Discounted Cash Flow (DCF) Analysis Unlevered

Bryn Mawr Bank Corporation (BMTC)

$45.01

-0.72 (-1.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 74.95 | 45.01 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 160.11173.97224.39229.01222.45242.94265.31289.74316.42345.56
Revenue (%)
EBITDA 74.9780.71120.64136.4178.52117.50128.32140.14153.04167.14
EBITDA (%)
EBIT 64.9671.68109.54120.5665.32103.30112.81123.20134.54146.93
EBIT (%)
Depreciation 10.019.0311.1015.8513.2014.2115.5116.9418.5020.21
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 617.76749.23785.901,059.911,271.281,069.441,167.921,275.471,392.921,521.18
Total Cash (%)
Account Receivables 64.42129.65157.12177.56167.84164.11179.22195.73213.75233.44
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.733.536.656.256.285.956.507.107.758.47
Accounts Payable (%)
Capital Expenditure -2.21-8.45-19.79-7.21-1.35-9.14-9.98-10.90-11.90-13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 45.01
Beta 0.819
Diluted Shares Outstanding 20.04
Cost of Debt
Tax Rate 21.23
After-tax Cost of Debt 8.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.707
Total Debt 234.33
Total Equity 902.11
Total Capital 1,136.44
Debt Weighting 20.62
Equity Weighting 79.38
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 160.11173.97224.39229.01222.45242.94265.31289.74316.42345.56
EBITDA 74.9780.71120.64136.4178.52117.50128.32140.14153.04167.14
EBIT 64.9671.68109.54120.5665.32103.30112.81123.20134.54146.93
Tax Rate 33.52%59.79%18.17%20.85%21.23%30.71%30.71%30.71%30.71%30.71%
EBIAT 43.1928.8289.6495.4251.4571.5778.1685.3693.22101.80
Depreciation 10.019.0311.1015.8513.2014.2115.5116.9418.5020.21
Accounts Receivable --65.22-27.47-20.449.723.72-15.11-16.50-18.02-19.68
Inventories ----------
Accounts Payable -0.793.13-0.400.03-0.330.550.600.650.71
Capital Expenditure -2.21-8.46-19.79-7.21-1.35-9.14-9.98-10.90-11.90-13
UFCF 50.99-35.0456.5983.2273.0580.0469.1375.5082.4590.04
WACC
PV UFCF 74.8160.4061.6662.9564.26
SUM PV UFCF 324.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.98
Free cash flow (t + 1) 91.84
Terminal Value 1,844.19
Present Value of Terminal Value 1,316.11

Intrinsic Value

Enterprise Value 1,640.19
Net Debt 138.02
Equity Value 1,502.17
Shares Outstanding 20.04
Equity Value Per Share 74.95