Discounted Cash Flow (DCF) Analysis Unlevered
Flagstar Bancorp, Inc. (FBC)
$40.36
+0.51 (+1.28%)
All numbers are in Millions, Currency in USD
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 | 731 | 797 | 981 | 1,680 | 1,511 | 1,863.48 | 2,298.18 | 2,834.28 | 3,495.45 | 4,310.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 388 | 474 | 568 | 914 | 837 | 1,044.48 | 1,288.13 | 1,588.61 | 1,959.20 | 2,416.23 |
| EBITDA (%) | ||||||||||
| EBIT | 348 | 418 | 498 | 838 | 753 | 933.72 | 1,151.54 | 1,420.16 | 1,751.45 | 2,160.02 |
| EBIT (%) | ||||||||||
| Depreciation | 40 | 56 | 70 | 76 | 84 | 110.75 | 136.59 | 168.45 | 207.75 | 256.21 |
| 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 | 2,057 | 2,550 | 2,542 | 2,567 | 2,855 | 4,480.60 | 5,525.80 | 6,814.83 | 8,404.55 | 10,365.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 731 | 797 | 981 | 1,680 | 1,511 | 1,863.48 | 2,298.18 | 2,834.28 | 3,495.45 | 4,310.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 388 | 474 | 568 | 914 | 837 | 1,044.48 | 1,288.13 | 1,588.61 | 1,959.20 | 2,416.23 |
| EBIT | 348 | 418 | 498 | 838 | 753 | 933.72 | 1,151.54 | 1,420.16 | 1,751.45 | 2,160.02 |
| Tax Rate | 70.14% | 19.40% | 18.05% | 23.58% | 22.75% | 30.78% | 30.78% | 30.78% | 30.78% | 30.78% |
| EBIAT | 103.91 | 336.92 | 408.14 | 640.40 | 581.67 | 646.29 | 797.06 | 982.99 | 1,212.29 | 1,495.09 |
| Depreciation | 40 | 56 | 70 | 76 | 84 | 110.75 | 136.59 | 168.45 | 207.75 | 256.21 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -97 | -71 | -61 | -54 | -33 | -125.95 | -155.33 | -191.57 | -236.25 | -291.36 |
| UFCF | 46.91 | 321.92 | 417.14 | 662.40 | 632.67 | 631.10 | 778.31 | 959.87 | 1,183.79 | 1,459.93 |
| WACC | ||||||||||
| PV UFCF | 604.27 | 713.54 | 842.59 | 994.96 | 1,174.90 | |||||
| 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 |