Discounted Cash Flow (DCF) Analysis Unlevered

Banc of California, Inc. (BANC-PE)

$25

+0.01 (+-%)
All numbers are in Millions, Currency in USD
Stock DCF: 71.37 | 25 | 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 343.02307.58258.58243.11272.71259.02246.03233.68221.96210.82
Revenue (%)
EBITDA 132.48200.92189.5598.19141.06139.54132.54125.89119.57113.57
EBITDA (%)
EBIT 116.13187.04170.9380.37120.50123.30117.11111.24105.66100.36
EBIT (%)
Depreciation 16.3513.8818.6217.8220.5516.2415.4314.6513.9213.22
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 2,963.172,384.091,286.051,452.251,543.831,709.441,623.671,542.201,464.811,391.31
Total Cash (%)
Account Receivables 8.742.694.231.107.954.374.153.943.743.55
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -15.32-9-10.48-5.09-2.81-7.55-7.17-6.81-6.47-6.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25
Beta 1.515
Diluted Shares Outstanding 26.33
Cost of Debt
Tax Rate 24.54
After-tax Cost of Debt 3.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.510
Total Debt 816.12
Total Equity 658.19
Total Capital 1,474.31
Debt Weighting 55.36
Equity Weighting 44.64
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 343.02307.58258.58243.11272.71259.02246.03233.68221.96210.82
EBITDA 132.48200.92189.5598.19141.06139.54132.54125.89119.57113.57
EBIT 116.13187.04170.9380.37120.50123.30117.11111.24105.66100.36
Tax Rate -114.59%3.23%15.08%12.44%24.54%-11.86%-11.86%-11.86%-11.86%-11.86%
EBIAT 249.20180.99145.1570.3890.93137.92131124.43118.19112.26
Depreciation 16.3513.8818.6217.8220.5516.2415.4314.6513.9213.22
Accounts Receivable -6.04-1.543.13-6.853.580.220.210.200.19
Inventories ----------
Accounts Payable ----------
Capital Expenditure -15.32-9-10.48-5.09-2.81-7.55-7.17-6.81-6.47-6.14
UFCF 250.23191.92151.7686.23101.83150.20139.48132.48125.83119.52
WACC
PV UFCF 140.86122.67109.2797.3486.70
SUM PV UFCF 556.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.63
Free cash flow (t + 1) 121.91
Terminal Value 2,633.03
Present Value of Terminal Value 1,910.11

Intrinsic Value

Enterprise Value 2,466.96
Net Debt 588
Equity Value 1,878.96
Shares Outstanding 26.33
Equity Value Per Share 71.37