Discounted Cash Flow (DCF) Analysis Unlevered

First Busey Corporation (BUSE)

$24.59

-0.30 (-1.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 87.81 | 24.59 | 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 287.84331.40403.64401.20403.50440.73481.38525.79574.30627.28
Revenue (%)
EBITDA 142.87193.96227.59199.82213.10235.49257.22280.95306.86335.17
EBITDA (%)
EBIT 129.05178.55203.45171.87184.92209.60228.93250.05273.12298.31
EBIT (%)
Depreciation 13.8215.4124.1427.9528.1825.9028.2930.9033.7536.86
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 1,231.33937.662,177.542,949.72836.101,932.712,1112,305.752,518.462,750.79
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -14.98-11.62-13.24-4.20-5.04-12.59-13.75-15.02-16.41-17.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.59
Beta 0.881
Diluted Shares Outstanding 54.83
Cost of Debt
Tax Rate 21.28
After-tax Cost of Debt 6.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.141
Total Debt 368.68
Total Equity 1,348.19
Total Capital 1,716.87
Debt Weighting 21.47
Equity Weighting 78.53
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 287.84331.40403.64401.20403.50440.73481.38525.79574.30627.28
EBITDA 142.87193.96227.59199.82213.10235.49257.22280.95306.86335.17
EBIT 129.05178.55203.45171.87184.92209.60228.93250.05273.12298.31
Tax Rate 41.98%26.13%23.42%21.73%21.28%26.91%26.91%26.91%26.91%26.91%
EBIAT 74.87131.89155.80134.52145.57153.19167.33182.76199.62218.04
Depreciation 13.8215.4124.1427.9528.1825.9028.2930.9033.7536.86
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -14.98-11.62-13.24-4.20-5.04-12.59-13.75-15.02-16.41-17.92
UFCF 73.72135.68166.70158.27168.70166.50181.86198.64216.96236.98
WACC
PV UFCF 155.75159.14162.60166.14169.75
SUM PV UFCF 813.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.90
Free cash flow (t + 1) 241.72
Terminal Value 4,932.99
Present Value of Terminal Value 3,533.64

Intrinsic Value

Enterprise Value 4,347.03
Net Debt -467.42
Equity Value 4,814.45
Shares Outstanding 54.83
Equity Value Per Share 87.81