Discounted Cash Flow (DCF) Analysis Unlevered

First Commonwealth Financial Corpor... (FCF)

$13.59

+0.69 (+5.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 35.47 | 13.59 | 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 340.86355.35362.75385.30410.93430.66451.33472.99495.70519.50
Revenue (%)
EBITDA 180.85196.62134.79199.56188.47209.48219.53230.07241.12252.69
EBITDA (%)
EBIT 172.81186.25123.14188.11177.92197.39206.87216.80227.21238.11
EBIT (%)
Depreciation 8.0510.3711.6511.4410.5512.0812.6613.2713.9114.58
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 1,008.191,024.151,187.801,436.75916.901,298.391,360.721,426.041,494.501,566.24
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -9.60-17.38-7.61-10.64-11.21-13.17-13.81-14.47-15.16-15.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.59
Beta 0.945
Diluted Shares Outstanding 93.89
Cost of Debt
Tax Rate 19.98
After-tax Cost of Debt 3.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.150
Total Debt 466.22
Total Equity 1,275.93
Total Capital 1,742.15
Debt Weighting 26.76
Equity Weighting 73.24
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 340.86355.35362.75385.30410.93430.66451.33472.99495.70519.50
EBITDA 180.85196.62134.79199.56188.47209.48219.53230.07241.12252.69
EBIT 172.81186.25123.14188.11177.92197.39206.87216.80227.21238.11
Tax Rate 19.04%19.50%18.58%20.00%19.98%19.42%19.42%19.42%19.42%19.42%
EBIAT 139.91149.93100.27150.49142.37159.06166.70174.70183.09191.88
Depreciation 8.0510.3711.6511.4410.5512.0812.6613.2713.9114.58
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -9.60-17.38-7.62-10.64-11.21-13.17-13.81-14.47-15.16-15.89
UFCF 138.36142.92104.30151.30141.72157.97165.56173.50181.83190.56
WACC
PV UFCF 147.94145.20142.51139.87137.27
SUM PV UFCF 712.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.78
Free cash flow (t + 1) 194.37
Terminal Value 4,066.38
Present Value of Terminal Value 2,929.26

Intrinsic Value

Enterprise Value 3,642.05
Net Debt 311.98
Equity Value 3,330.07
Shares Outstanding 93.89
Equity Value Per Share 35.47