Discounted Cash Flow (DCF) Analysis Unlevered

Federal Agricultural Mortgage Corpo... (AGM-PC)

$27.37

+0.38 (+1.39%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,696.93 | 27.37 | overvalue

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 175.16186.18194.08206.89238.84258.30279.33302.08326.69353.30
Revenue (%)
EBITDA 373.74505.87610.61450.38371.63605.96655.31708.69766.41828.83
EBITDA (%)
EBIT -----605.96655.31708.69766.41828.83
EBIT (%)
Depreciation ----------
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 7,989.348,617.6010,707.2511,835.3311,073.7412,947.8014,002.3815,142.8516,376.2217,710.04
Total Cash (%)
Account Receivables 195.17220.45237.64223.54222.89286.01309.30334.50361.74391.21
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 89.50108.63129.04121.62163.42156.60169.35183.15198.06214.20
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27.37
Beta 0.951
Diluted Shares Outstanding 28.02
Cost of Debt
Tax Rate 21.09
After-tax Cost of Debt 0.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.178
Total Debt 23,697.53
Total Equity 766.89
Total Capital 24,464.42
Debt Weighting 96.87
Equity Weighting 3.13
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 175.16186.18194.08206.89238.84258.30279.33302.08326.69353.30
EBITDA 373.74505.87610.61450.38371.63605.96655.31708.69766.41828.83
EBIT -----605.96655.31708.69766.41828.83
Tax Rate 35.35%20.54%20.99%20.94%21.09%23.79%23.79%23.79%23.79%23.79%
EBIAT -----461.83499.44540.12584.12631.69
Depreciation ----------
Accounts Receivable --25.27-17.1914.090.65-63.12-23.30-25.19-27.24-29.46
Inventories ----------
Accounts Payable -19.1420.41-7.4241.80-6.8212.7513.7914.9216.13
Capital Expenditure ----------
UFCF -----391.89488.90528.72571.79618.36
WACC
PV UFCF 388.36480.13514.55551.44590.98
SUM PV UFCF 2,525.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 0.91
Free cash flow (t + 1) 630.73
Terminal Value -57,864.91
Present Value of Terminal Value -55,302.44

Intrinsic Value

Enterprise Value -52,776.98
Net Debt 22,788.75
Equity Value -75,565.73
Shares Outstanding 28.02
Equity Value Per Share -2,696.93