Discounted Cash Flow (DCF) Analysis Unlevered

FB Financial Corporation (FBK)

$39.05

-0.45 (-1.14%)
All numbers are in Millions, Currency in USD
Stock DCF: 127.62 | 39.05 | 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 294.85334.71361.43567.51575.62690.68828.72994.361,193.111,431.58
Revenue (%)
EBITDA 96.14148.88175.56143.77294.55279.26335.07402.04482.40578.82
EBITDA (%)
EBIT 89.83141.36166.04131.44280.66263.22315.84378.96454.71545.59
EBIT (%)
Depreciation 6.317.529.5112.3313.8916.0319.2423.0827.6933.23
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 597.62749.69789.942,369.153,348.182,271.422,725.413,270.153,923.764,708
Total Cash (%)
Account Receivables 16.2523.6039.0765.0567.7464.3777.2492.68111.20133.43
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.505.026.466.773.167.659.1811.0213.2215.86
Accounts Payable (%)
Capital Expenditure -4.54-10.14-6.81-5.93-6.10-11.83-14.19-17.03-20.43-24.52
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.05
Beta 1.066
Diluted Shares Outstanding 47.90
Cost of Debt
Tax Rate 21.71
After-tax Cost of Debt 13.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.907
Total Debt 226.52
Total Equity 1,870.37
Total Capital 2,096.88
Debt Weighting 10.80
Equity Weighting 89.20
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 294.85334.71361.43567.51575.62690.68828.72994.361,193.111,431.58
EBITDA 96.14148.88175.56143.77294.55279.26335.07402.04482.40578.82
EBIT 89.83141.36166.04131.44280.66263.22315.84378.96454.71545.59
Tax Rate 28.70%24.20%23.48%22.85%21.71%24.19%24.19%24.19%24.19%24.19%
EBIAT 64.05107.15127.05101.41219.73199.56239.44287.30344.72413.62
Depreciation 6.317.529.5112.3313.8916.0319.2423.0827.6933.23
Accounts Receivable --7.36-15.47-25.97-2.693.36-12.87-15.44-18.52-22.23
Inventories ----------
Accounts Payable -3.511.450.31-3.614.491.531.842.202.64
Capital Expenditure -4.54-10.14-6.81-5.93-6.10-11.83-14.19-17.03-20.43-24.52
UFCF 65.82100.67115.7382.14221.22211.61233.15279.75335.66402.75
WACC
PV UFCF 193.52194.98213.95234.76257.60
SUM PV UFCF 1,094.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.35
Free cash flow (t + 1) 410.81
Terminal Value 5,589.20
Present Value of Terminal Value 3,574.84

Intrinsic Value

Enterprise Value 4,669.65
Net Debt -1,443.14
Equity Value 6,112.78
Shares Outstanding 47.90
Equity Value Per Share 127.62