Discounted Cash Flow (DCF) Analysis Unlevered

Ameris Bancorp (ABCB)

$50.18

+0.39 (+0.78%)
All numbers are in Millions, Currency in USD
Stock DCF: 294.18 | 50.18 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 361.09457.79699.201,079.151,017.331,343.201,773.452,341.523,091.544,081.81
Revenue (%)
EBITDA 171.63240.95383.91484.10558.86684.67903.991,193.551,575.862,080.63
EBITDA (%)
EBIT 158.50221.42342.81428.99510.83621.26820.251,082.991,429.901,887.91
EBIT (%)
Depreciation 13.1319.5341.1055.1148.0363.4283.73110.55145.96192.72
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1,141.521,847.712,001.093,080.43857.433,695.634,879.416,442.368,505.9511,230.54
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -3.76-10.01-11.58-18.12-16.69-22.04-29.10-38.42-50.72-66.97
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 50.18
Beta 1.156
Diluted Shares Outstanding 69.43
Cost of Debt
Tax Rate 24.03
After-tax Cost of Debt 4.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.986
Total Debt 866.21
Total Equity 3,483.81
Total Capital 4,350.01
Debt Weighting 19.91
Equity Weighting 80.09
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 361.09457.79699.201,079.151,017.331,343.201,773.452,341.523,091.544,081.81
EBITDA 171.63240.95383.91484.10558.86684.67903.991,193.551,575.862,080.63
EBIT 158.50221.42342.81428.99510.83621.26820.251,082.991,429.901,887.91
Tax Rate 40.82%20.11%23.70%23.00%24.03%26.33%26.33%26.33%26.33%26.33%
EBIAT 93.80176.90261.57330.33388.09457.67604.27797.831,053.391,390.80
Depreciation 13.1319.5341.1055.1148.0363.4283.73110.55145.96192.72
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -3.76-10.01-11.58-18.12-16.69-22.04-29.10-38.42-50.72-66.97
UFCF 103.17186.42291.09367.32419.44499.05658.91869.961,148.631,516.55
WACC
PV UFCF 461.96564.59690.03843.341,030.71
SUM PV UFCF 3,590.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.03
Free cash flow (t + 1) 1,546.88
Terminal Value 25,653.13
Present Value of Terminal Value 17,434.86

Intrinsic Value

Enterprise Value 21,025.49
Net Debt 601.40
Equity Value 20,424.09
Shares Outstanding 69.43
Equity Value Per Share 294.18