Discounted Cash Flow (DCF) Analysis Unlevered
Associated Banc-Corp (ASB)
$20.04
-0.21 (-1.04%)
All numbers are in Millions, Currency in USD
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 | 1,200.56 | 1,120.71 | 1,130.04 | 1,197.10 | 1,097.35 | 1,074.80 | 1,052.72 | 1,031.10 | 1,009.91 | 989.17 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 416.46 | 337.16 | 445.15 | 701.46 | 206.05 | 390.24 | 382.22 | 374.37 | 366.68 | 359.15 |
EBITDA (%) | ||||||||||
EBIT | 335.93 | 253.74 | 370.36 | 647.56 | 111.75 | 317.44 | 310.92 | 304.53 | 298.28 | 292.15 |
EBIT (%) | ||||||||||
Depreciation | 80.53 | 83.42 | 74.79 | 53.90 | 94.31 | 72.80 | 71.30 | 69.84 | 68.40 | 67 |
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 | 3,843.59 | 3,800.35 | 5,357.53 | 436.95 | 4,085.28 | 3,314.99 | 3,246.89 | 3,180.19 | 3,114.85 | 3,050.86 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | 90.26 | 80.53 | 144.45 | 169.57 | 114.73 | 112.38 | 110.07 | 107.81 | 105.59 |
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 | $ 20.04 |
---|---|
Beta | 0.991 |
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 | 9.034 |
Total Debt | 2,481.46 |
Total Equity | 3,023.23 |
Total Capital | 5,504.70 |
Debt Weighting | 45.08 |
Equity Weighting | 54.92 |
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 | 1,200.56 | 1,120.71 | 1,130.04 | 1,197.10 | 1,097.35 | 1,074.80 | 1,052.72 | 1,031.10 | 1,009.91 | 989.17 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 416.46 | 337.16 | 445.15 | 701.46 | 206.05 | 390.24 | 382.22 | 374.37 | 366.68 | 359.15 |
EBIT | 335.93 | 253.74 | 370.36 | 647.56 | 111.75 | 317.44 | 310.92 | 304.53 | 298.28 | 292.15 |
Tax Rate | 19.61% | 6.18% | 19.55% | 20.34% | 11.21% | 15.38% | 15.38% | 15.38% | 15.38% | 15.38% |
EBIAT | 270.05 | 238.06 | 297.94 | 515.82 | 99.22 | 268.62 | 263.10 | 257.70 | 252.40 | 247.22 |
Depreciation | 80.53 | 83.42 | 74.79 | 53.90 | 94.31 | 72.80 | 71.30 | 69.84 | 68.40 | 67 |
Accounts Receivable | - | - | 9.73 | -63.92 | -25.12 | 54.84 | 2.36 | 2.31 | 2.26 | 2.21 |
Inventories | - | - | 298.97 | -340.81 | 327.49 | -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 | 283.12 | 266.60 | 629.16 | 102.28 | 434.08 | 143.41 | 263.58 | 258.16 | 252.86 | 247.66 |
WACC | ||||||||||
PV UFCF | 119.74 | 183.74 | 150.26 | 122.88 | 100.49 | |||||
SUM PV UFCF | 677.11 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 19.77 |
Free cash flow (t + 1) | 252.62 |
Terminal Value | 1,421.58 |
Present Value of Terminal Value | 576.81 |
Intrinsic Value
Enterprise Value | 1,253.92 |
---|---|
Net Debt | 1,571.99 |
Equity Value | -318.07 |
Shares Outstanding | 150.86 |
Equity Value Per Share | -2.11 |