Discounted Cash Flow (DCF) Analysis Unlevered

First Interstate BancSystem, Inc. (FIBK)

$41.275

+0.37 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 116.04 | 41.275 | 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 491.60575.80644.90653.70638.70683.73731.93783.53838.77897.90
Revenue (%)
EBITDA 203.09274.80332.80281257.70306.28327.87350.98375.73402.21
EBITDA (%)
EBIT 184.66247.20294.10235.90223.46269.62288.63308.98330.76354.08
EBIT (%)
Depreciation 18.4327.6038.7045.1034.2436.6539.244244.9648.13
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 2,967.553,092.604,036.706,285.402,344.704,232.704,531.104,850.535,192.485,558.55
Total Cash (%)
Account Receivables 38.0344.9046.7051.1048.8552.2955.9859.9364.1568.67
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 92.20101.90141.70150.20129.98139.14148.95159.45170.69182.72
Accounts Payable (%)
Capital Expenditure -38.99-6.10-16.60-30.20-25.84-27.66-29.61-31.70-33.94-36.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 41.275
Beta 0.968
Diluted Shares Outstanding 61.76
Cost of Debt
Tax Rate 22.48
After-tax Cost of Debt 3.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.419
Total Debt 199.40
Total Equity 2,549.27
Total Capital 2,748.67
Debt Weighting 7.25
Equity Weighting 92.75
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 491.60575.80644.90653.70638.70683.73731.93783.53838.77897.90
EBITDA 203.09274.80332.80281257.70306.28327.87350.98375.73402.21
EBIT 184.66247.20294.10235.90223.46269.62288.63308.98330.76354.08
Tax Rate 32.03%22.35%23.01%22.98%22.48%24.57%24.57%24.57%24.57%24.57%
EBIAT 125.51191.96226.42181.69173.23203.38217.72233.06249.49267.08
Depreciation 18.4327.6038.7045.1034.2436.6539.244244.9648.13
Accounts Receivable --6.87-1.80-4.402.25-3.44-3.69-3.95-4.22-4.52
Inventories ----------
Accounts Payable -9.7039.808.50-20.229.169.8110.5011.2412.03
Capital Expenditure -38.99-6.10-16.60-30.20-25.84-27.66-29.61-31.70-33.94-36.33
UFCF 104.95216.30286.52200.69163.66218.09233.46249.92267.54286.40
WACC
PV UFCF 203.51203.30203.10202.89202.68
SUM PV UFCF 1,015.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.16
Free cash flow (t + 1) 292.13
Terminal Value 5,661.36
Present Value of Terminal Value 4,006.43

Intrinsic Value

Enterprise Value 5,021.90
Net Debt -2,145.30
Equity Value 7,167.20
Shares Outstanding 61.76
Equity Value Per Share 116.04