Discounted Cash Flow (DCF) Analysis Unlevered

Associated Banc-Corp (ASB)

$20.64

-0.20 (-0.96%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.00 | 20.64 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,200.561,120.711,130.041,197.101,097.351,074.801,052.721,031.101,009.91989.17
Revenue (%)
EBITDA 416.46337.16445.15701.46206.05390.24382.22374.37366.68359.15
EBITDA (%)
EBIT 335.93253.74370.36647.56111.75317.44310.92304.53298.28292.15
EBIT (%)
Depreciation 80.5383.4274.7953.9094.3172.8071.3069.8468.4067
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 3,843.593,800.355,357.53436.954,085.283,314.993,246.893,180.193,114.853,050.86
Total Cash (%)
Account Receivables -90.2680.53144.45169.57114.73112.38110.07107.81105.59
Account Receivables (%)
Inventories --807.74-1,106.71-765.90-1,093.39-896.46-878.05-860.01-842.34-825.04
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -67.46-54.88-52.28-62.71-61.81-55.92-54.77-53.65-52.54-51.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.64
Beta 1.010
Diluted Shares Outstanding 150.86
Cost of Debt
Tax Rate 11.21
After-tax Cost of Debt 32.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.926
Total Debt 2,481.46
Total Equity 3,113.75
Total Capital 5,595.21
Debt Weighting 44.35
Equity Weighting 55.65
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,200.561,120.711,130.041,197.101,097.351,074.801,052.721,031.101,009.91989.17
EBITDA 416.46337.16445.15701.46206.05390.24382.22374.37366.68359.15
EBIT 335.93253.74370.36647.56111.75317.44310.92304.53298.28292.15
Tax Rate 19.61%6.18%19.55%20.34%11.21%15.38%15.38%15.38%15.38%15.38%
EBIAT 270.05238.06297.94515.8299.22268.62263.10257.70252.40247.22
Depreciation 80.5383.4274.7953.9094.3172.8071.3069.8468.4067
Accounts Receivable --9.73-63.92-25.1254.842.362.312.262.21
Inventories --298.97-340.81327.49-196.93-18.42-18.04-17.67-17.30
Accounts Payable ----------
Capital Expenditure -67.46-54.88-52.28-62.71-61.81-55.92-54.77-53.65-52.54-51.46
UFCF 283.12266.60629.16102.28434.08143.41263.58258.16252.86247.66
WACC
PV UFCF 119.97184.45151.13123.83101.46
SUM PV UFCF 680.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 19.54
Free cash flow (t + 1) 252.62
Terminal Value 1,440.23
Present Value of Terminal Value 590.02

Intrinsic Value

Enterprise Value 1,270.85
Net Debt 1,571.99
Equity Value -301.14
Shares Outstanding 150.86
Equity Value Per Share -2.00