Discounted Cash Flow (DCF) Analysis Unlevered

First Internet Bancorp (INBK)

$33.86

-0.30 (-0.88%)
All numbers are in Millions, Currency in USD
Stock DCF: -419.55 | 33.86 | overvalue

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 63.5070.0978.6198.84114.76133.24154.69179.58208.49242.05
Revenue (%)
EBITDA 58.9482.82119.26114.05112.67153.56178.28206.97240.29278.97
EBITDA (%)
EBIT 53.6477.15111.60106.22103.90142.44165.37191.98222.89258.76
EBIT (%)
Depreciation 5.305.677.657.838.7711.1212.9114.9917.4020.21
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 521.26670.06868.21917.431,0461,258.041,460.541,695.641,968.582,285.46
Total Cash (%)
Account Receivables 828.42973.981,081.551,031.89928.741,578.451,832.532,127.512,469.972,867.55
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.311.113.771.442.022.693.123.624.204.88
Accounts Payable (%)
Capital Expenditure -1.52-2.22-4.10-25.56-29.89-16.70-19.39-22.51-26.14-30.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 33.86
Beta 0.638
Diluted Shares Outstanding 9.98
Cost of Debt
Tax Rate 14.95
After-tax Cost of Debt 6.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.814
Total Debt 619.15
Total Equity 337.80
Total Capital 956.95
Debt Weighting 64.70
Equity Weighting 35.30
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 63.5070.0978.6198.84114.76133.24154.69179.58208.49242.05
EBITDA 58.9482.82119.26114.05112.67153.56178.28206.97240.29278.97
EBIT 53.6477.15111.60106.22103.90142.44165.37191.98222.89258.76
Tax Rate 33.59%8.57%7.06%13.11%14.95%15.46%15.46%15.46%15.46%15.46%
EBIAT 35.6270.54103.7292.2988.37120.42139.81162.31188.44218.77
Depreciation 5.305.677.657.838.7711.1212.9114.9917.4020.21
Accounts Receivable --145.55-107.5749.66103.15-649.71-254.08-294.98-342.46-397.58
Inventories ----------
Accounts Payable -0.802.66-2.330.580.670.430.500.580.68
Capital Expenditure -1.52-2.22-4.11-25.56-29.89-16.70-19.39-22.51-26.14-30.34
UFCF 39.41-70.772.36121.89170.98-534.20-120.32-139.69-162.17-188.28
WACC
PV UFCF -501.08-105.86-115.28-125.54-136.71
SUM PV UFCF -984.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.61
Free cash flow (t + 1) -192.04
Terminal Value -4,165.79
Present Value of Terminal Value -3,024.88

Intrinsic Value

Enterprise Value -4,009.36
Net Debt 176.19
Equity Value -4,185.55
Shares Outstanding 9.98
Equity Value Per Share -419.55