Discounted Cash Flow (DCF) Analysis Unlevered

Glacier Bancorp, Inc. (GBCI)

$36.44

-0.23 (-0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 91.32 | 36.44 | 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 538.72629.09727.79778.89884.971,002.461,135.541,286.301,457.071,650.52
Revenue (%)
EBITDA 280.03267.68338.41359.71448.03476.84540.15611.86693.09785.11
EBITDA (%)
EBIT 257.74240.60307.62327.67411.54434.92492.67558.07632.16716.09
EBIT (%)
Depreciation 22.2927.0830.7932.0436.4941.9247.4953.7960.9369.02
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 2,775.452,906.215,970.969,608.535,709.307,370.768,349.329,457.8010,713.4312,135.77
Total Cash (%)
Account Receivables 54.4156.0575.5076.6783.5497.57110.52125.20141.82160.65
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.254.693.302.414.335.596.337.178.129.20
Accounts Payable (%)
Capital Expenditure -18.64-16.40-11.72-9.44-23.24-23.08-26.15-29.62-33.55-38.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.44
Beta 0.794
Diluted Shares Outstanding 110.83
Cost of Debt
Tax Rate 18.12
After-tax Cost of Debt 3.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.033
Total Debt 2,010.08
Total Equity 4,038.57
Total Capital 6,048.64
Debt Weighting 33.23
Equity Weighting 66.77
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 538.72629.09727.79778.89884.971,002.461,135.541,286.301,457.071,650.52
EBITDA 280.03267.68338.41359.71448.03476.84540.15611.86693.09785.11
EBIT 257.74240.60307.62327.67411.54434.92492.67558.07632.16716.09
Tax Rate 18.15%18.77%18.79%18.51%18.12%18.47%18.47%18.47%18.47%18.47%
EBIAT 210.96195.44249.82267.02336.99354.61401.68455.01515.42583.85
Depreciation 22.2927.0830.7932.0436.4941.9247.4953.7960.9369.02
Accounts Receivable --1.64-19.45-1.18-6.87-14.03-12.95-14.67-16.62-18.83
Inventories ----------
Accounts Payable -0.43-1.38-0.901.921.260.740.840.951.08
Capital Expenditure -18.64-16.40-11.72-9.44-23.24-23.08-26.15-29.62-33.55-38.01
UFCF 214.61204.92248.06287.55345.30360.67410.81465.35527.13597.11
WACC
PV UFCF 338.56361.99384.91409.29435.21
SUM PV UFCF 1,929.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.53
Free cash flow (t + 1) 609.06
Terminal Value 13,444.95
Present Value of Terminal Value 9,799.40

Intrinsic Value

Enterprise Value 11,729.36
Net Debt 1,608.08
Equity Value 10,121.28
Shares Outstanding 110.83
Equity Value Per Share 91.32