Discounted Cash Flow (DCF) Analysis Unlevered

First Bancorp (FBNC)

$34.15

-0.11 (-0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 86.16 | 34.15 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 269.26274.79299.47320.01392.84432.76476.74525.19578.57637.36
Revenue (%)
EBITDA 150.09121.13107.09123.85205.01196.02215.94237.88262.06288.69
EBITDA (%)
EBIT 137.26107.2493.49109.92189.68176.44194.37214.12235.88259.86
EBIT (%)
Depreciation 12.8413.8913.6013.9315.3319.5821.5723.7626.1728.83
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 964.251,053.251,820.423,091.58270.322,063.572,273.292,504.322,758.823,039.19
Total Cash (%)
Account Receivables 1616.6520.2725.9029.7129.8032.8336.1639.8443.88
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.982.150.900.612.742.342.582.843.133.45
Accounts Payable (%)
Capital Expenditure -10.72-3.53-12.36-9.40-5.29-11.84-13.04-14.37-15.83-17.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 34.15
Beta 1.018
Diluted Shares Outstanding 35.67
Cost of Debt
Tax Rate 21.09
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.090
Total Debt 306.90
Total Equity 1,218.29
Total Capital 1,525.19
Debt Weighting 20.12
Equity Weighting 79.88
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 269.26274.79299.47320.01392.84432.76476.74525.19578.57637.36
EBITDA 150.09121.13107.09123.85205.01196.02215.94237.88262.06288.69
EBIT 137.26107.2493.49109.92189.68176.44194.37214.12235.88259.86
Tax Rate 21.32%20.84%21.38%20.91%21.09%21.11%21.11%21.11%21.11%21.11%
EBIAT 10884.9073.5086.94149.67139.20153.34168.93186.10205.01
Depreciation 12.8413.8913.6013.9315.3319.5821.5723.7626.1728.83
Accounts Receivable --0.64-3.62-5.62-3.81-0.09-3.03-3.34-3.67-4.05
Inventories ----------
Accounts Payable -0.18-1.25-0.302.13-0.400.240.260.290.32
Capital Expenditure -10.72-3.53-12.36-9.40-5.29-11.84-13.04-14.37-15.83-17.44
UFCF 110.1194.7969.8685.54158.03146.45159.08175.24193.05212.67
WACC
PV UFCF 135.49136.16138.77141.43144.14
SUM PV UFCF 695.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.09
Free cash flow (t + 1) 216.93
Terminal Value 3,562
Present Value of Terminal Value 2,414.16

Intrinsic Value

Enterprise Value 3,110.14
Net Debt 36.58
Equity Value 3,073.56
Shares Outstanding 35.67
Equity Value Per Share 86.16