Discounted Cash Flow (DCF) Analysis Unlevered
Ameris Bancorp (ABCB)
$50.18
+0.39 (+0.78%)
All numbers are in Millions, Currency in USD
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 | 361.09 | 457.79 | 699.20 | 1,079.15 | 1,017.33 | 1,343.20 | 1,773.45 | 2,341.52 | 3,091.54 | 4,081.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 171.63 | 240.95 | 383.91 | 484.10 | 558.86 | 684.67 | 903.99 | 1,193.55 | 1,575.86 | 2,080.63 |
| EBITDA (%) | ||||||||||
| EBIT | 158.50 | 221.42 | 342.81 | 428.99 | 510.83 | 621.26 | 820.25 | 1,082.99 | 1,429.90 | 1,887.91 |
| EBIT (%) | ||||||||||
| Depreciation | 13.13 | 19.53 | 41.10 | 55.11 | 48.03 | 63.42 | 83.73 | 110.55 | 145.96 | 192.72 |
| 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 | 1,141.52 | 1,847.71 | 2,001.09 | 3,080.43 | 857.43 | 3,695.63 | 4,879.41 | 6,442.36 | 8,505.95 | 11,230.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 361.09 | 457.79 | 699.20 | 1,079.15 | 1,017.33 | 1,343.20 | 1,773.45 | 2,341.52 | 3,091.54 | 4,081.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 171.63 | 240.95 | 383.91 | 484.10 | 558.86 | 684.67 | 903.99 | 1,193.55 | 1,575.86 | 2,080.63 |
| EBIT | 158.50 | 221.42 | 342.81 | 428.99 | 510.83 | 621.26 | 820.25 | 1,082.99 | 1,429.90 | 1,887.91 |
| Tax Rate | 40.82% | 20.11% | 23.70% | 23.00% | 24.03% | 26.33% | 26.33% | 26.33% | 26.33% | 26.33% |
| EBIAT | 93.80 | 176.90 | 261.57 | 330.33 | 388.09 | 457.67 | 604.27 | 797.83 | 1,053.39 | 1,390.80 |
| Depreciation | 13.13 | 19.53 | 41.10 | 55.11 | 48.03 | 63.42 | 83.73 | 110.55 | 145.96 | 192.72 |
| 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 | 103.17 | 186.42 | 291.09 | 367.32 | 419.44 | 499.05 | 658.91 | 869.96 | 1,148.63 | 1,516.55 |
| WACC | ||||||||||
| PV UFCF | 461.96 | 564.59 | 690.03 | 843.34 | 1,030.71 | |||||
| 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 |