Discounted Cash Flow (DCF) Analysis Unlevered
Banc of California, Inc. (BANC-PE)
$25
+0.01 (+-%)
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 | 343.02 | 307.58 | 258.58 | 243.11 | 272.71 | 259.02 | 246.03 | 233.68 | 221.96 | 210.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 132.48 | 200.92 | 189.55 | 98.19 | 141.06 | 139.54 | 132.54 | 125.89 | 119.57 | 113.57 |
| EBITDA (%) | ||||||||||
| EBIT | 116.13 | 187.04 | 170.93 | 80.37 | 120.50 | 123.30 | 117.11 | 111.24 | 105.66 | 100.36 |
| EBIT (%) | ||||||||||
| Depreciation | 16.35 | 13.88 | 18.62 | 17.82 | 20.55 | 16.24 | 15.43 | 14.65 | 13.92 | 13.22 |
| 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 | 2,963.17 | 2,384.09 | 1,286.05 | 1,452.25 | 1,543.83 | 1,709.44 | 1,623.67 | 1,542.20 | 1,464.81 | 1,391.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 8.74 | 2.69 | 4.23 | 1.10 | 7.95 | 4.37 | 4.15 | 3.94 | 3.74 | 3.55 |
| 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 | 343.02 | 307.58 | 258.58 | 243.11 | 272.71 | 259.02 | 246.03 | 233.68 | 221.96 | 210.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 132.48 | 200.92 | 189.55 | 98.19 | 141.06 | 139.54 | 132.54 | 125.89 | 119.57 | 113.57 |
| EBIT | 116.13 | 187.04 | 170.93 | 80.37 | 120.50 | 123.30 | 117.11 | 111.24 | 105.66 | 100.36 |
| Tax Rate | -114.59% | 3.23% | 15.08% | 12.44% | 24.54% | -11.86% | -11.86% | -11.86% | -11.86% | -11.86% |
| EBIAT | 249.20 | 180.99 | 145.15 | 70.38 | 90.93 | 137.92 | 131 | 124.43 | 118.19 | 112.26 |
| Depreciation | 16.35 | 13.88 | 18.62 | 17.82 | 20.55 | 16.24 | 15.43 | 14.65 | 13.92 | 13.22 |
| Accounts Receivable | - | 6.04 | -1.54 | 3.13 | -6.85 | 3.58 | 0.22 | 0.21 | 0.20 | 0.19 |
| 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 | 250.23 | 191.92 | 151.76 | 86.23 | 101.83 | 150.20 | 139.48 | 132.48 | 125.83 | 119.52 |
| WACC | ||||||||||
| PV UFCF | 140.86 | 122.67 | 109.27 | 97.34 | 86.70 | |||||
| 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 |