt | |
Tax Rate | 16.50 |
After-tax Cost of Debt | 25.58% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.412 |
Total Debt | 38.93 |
Total Equity | 1,467.67 |
Total Capital | 1,506.60 |
Debt Weighting | 2.58 |
Equity Weighting | 97.42 |
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 | 535.50 | 536.41 | 610.08 | 543.66 | 554.18 | 561.04 | 567.99 | 575.02 | 582.14 | 589.34 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 239.20 | 116.45 | 65.35 | 348.77 | 0.19 | 158.52 | 160.48 | 162.47 | 164.48 | 166.52 |
Capital Expenditure | -27.84 | -30.74 | -30.83 | -31.20 | -30.09 | -30.47 | -30.84 | -31.22 | -31.61 | -32 |
Free Cash Flow | 211.36 | 85.71 | 34.52 | 317.57 | -29.90 | 128.06 | 129.64 | 131.25 | 132.87 | 134.52 |
WACC | ||||||||||
PV LFCF | 118.70 | 111.39 | 104.54 | 98.10 | 92.06 | |||||
SUM PV LFCF | 524.79 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.88 |
Free cash flow (t + 1) | 137.21 |
Terminal Value | 2,333.44 |
Present Value of Terminal Value | 1,596.95 |
Intrinsic Value
Enterprise Value | 2,121.75 |
---|---|
Net Debt | -695.86 |
Equity Value | 2,817.60 |
Shares Outstanding | 63.65 |
Equity Value Per Share | 44.27 |