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
Stock DCF: 350.65 | 37.16 | 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 74.4983.4389.19101.62112.76125.11138.81154.02170.88189.60
Revenue (%)
EBITDA 30.9943.0659.7338.8861.9263.4070.3478.0586.5996.08
EBITDA (%)
EBIT 29.4341.5956.6835.4158.3659.9366.5073.7881.8690.83
EBIT (%)
Depreciation 1.561.483.053.463.553.473.844.274.735.25
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 178.54224.90240.24240.83262.81312.46346.68384.64426.77473.50
Total Cash (%)
Account Receivables 35.8138.8533.9630.8955.1353.0558.8665.3172.4680.40
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 12.5421.4735.2715.6215.3427.8030.8434.2237.9742.13
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 74.4983.4389.19101.62112.76125.11138.81154.02170.88189.60
EBITDA 30.9943.0659.7338.8861.9263.4070.3478.0586.5996.08
EBIT 29.4341.5956.6835.4158.3659.9366.5073.7881.8690.83
Tax Rate 16.34%7.65%4.80%7.25%23.97%12.00%12.00%12.00%12.00%12.00%
EBIAT 24.6238.4053.9632.8544.3752.7458.5264.9372.0479.92
Depreciation 1.561.483.053.463.553.473.844.274.735.25
Accounts Receivable --3.054.893.07-24.242.08-5.81-6.45-7.15-7.94
Inventories ----------
Accounts Payable -8.9313.80-19.66-0.2712.463.043.383.754.16
Capital Expenditure -1.24-0.97-0.23-0.26-0.94-1.04-1.16-1.29-1.43-1.58
UFCF 24.9444.8075.4819.4622.4769.7058.4464.8471.9479.81
WACC
PV UFCF 66.8853.8057.2760.9764.91
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