Discounted Cash Flow (DCF) Analysis Unlevered

Flagstar Bancorp, Inc. (FBC)

$40.36

+0.51 (+1.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 942.63 | 40.36 | 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 7317979811,6801,5111,863.482,298.182,834.283,495.454,310.84
Revenue (%)
EBITDA 3884745689148371,044.481,288.131,588.611,959.202,416.23
EBITDA (%)
EBIT 348418498838753933.721,151.541,420.161,751.452,160.02
EBIT (%)
Depreciation 4056707684110.75136.59168.45207.75256.21
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 2,0572,5502,5422,5672,8554,480.605,525.806,814.838,404.5510,365.11
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -97-71-61-54-33-125.95-155.33-191.57-236.25-291.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 40.36
Beta 1.472
Diluted Shares Outstanding 53.91
Cost of Debt
Tax Rate 22.75
After-tax Cost of Debt 1.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.713
Total Debt 3,676
Total Equity 2,175.91
Total Capital 5,851.91
Debt Weighting 62.82
Equity Weighting 37.18
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 7317979811,6801,5111,863.482,298.182,834.283,495.454,310.84
EBITDA 3884745689148371,044.481,288.131,588.611,959.202,416.23
EBIT 348418498838753933.721,151.541,420.161,751.452,160.02
Tax Rate 70.14%19.40%18.05%23.58%22.75%30.78%30.78%30.78%30.78%30.78%
EBIAT 103.91336.92408.14640.40581.67646.29797.06982.991,212.291,495.09
Depreciation 4056707684110.75136.59168.45207.75256.21
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -97-71-61-54-33-125.95-155.33-191.57-236.25-291.36
UFCF 46.91321.92417.14662.40632.67631.10778.31959.871,183.791,459.93
WACC
PV UFCF 604.27713.54842.59994.961,174.90
SUM PV UFCF 4,330.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.44
Free cash flow (t + 1) 1,489.13
Terminal Value 61,030.07
Present Value of Terminal Value 49,114.48

Intrinsic Value

Enterprise Value 53,444.73
Net Debt 2,625
Equity Value 50,819.73
Shares Outstanding 53.91
Equity Value Per Share 942.63