Discounted Cash Flow (DCF) Analysis Levered

UMB Financial Corporation (UMBF)

$84.29

-0.89 (-1.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 331.83 | 84.29 | 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 920.67947.651,027.731,218.231,195.991,279.981,369.871,466.071,569.031,679.21
Revenue (%)
Operating Cash Flow 326.53297.10341.42373.60534.08448.92480.44514.18550.29588.94
Operating Cash Flow (%)
Capital Expenditure -36.45-57.94-72.31-60.22-33.69-63.66-68.13-72.92-78.04-83.52
Capital Expenditure (%)
Free Cash Flow 290.08239.16269.11313.38500.40385.26412.31441.27472.26505.42

Weighted Average Cost Of Capital

Share price $ 84.29
Beta 0.907
Diluted Shares Outstanding 48.34
Cost of Debt
Tax Rate 17.72
After-tax Cost of Debt 13.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.087
Total Debt 271.54
Total Equity 4,074.89
Total Capital 4,346.44
Debt Weighting 6.25
Equity Weighting 93.75
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 920.67947.651,027.731,218.231,195.991,279.981,369.871,466.071,569.031,679.21
Operating Cash Flow 326.53297.10341.42373.60534.08448.92480.44514.18550.29588.94
Capital Expenditure -36.45-57.94-72.31-60.22-33.69-63.66-68.13-72.92-78.04-83.52
Free Cash Flow 290.08239.16269.11313.38500.40385.26412.31441.27472.26505.42
WACC
PV LFCF 355.24350.56345.95341.40336.90
SUM PV LFCF 1,730.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.45
Free cash flow (t + 1) 515.53
Terminal Value 7,992.69
Present Value of Terminal Value 5,327.77

Intrinsic Value

Enterprise Value 7,057.82
Net Debt -8,984.18
Equity Value 16,042
Shares Outstanding 48.34
Equity Value Per Share 331.83