Discounted Cash Flow (DCF) Analysis Unlevered

Columbia Banking System, Inc. (COLB)

$30.34

-0.15 (-0.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 81.71 | 30.34 | 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 463.63567.10590.59604.61621.61670.79723.86781.13842.92909.61
Revenue (%)
EBITDA 215.84263.04312.37224.98288.22307.77332.12358.39386.75417.34
EBITDA (%)
EBIT 184.74230.07278.16210.09265.05274.89296.64320.11345.43372.76
EBIT (%)
Depreciation 31.1032.9734.2114.8923.1732.8835.4838.2841.3144.58
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 3,085.363,445.043,993.825,863.906,735.715,369.905,794.726,253.166,747.877,281.71
Total Cash (%)
Account Receivables 40.8845.3246.8454.8356.0257.4561.9966.9072.1977.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -6.50-11.33-8.45-8.72-6.13-9.73-10.51-11.34-12.23-13.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.34
Beta 0.657
Diluted Shares Outstanding 77.98
Cost of Debt
Tax Rate 20.93
After-tax Cost of Debt 24.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.861
Total Debt 27.67
Total Equity 2,365.82
Total Capital 2,393.49
Debt Weighting 1.16
Equity Weighting 98.84
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 463.63567.10590.59604.61621.61670.79723.86781.13842.92909.61
EBITDA 215.84263.04312.37224.98288.22307.77332.12358.39386.75417.34
EBIT 184.74230.07278.16210.09265.05274.89296.64320.11345.43372.76
Tax Rate 36.61%18.39%19.52%19.83%20.93%23.05%23.05%23.05%23.05%23.05%
EBIAT 117.11187.76223.86168.43209.58211.52228.25246.31265.79286.82
Depreciation 31.1032.9734.2114.8923.1732.8835.4838.2841.3144.58
Accounts Receivable --4.44-1.52-7.99-1.19-1.43-4.54-4.90-5.29-5.71
Inventories ----------
Accounts Payable ----------
Capital Expenditure -6.50-11.33-8.45-8.72-6.13-9.73-10.51-11.34-12.23-13.20
UFCF 141.72204.96248.11166.61225.43233.23248.68268.35289.58312.49
WACC
PV UFCF 217.85216.96218.69220.43222.18
SUM PV UFCF 1,096.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.06
Free cash flow (t + 1) 318.74
Terminal Value 6,299.22
Present Value of Terminal Value 4,478.69

Intrinsic Value

Enterprise Value 5,574.79
Net Debt -797.04
Equity Value 6,371.83
Shares Outstanding 77.98
Equity Value Per Share 81.71