Discounted Cash Flow (DCF) Analysis Levered
United Bankshares, Inc. (UBSI)
$26.84
-0.05 (-0.19%)
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 | 717.36 | 732.14 | 1,036.75 | 1,008.58 | 1,031.61 | 1,143.11 | 1,266.66 | 1,403.56 | 1,555.26 | 1,723.36 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 292.53 | 147.69 | 140.45 | 609.54 | 760.82 | 477.10 | 528.67 | 585.81 | 649.12 | 719.28 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -5.78 | -11.08 | -19.03 | -15.38 | -16.86 | -16.72 | -18.53 | -20.53 | -22.75 | -25.21 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 286.76 | 136.61 | 121.42 | 594.16 | 743.96 | 460.38 | 510.14 | 565.28 | 626.37 | 694.07 |
Weighted Average Cost Of Capital
Share price | $ 26.84 |
---|---|
Beta | 1.049 |
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 | 9.579 |
Total Debt | 2,434.10 |
Total Equity | 3,223.22 |
Total Capital | 5,657.32 |
Debt Weighting | 43.03 |
Equity Weighting | 56.97 |
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 | 717.36 | 732.14 | 1,036.75 | 1,008.58 | 1,031.61 | 1,143.11 | 1,266.66 | 1,403.56 | 1,555.26 | 1,723.36 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 292.53 | 147.69 | 140.45 | 609.54 | 760.82 | 477.10 | 528.67 | 585.81 | 649.12 | 719.28 |
Capital Expenditure | -5.78 | -11.08 | -19.03 | -15.38 | -16.86 | -16.72 | -18.53 | -20.53 | -22.75 | -25.21 |
Free Cash Flow | 286.76 | 136.61 | 121.42 | 594.16 | 743.96 | 460.38 | 510.14 | 565.28 | 626.37 | 694.07 |
WACC | ||||||||||
PV LFCF | 430.54 | 446.16 | 462.34 | 479.11 | 496.48 | |||||
SUM PV LFCF | 2,314.64 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.93 |
Free cash flow (t + 1) | 707.95 |
Terminal Value | 14,360.08 |
Present Value of Terminal Value | 10,272.09 |
Intrinsic Value
Enterprise Value | 12,586.73 |
---|---|
Net Debt | 1,257.45 |
Equity Value | 11,329.28 |
Shares Outstanding | 120.09 |
Equity Value Per Share | 94.34 |