Discounted Cash Flow (DCF) Analysis Unlevered

Banner Corporation (BANR)

$70.62

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 148.06 | 70.62 | 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 451.71499.57533.87563.82572.76608.07645.55685.34727.59772.43
Revenue (%)
EBITDA 191.46219.05265.33206.16276.77268.55285.10302.67321.33341.14
EBITDA (%)
EBIT 170.51197.77239.90180.30250.65240.81255.65271.41288.14305.90
EBIT (%)
Depreciation 20.9521.2825.4325.8626.1327.7429.4531.2633.1935.24
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 1,180.691,908.421,860.103,556.785,773.293,199.193,396.393,605.743,8284,063.96
Total Cash (%)
Account Receivables 31.2638.5937.9646.6242.9245.6348.4451.4254.5957.96
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -12.24-23.09-24.70-12.80-20.38-21.63-22.97-24.38-25.89-27.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 70.62
Beta 1.006
Diluted Shares Outstanding 35.53
Cost of Debt
Tax Rate 18.47
After-tax Cost of Debt 5.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.255
Total Debt 328.13
Total Equity 2,509.05
Total Capital 2,837.18
Debt Weighting 11.57
Equity Weighting 88.43
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 451.71499.57533.87563.82572.76608.07645.55685.34727.59772.43
EBITDA 191.46219.05265.33206.16276.77268.55285.10302.67321.33341.14
EBIT 170.51197.77239.90180.30250.65240.81255.65271.41288.14305.90
Tax Rate 59.82%17.32%20.12%18.62%18.47%26.87%26.87%26.87%26.87%26.87%
EBIAT 68.51163.52191.62146.73204.35176.10186.96198.48210.71223.70
Depreciation 20.9521.2825.4325.8626.1327.7429.4531.2633.1935.24
Accounts Receivable --7.330.63-8.653.70-2.71-2.81-2.99-3.17-3.37
Inventories ----------
Accounts Payable ----------
Capital Expenditure -12.24-23.09-24.70-12.80-20.38-21.63-22.97-24.38-25.89-27.48
UFCF 77.21154.37192.99151.13213.80179.50190.63202.38214.85228.09
WACC
PV UFCF 166.23163.49160.74158.04155.38
SUM PV UFCF 803.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.98
Free cash flow (t + 1) 232.66
Terminal Value 3,890.57
Present Value of Terminal Value 2,650.31

Intrinsic Value

Enterprise Value 3,454.20
Net Debt -1,806.16
Equity Value 5,260.36
Shares Outstanding 35.53
Equity Value Per Share 148.06