Discounted Cash Flow (DCF) Analysis Unlevered

German American Bancorp, Inc. (GABC)

$37.38

+0.16 (+0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 124.52 | 37.38 | 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 131.76151.68190.73209.72220.29251.05286.11326.07371.60423.49
Revenue (%)
EBITDA 68.0281.38111.12103.60121.10134.52153.30174.71199.11226.91
EBITDA (%)
EBIT 63.3375.20102.4994.17112.33124.16141.50161.25183.77209.44
EBIT (%)
Depreciation 4.696.188.639.438.7710.3611.8113.4615.3417.48
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 799.23877.41916.781,277.061,937.531,583.741,804.912,056.952,344.192,671.55
Total Cash (%)
Account Receivables 30.4535.3244.2143.9943.5155.3963.1271.9481.9893.43
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 20.5221.4144.1451.8143.5848.8755.6963.4772.3382.43
Accounts Payable (%)
Capital Expenditure -11.18-15.19-9.37-7.07-4.69-14.52-16.54-18.86-21.49-24.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 37.38
Beta 0.686
Diluted Shares Outstanding 26.55
Cost of Debt
Tax Rate 18.14
After-tax Cost of Debt 9.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.077
Total Debt 83.86
Total Equity 992.28
Total Capital 1,076.14
Debt Weighting 7.79
Equity Weighting 92.21
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 131.76151.68190.73209.72220.29251.05286.11326.07371.60423.49
EBITDA 68.0281.38111.12103.60121.10134.52153.30174.71199.11226.91
EBIT 63.3375.20102.4994.17112.33124.16141.50161.25183.77209.44
Tax Rate 22.09%17.00%16.87%17.10%18.14%18.24%18.24%18.24%18.24%18.24%
EBIAT 49.3462.4185.2078.0791.95101.51115.69131.84150.25171.23
Depreciation 4.696.188.639.438.7710.3611.8113.4615.3417.48
Accounts Receivable --4.87-8.890.220.48-11.87-7.73-8.81-10.05-11.45
Inventories ----------
Accounts Payable -0.8922.747.66-8.235.296.827.788.8610.10
Capital Expenditure -11.18-15.19-9.37-7.07-4.69-14.52-16.54-18.86-21.49-24.49
UFCF 42.8449.4398.3188.3188.2890.77110.04125.41142.92162.88
WACC
PV UFCF 85.3697.33104.32111.81119.83
SUM PV UFCF 518.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.33
Free cash flow (t + 1) 166.13
Terminal Value 3,836.80
Present Value of Terminal Value 2,822.86

Intrinsic Value

Enterprise Value 3,341.51
Net Debt 35.94
Equity Value 3,305.58
Shares Outstanding 26.55
Equity Value Per Share 124.52