Discounted Cash Flow (DCF) Analysis Unlevered
Glacier Bancorp, Inc. (GBCI)
$34.18
+1.72 (+5.30%)
All numbers are in Millions, Currency in USD
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 | 538.72 | 629.09 | 727.79 | 778.89 | 884.97 | 1,002.46 | 1,135.54 | 1,286.30 | 1,457.07 | 1,650.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 280.03 | 267.68 | 338.41 | 359.71 | 448.03 | 476.84 | 540.15 | 611.86 | 693.09 | 785.11 |
| EBITDA (%) | ||||||||||
| EBIT | 257.74 | 240.60 | 307.62 | 327.67 | 411.54 | 434.92 | 492.67 | 558.07 | 632.16 | 716.09 |
| EBIT (%) | ||||||||||
| Depreciation | 22.29 | 27.08 | 30.79 | 32.04 | 36.49 | 41.92 | 47.49 | 53.79 | 60.93 | 69.02 |
| 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 | 2,775.45 | 2,906.21 | 5,970.96 | 9,608.53 | 5,709.30 | 7,370.76 | 8,349.32 | 9,457.80 | 10,713.43 | 12,135.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 54.41 | 56.05 | 75.50 | 76.67 | 83.54 | 97.57 | 110.52 | 125.20 | 141.82 | 160.65 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.25 | 4.69 | 3.30 | 2.41 | 4.33 | 5.59 | 6.33 | 7.17 | 8.12 | 9.20 |
| 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 | $ 34.18 |
|---|---|
| Beta | 0.790 |
| Diluted Shares Outstanding | 110.83 |
| Cost of Debt | |
| Tax Rate | 18.12 |
| After-tax Cost of Debt | 3.45% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.948 |
| Total Debt | 2,010.08 |
| Total Equity | 3,788.10 |
| Total Capital | 5,798.17 |
| Debt Weighting | 34.67 |
| Equity Weighting | 65.33 |
| 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 | 538.72 | 629.09 | 727.79 | 778.89 | 884.97 | 1,002.46 | 1,135.54 | 1,286.30 | 1,457.07 | 1,650.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 280.03 | 267.68 | 338.41 | 359.71 | 448.03 | 476.84 | 540.15 | 611.86 | 693.09 | 785.11 |
| EBIT | 257.74 | 240.60 | 307.62 | 327.67 | 411.54 | 434.92 | 492.67 | 558.07 | 632.16 | 716.09 |
| Tax Rate | 18.15% | 18.77% | 18.79% | 18.51% | 18.12% | 18.47% | 18.47% | 18.47% | 18.47% | 18.47% |
| EBIAT | 210.96 | 195.44 | 249.82 | 267.02 | 336.99 | 354.61 | 401.68 | 455.01 | 515.42 | 583.85 |
| Depreciation | 22.29 | 27.08 | 30.79 | 32.04 | 36.49 | 41.92 | 47.49 | 53.79 | 60.93 | 69.02 |
| 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 | -0.90 | 1.92 | 1.26 | 0.74 | 0.84 | 0.95 | 1.08 |
| Capital Expenditure | -18.64 | -16.40 | -11.72 | -9.44 | -23.24 | -23.08 | -26.15 | -29.62 | -33.55 | -38.01 |
| UFCF | 214.61 | 204.92 | 248.06 | 287.55 | 345.30 | 360.67 | 410.81 | 465.35 | 527.13 | 597.11 |
| WACC | ||||||||||
| PV UFCF | 339 | 362.94 | 386.44 | 411.45 | 438.08 | |||||
| SUM PV UFCF | 1,937.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.39 |
| Free cash flow (t + 1) | 609.06 |
| Terminal Value | 13,873.72 |
| Present Value of Terminal Value | 10,178.62 |
Intrinsic Value
| Enterprise Value | 12,116.53 |
|---|---|
| Net Debt | 1,608.08 |
| Equity Value | 10,508.45 |
| Shares Outstanding | 110.83 |
| Equity Value Per Share | 94.82 |