Discounted Cash Flow (DCF) Analysis Unlevered
First Business Financial Services, ... (FBIZ)
$37.16
+0.77 (+2.12%)
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 | 74.49 | 83.43 | 89.19 | 101.62 | 112.76 | 125.11 | 138.81 | 154.02 | 170.88 | 189.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 30.99 | 43.06 | 59.73 | 38.88 | 61.92 | 63.40 | 70.34 | 78.05 | 86.59 | 96.08 |
| EBITDA (%) | ||||||||||
| EBIT | 29.43 | 41.59 | 56.68 | 35.41 | 58.36 | 59.93 | 66.50 | 73.78 | 81.86 | 90.83 |
| EBIT (%) | ||||||||||
| Depreciation | 1.56 | 1.48 | 3.05 | 3.46 | 3.55 | 3.47 | 3.84 | 4.27 | 4.73 | 5.25 |
| 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 | 178.54 | 224.90 | 240.24 | 240.83 | 262.81 | 312.46 | 346.68 | 384.64 | 426.77 | 473.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 35.81 | 38.85 | 33.96 | 30.89 | 55.13 | 53.05 | 58.86 | 65.31 | 72.46 | 80.40 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 12.54 | 21.47 | 35.27 | 15.62 | 15.34 | 27.80 | 30.84 | 34.22 | 37.97 | 42.13 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.24 | -0.97 | -0.23 | -0.26 | -0.94 | -1.04 | -1.16 | -1.29 | -1.43 | -1.58 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 37.16 |
|---|---|
| Beta | 0.746 |
| Diluted Shares Outstanding | 8.34 |
| Cost of Debt | |
| Tax Rate | 23.97 |
| After-tax Cost of Debt | 2.06% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.137 |
| Total Debt | 418.93 |
| Total Equity | 309.92 |
| Total Capital | 728.85 |
| Debt Weighting | 57.48 |
| Equity Weighting | 42.52 |
| 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 | 74.49 | 83.43 | 89.19 | 101.62 | 112.76 | 125.11 | 138.81 | 154.02 | 170.88 | 189.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 30.99 | 43.06 | 59.73 | 38.88 | 61.92 | 63.40 | 70.34 | 78.05 | 86.59 | 96.08 |
| EBIT | 29.43 | 41.59 | 56.68 | 35.41 | 58.36 | 59.93 | 66.50 | 73.78 | 81.86 | 90.83 |
| Tax Rate | 16.34% | 7.65% | 4.80% | 7.25% | 23.97% | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% |
| EBIAT | 24.62 | 38.40 | 53.96 | 32.85 | 44.37 | 52.74 | 58.52 | 64.93 | 72.04 | 79.92 |
| Depreciation | 1.56 | 1.48 | 3.05 | 3.46 | 3.55 | 3.47 | 3.84 | 4.27 | 4.73 | 5.25 |
| Accounts Receivable | - | -3.05 | 4.89 | 3.07 | -24.24 | 2.08 | -5.81 | -6.45 | -7.15 | -7.94 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 8.93 | 13.80 | -19.66 | -0.27 | 12.46 | 3.04 | 3.38 | 3.75 | 4.16 |
| Capital Expenditure | -1.24 | -0.97 | -0.23 | -0.26 | -0.94 | -1.04 | -1.16 | -1.29 | -1.43 | -1.58 |
| UFCF | 24.94 | 44.80 | 75.48 | 19.46 | 22.47 | 69.70 | 58.44 | 64.84 | 71.94 | 79.81 |
| WACC | ||||||||||
| PV UFCF | 66.88 | 53.80 | 57.27 | 60.97 | 64.91 | |||||
| SUM PV UFCF | 303.84 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.22 |
| Free cash flow (t + 1) | 81.41 |
| Terminal Value | 3,667.16 |
| Present Value of Terminal Value | 2,982.46 |
Intrinsic Value
| Enterprise Value | 3,286.30 |
|---|---|
| Net Debt | 361.82 |
| Equity Value | 2,924.47 |
| Shares Outstanding | 8.34 |
| Equity Value Per Share | 350.65 |