Discounted Cash Flow (DCF) Analysis Unlevered

Associated Banc-Corp (ASB)

$18.5

+0.24 (+1.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 62.37 | 18.5 | 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 1,073.901,235.151,207.641,256.971,049.041,049.911,050.771,051.641,052.511,053.38
Revenue (%)
EBITDA 543.16753.91823.97560.28583.43588.02588.51589589.48589.97
EBITDA (%)
EBIT 484.15687.91743.45476.85508.64522.36522.79523.22523.65524.08
EBIT (%)
Depreciation 59.0166.0180.5383.4274.7965.6765.7265.7865.8365.89
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 4,726.814,676.923,843.593,800.355,357.534,094.914,098.304,101.684,105.074,108.47
Total Cash (%)
Account Receivables ---90.2680.5377.9978.0678.1278.1978.25
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 1,073.901,235.151,207.641,256.971,049.041,049.911,050.771,051.641,052.511,053.38
EBITDA 543.16753.91823.97560.28583.43588.02588.51589589.48589.97
EBIT 484.15687.91743.45476.85508.64522.36522.79523.22523.65524.08
Tax Rate 32.32%19.30%19.61%6.18%19.55%19.39%19.39%19.39%19.39%19.39%
EBIAT 327.65555.12597.65447.39409.18421.05421.40421.75422.10422.45
Depreciation 59.0166.0180.5383.4274.7965.6765.7265.7865.8365.89
Accounts Receivable ----9.742.53-0.06-0.06-0.06-0.06
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 339.30555.27610.72475.93441.43437.43435.19435.55435.91436.27
WACC
PV UFCF 413.14388.20366.94346.85327.86
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