Discounted Cash Flow (DCF) Analysis Unlevered

CVB Financial Corp. (CVBF)

$25.32

-0.19 (-0.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 66.14 | 25.32 | 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 321.05392.53484.35464.24461.75509.04561.17618.65682.01751.86
Revenue (%)
EBITDA 196.45232.28335.19262.65297.30316.14348.52384.22423.57466.95
EBITDA (%)
EBIT 197.09223.93313.15263.80303.73311.22343.10378.24416.97459.68
EBIT (%)
Depreciation -0.658.3522.04-1.16-6.434.925.435.986.597.27
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 2,243.311,905.701,928.714,400.654,942.473,665.844,041.304,455.214,911.515,414.55
Total Cash (%)
Account Receivables 132.99157.01116.86106.32112.64155.61171.55189.12208.49229.84
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -4.89-4.19-5.52-4.67-4.68-5.86-6.46-7.12-7.85-8.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.32
Beta 0.362
Diluted Shares Outstanding 135.18
Cost of Debt
Tax Rate 28.60
After-tax Cost of Debt 190.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.512
Total Debt 2.28
Total Equity 3,422.86
Total Capital 3,425.14
Debt Weighting 0.07
Equity Weighting 99.93
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 321.05392.53484.35464.24461.75509.04561.17618.65682.01751.86
EBITDA 196.45232.28335.19262.65297.30316.14348.52384.22423.57466.95
EBIT 197.09223.93313.15263.80303.73311.22343.10378.24416.97459.68
Tax Rate 44.70%28.00%28.60%29.00%28.60%31.78%31.78%31.78%31.78%31.78%
EBIAT 109161.23223.59187.30216.86212.32234.06258.04284.46313.60
Depreciation -0.658.3522.04-1.16-6.434.925.435.986.597.27
Accounts Receivable --24.0240.1510.54-6.32-42.97-15.94-17.57-19.37-21.35
Inventories ----------
Accounts Payable ----------
Capital Expenditure -4.89-4.19-5.52-4.67-4.68-5.86-6.46-7.12-7.85-8.65
UFCF 103.46141.37280.26192.01199.44168.41217.10239.33263.84290.87
WACC
PV UFCF 159.42194.53203.01211.85221.08
SUM PV UFCF 989.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.64
Free cash flow (t + 1) 296.68
Terminal Value 8,150.64
Present Value of Terminal Value 6,195.12

Intrinsic Value

Enterprise Value 7,185.02
Net Debt -1,756.27
Equity Value 8,941.28
Shares Outstanding 135.18
Equity Value Per Share 66.14