Discounted Cash Flow (DCF) Analysis Unlevered
Associated Banc-Corp (ASB)
$18.5
+0.24 (+1.31%)
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 | 1,073.90 | 1,235.15 | 1,207.64 | 1,256.97 | 1,049.04 | 1,049.91 | 1,050.77 | 1,051.64 | 1,052.51 | 1,053.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 543.16 | 753.91 | 823.97 | 560.28 | 583.43 | 588.02 | 588.51 | 589 | 589.48 | 589.97 |
| EBITDA (%) | ||||||||||
| EBIT | 484.15 | 687.91 | 743.45 | 476.85 | 508.64 | 522.36 | 522.79 | 523.22 | 523.65 | 524.08 |
| EBIT (%) | ||||||||||
| Depreciation | 59.01 | 66.01 | 80.53 | 83.42 | 74.79 | 65.67 | 65.72 | 65.78 | 65.83 | 65.89 |
| 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 | 4,726.81 | 4,676.92 | 3,843.59 | 3,800.35 | 5,357.53 | 4,094.91 | 4,098.30 | 4,101.68 | 4,105.07 | 4,108.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | 90.26 | 80.53 | 77.99 | 78.06 | 78.12 | 78.19 | 78.25 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -47.37 | -65.85 | -67.46 | -54.88 | -52.28 | -51.82 | -51.86 | -51.91 | -51.95 | -51.99 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 18.5 |
|---|---|
| Beta | 1.034 |
| Diluted Shares Outstanding | 153.64 |
| Cost of Debt | |
| Tax Rate | 19.55 |
| After-tax Cost of Debt | 3.06% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.772 |
| Total Debt | 1,905.10 |
| Total Equity | 2,842.38 |
| Total Capital | 4,747.48 |
| Debt Weighting | 40.13 |
| Equity Weighting | 59.87 |
| 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 | 1,073.90 | 1,235.15 | 1,207.64 | 1,256.97 | 1,049.04 | 1,049.91 | 1,050.77 | 1,051.64 | 1,052.51 | 1,053.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 543.16 | 753.91 | 823.97 | 560.28 | 583.43 | 588.02 | 588.51 | 589 | 589.48 | 589.97 |
| EBIT | 484.15 | 687.91 | 743.45 | 476.85 | 508.64 | 522.36 | 522.79 | 523.22 | 523.65 | 524.08 |
| Tax Rate | 32.32% | 19.30% | 19.61% | 6.18% | 19.55% | 19.39% | 19.39% | 19.39% | 19.39% | 19.39% |
| EBIAT | 327.65 | 555.12 | 597.65 | 447.39 | 409.18 | 421.05 | 421.40 | 421.75 | 422.10 | 422.45 |
| Depreciation | 59.01 | 66.01 | 80.53 | 83.42 | 74.79 | 65.67 | 65.72 | 65.78 | 65.83 | 65.89 |
| Accounts Receivable | - | - | - | - | 9.74 | 2.53 | -0.06 | -0.06 | -0.06 | -0.06 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -47.37 | -65.85 | -67.46 | -54.88 | -52.28 | -51.82 | -51.86 | -51.91 | -51.95 | -51.99 |
| UFCF | 339.30 | 555.27 | 610.72 | 475.93 | 441.43 | 437.43 | 435.19 | 435.55 | 435.91 | 436.27 |
| WACC | ||||||||||
| PV UFCF | 413.14 | 388.20 | 366.94 | 346.85 | 327.86 | |||||
| SUM PV UFCF | 1,843 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.88 |
| Free cash flow (t + 1) | 445 |
| Terminal Value | 11,469.05 |
| Present Value of Terminal Value | 8,619.02 |
Intrinsic Value
| Enterprise Value | 10,462.02 |
|---|---|
| Net Debt | 879.59 |
| Equity Value | 9,582.43 |
| Shares Outstanding | 153.64 |
| Equity Value Per Share | 62.37 |