Discounted Cash Flow (DCF) Analysis Unlevered

First BanCorp. (FBP)

$14.67

+0.04 (+0.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 41.32 | 14.67 | 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 516.38583.47636.64687.40835.86943.851,065.781,203.471,358.941,534.50
Revenue (%)
EBITDA 179.68308.84368.87234.96528.97458.96518.25585.20660.81746.18
EBITDA (%)
EBIT 158.86290.22348.19208.98492.60423.84478.60540.43610.25689.08
EBIT (%)
Depreciation 20.8318.6220.6825.9836.3735.1239.6544.7850.5657.09
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 2,257.292,346.042,637.465,799.068,996.825,990.536,764.457,638.348,625.139,739.41
Total Cash (%)
Account Receivables 314.63383.90464.7469.51636.51539.85609.60688.35777.28877.69
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 145.91129.91180.61276.75214.85273.44308.76348.65393.70444.56
Accounts Payable (%)
Capital Expenditure -9.42-20.51-22.48-16.07-13.35-24.17-27.29-30.82-34.80-39.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.67
Beta 1.169
Diluted Shares Outstanding 217.67
Cost of Debt
Tax Rate 34.31
After-tax Cost of Debt 11.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.279
Total Debt 383.76
Total Equity 3,193.19
Total Capital 3,576.95
Debt Weighting 10.73
Equity Weighting 89.27
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 516.38583.47636.64687.40835.86943.851,065.781,203.471,358.941,534.50
EBITDA 179.68308.84368.87234.96528.97458.96518.25585.20660.81746.18
EBIT 158.86290.22348.19208.98492.60423.84478.60540.43610.25689.08
Tax Rate -8.02%-5.75%30.08%12.08%34.31%12.54%12.54%12.54%12.54%12.54%
EBIAT 171.60306.92243.46183.74323.58370.70418.59472.67533.73602.69
Depreciation 20.8318.6220.6825.9836.3735.1239.6544.7850.5657.09
Accounts Receivable --69.27-80.84395.23-567.0196.66-69.74-78.75-88.93-100.42
Inventories ----------
Accounts Payable --1650.7196.13-61.9058.5935.3339.8945.0450.86
Capital Expenditure -9.42-20.51-22.48-16.07-13.35-24.17-27.29-30.82-34.80-39.30
UFCF 183.01219.76211.54685.02-282.30536.89396.53447.76505.61570.93
WACC
PV UFCF 490.45330.89341.32352.07363.17
SUM PV UFCF 1,877.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.47
Free cash flow (t + 1) 582.35
Terminal Value 7,795.78
Present Value of Terminal Value 4,958.89

Intrinsic Value

Enterprise Value 6,836.79
Net Debt -2,156.91
Equity Value 8,993.70
Shares Outstanding 217.67
Equity Value Per Share 41.32