Discounted Cash Flow (DCF) Analysis Levered
United Bankshares, Inc. (UBSI)
$32.2
+2.14 (+7.12%)
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 | 712.62 | 726.53 | 1,031.12 | 1,006.87 | 1,031.61 | 1,145.04 | 1,270.94 | 1,410.69 | 1,565.80 | 1,737.96 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 292.53 | 147.69 | 140.45 | 609.54 | 760.82 | 479.29 | 531.99 | 590.48 | 655.41 | 727.47 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -5.78 | -11.08 | -19.03 | -15.38 | -14.72 | -16.34 | -18.14 | -20.13 | -22.35 | -24.80 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 286.76 | 136.61 | 121.42 | 594.16 | 746.10 | 462.95 | 513.85 | 570.35 | 633.06 | 702.67 |
Weighted Average Cost Of Capital
Share price | $ 32.2 |
---|---|
Beta | 1.045 |
Diluted Shares Outstanding | 120.09 |
Cost of Debt | |
Tax Rate | 20.95 |
After-tax Cost of Debt | 3.43% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.670 |
Total Debt | 2,434.10 |
Total Equity | 3,866.91 |
Total Capital | 6,301.01 |
Debt Weighting | 38.63 |
Equity Weighting | 61.37 |
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 | 712.62 | 726.53 | 1,031.12 | 1,006.87 | 1,031.61 | 1,145.04 | 1,270.94 | 1,410.69 | 1,565.80 | 1,737.96 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 292.53 | 147.69 | 140.45 | 609.54 | 760.82 | 479.29 | 531.99 | 590.48 | 655.41 | 727.47 |
Capital Expenditure | -5.78 | -11.08 | -19.03 | -15.38 | -14.72 | -16.34 | -18.14 | -20.13 | -22.35 | -24.80 |
Free Cash Flow | 286.76 | 136.61 | 121.42 | 594.16 | 746.10 | 462.95 | 513.85 | 570.35 | 633.06 | 702.67 |
WACC | ||||||||||
PV LFCF | 434.08 | 451.77 | 470.17 | 489.33 | 509.27 | |||||
SUM PV LFCF | 2,354.61 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.65 |
Free cash flow (t + 1) | 716.72 |
Terminal Value | 15,413.32 |
Present Value of Terminal Value | 11,171 |
Intrinsic Value
Enterprise Value | 13,525.61 |
---|---|
Net Debt | 1,257.45 |
Equity Value | 12,268.16 |
Shares Outstanding | 120.09 |
Equity Value Per Share | 102.16 |