Discounted Cash Flow (DCF) Analysis Levered
United Community Banks, Inc. (UCBI)
$24.69
+0.36 (+1.48%)
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 | 531.71 | 574.11 | 639.36 | 686.51 | 868.13 | 983.53 | 1,114.26 | 1,262.37 | 1,430.17 | 1,620.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 270.01 | 153.93 | 158.68 | 359.32 | 607.31 | 442.01 | 500.77 | 567.33 | 642.74 | 728.18 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -17.62 | -20.94 | -18.46 | -26.48 | -42.70 | -36.64 | -41.51 | -47.02 | -53.28 | -60.36 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 252.39 | 132.99 | 140.22 | 332.84 | 564.60 | 405.37 | 459.26 | 520.30 | 589.47 | 667.82 |
Weighted Average Cost Of Capital
| Share price | $ 24.69 |
|---|---|
| Beta | 1.028 |
| Diluted Shares Outstanding | 106.78 |
| Cost of Debt | |
| Tax Rate | 22.06 |
| After-tax Cost of Debt | 4.58% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.087 |
| Total Debt | 1,033.60 |
| Total Equity | 2,636.35 |
| Total Capital | 3,669.94 |
| Debt Weighting | 28.16 |
| Equity Weighting | 71.84 |
| 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 | 531.71 | 574.11 | 639.36 | 686.51 | 868.13 | 983.53 | 1,114.26 | 1,262.37 | 1,430.17 | 1,620.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 270.01 | 153.93 | 158.68 | 359.32 | 607.31 | 442.01 | 500.77 | 567.33 | 642.74 | 728.18 |
| Capital Expenditure | -17.62 | -20.94 | -18.46 | -26.48 | -42.70 | -36.64 | -41.51 | -47.02 | -53.28 | -60.36 |
| Free Cash Flow | 252.39 | 132.99 | 140.22 | 332.84 | 564.60 | 405.37 | 459.26 | 520.30 | 589.47 | 667.82 |
| WACC | ||||||||||
| PV LFCF | 375.97 | 395.06 | 415.11 | 436.18 | 458.31 | |||||
| SUM PV LFCF | 2,080.62 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.82 |
| Free cash flow (t + 1) | 681.18 |
| Terminal Value | 11,704.06 |
| Present Value of Terminal Value | 8,032.30 |
Intrinsic Value
| Enterprise Value | 10,112.93 |
|---|---|
| Net Debt | 521.74 |
| Equity Value | 9,591.18 |
| Shares Outstanding | 106.78 |
| Equity Value Per Share | 89.82 |