Discounted Cash Flow (DCF) Analysis Levered
WesBanco, Inc. (WSBC)
$31.43
+0.64 (+2.08%)
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 | 441.79 | 509.69 | 599.30 | 590.72 | 591.70 | 638.57 | 689.16 | 743.74 | 802.66 | 866.24 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 191.56 | 163.36 | 59.61 | 336.30 | 204.14 | 225.78 | 243.67 | 262.97 | 283.80 | 306.28 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -4.67 | -12.20 | -7.55 | -9.28 | -9.29 | -10.03 | -10.82 | -11.68 | -12.60 | -13.60 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 186.89 | 151.16 | 52.06 | 327.02 | 194.85 | 215.76 | 232.85 | 251.29 | 271.20 | 292.68 |
Weighted Average Cost Of Capital
Share price | $ 31.43 |
---|---|
Beta | 0.940 |
Diluted Shares Outstanding | 67.31 |
Cost of Debt | |
Tax Rate | 18.73 |
After-tax Cost of Debt | 2.85% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.819 |
Total Debt | 1,121.47 |
Total Equity | 2,115.57 |
Total Capital | 3,237.04 |
Debt Weighting | 34.64 |
Equity Weighting | 65.36 |
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 | 441.79 | 509.69 | 599.30 | 590.72 | 591.70 | 638.57 | 689.16 | 743.74 | 802.66 | 866.24 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 191.56 | 163.36 | 59.61 | 336.30 | 204.14 | 225.78 | 243.67 | 262.97 | 283.80 | 306.28 |
Capital Expenditure | -4.67 | -12.20 | -7.55 | -9.28 | -9.29 | -10.03 | -10.82 | -11.68 | -12.60 | -13.60 |
Free Cash Flow | 186.89 | 151.16 | 52.06 | 327.02 | 194.85 | 215.76 | 232.85 | 251.29 | 271.20 | 292.68 |
WACC | ||||||||||
PV LFCF | 203.35 | 206.84 | 210.39 | 214 | 217.68 | |||||
SUM PV LFCF | 1,052.27 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.10 |
Free cash flow (t + 1) | 298.53 |
Terminal Value | 7,281.23 |
Present Value of Terminal Value | 5,415.37 |
Intrinsic Value
Enterprise Value | 6,467.63 |
---|---|
Net Debt | 713.06 |
Equity Value | 5,754.57 |
Shares Outstanding | 67.31 |
Equity Value Per Share | 85.49 |