Discounted Cash Flow (DCF) Analysis Unlevered

First Commonwealth Financial Corpor... (FCF)

$12.17

+0.17 (+1.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.23 | 12.17 | 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 180.85134.1993.89176.31188.47179.44188.05197.08206.54216.45
EBITDA (%)
EBIT 172.81123.8282.24164.87177.92167.35175.39183.81192.63201.88
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 1,008.191,040.911,200.031,449.59916.901,308.231,371.031,436.851,505.821,578.11
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 $ 12.17
Beta 0.945
Diluted Shares Outstanding 93.89
Cost of Debt
Tax Rate 19.98
After-tax Cost of Debt 2.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.057
Total Debt 553.92
Total Equity 1,142.61
Total Capital 1,696.53
Debt Weighting 32.65
Equity Weighting 67.35
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 180.85134.1993.89176.31188.47179.44188.05197.08206.54216.45
EBIT 172.81123.8282.24164.87177.92167.35175.39183.81192.63201.88
Tax Rate 20.22%20.56%19.87%20.00%19.98%20.13%20.13%20.13%20.13%20.13%
EBIAT 137.8698.3665.89131.90142.37133.67140.09146.81153.86161.25
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 136.3191.3569.93132.70141.72132.58138.94145.61152.60159.93
WACC
PV UFCF 123.98121.50119.06116.68114.35
SUM PV UFCF 595.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.94
Free cash flow (t + 1) 163.13
Terminal Value 3,302.21
Present Value of Terminal Value 2,361.04

Intrinsic Value

Enterprise Value 2,956.61
Net Debt 399.67
Equity Value 2,556.93
Shares Outstanding 93.89
Equity Value Per Share 27.23