Discounted Cash Flow (DCF) Analysis Unlevered
Independent Bank Corp. (INDB)
$88.08
+0.58 (+0.66%)
All numbers are in Millions, Currency in USD
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 | 338.41 | 383.24 | 502.75 | 477.45 | 507.41 | 565.35 | 629.90 | 701.83 | 781.97 | 871.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 168.56 | 197.46 | 291.43 | 214.44 | 203.22 | 276.19 | 307.72 | 342.86 | 382.01 | 425.63 |
| EBITDA (%) | ||||||||||
| EBIT | 152.88 | 181.46 | 271.99 | 187.18 | 170.39 | 248.09 | 276.41 | 307.98 | 343.14 | 382.32 |
| EBIT (%) | ||||||||||
| Depreciation | 15.68 | 15.99 | 19.44 | 27.26 | 32.82 | 28.10 | 31.31 | 34.88 | 38.87 | 43.31 |
| 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 | 660.61 | 693.21 | 577.40 | 1,709.50 | 3,811.83 | 1,809.36 | 2,015.97 | 2,246.16 | 2,502.64 | 2,788.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -25.08 | -11.11 | -16.58 | -12.59 | -25.20 | -23.98 | -26.72 | -29.77 | -33.17 | -36.96 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 88.08 |
|---|---|
| Beta | 0.834 |
| Diluted Shares Outstanding | 32.96 |
| Cost of Debt | |
| Tax Rate | 22.78 |
| After-tax Cost of Debt | 6.95% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.815 |
| Total Debt | 152.37 |
| Total Equity | 2,903.48 |
| Total Capital | 3,055.85 |
| Debt Weighting | 4.99 |
| Equity Weighting | 95.01 |
| 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 | 338.41 | 383.24 | 502.75 | 477.45 | 507.41 | 565.35 | 629.90 | 701.83 | 781.97 | 871.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 168.56 | 197.46 | 291.43 | 214.44 | 203.22 | 276.19 | 307.72 | 342.86 | 382.01 | 425.63 |
| EBIT | 152.88 | 181.46 | 271.99 | 187.18 | 170.39 | 248.09 | 276.41 | 307.98 | 343.14 | 382.32 |
| Tax Rate | 35.19% | 22.00% | 24.27% | 20.72% | 22.78% | 24.99% | 24.99% | 24.99% | 24.99% | 24.99% |
| EBIAT | 99.09 | 141.54 | 205.98 | 148.39 | 131.58 | 186.09 | 207.34 | 231.01 | 257.39 | 286.78 |
| Depreciation | 15.68 | 15.99 | 19.44 | 27.26 | 32.82 | 28.10 | 31.31 | 34.88 | 38.87 | 43.31 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -25.08 | -11.11 | -16.58 | -12.59 | -25.20 | -23.98 | -26.72 | -29.77 | -33.17 | -36.96 |
| UFCF | 89.69 | 146.43 | 208.83 | 163.07 | 139.21 | 190.21 | 211.93 | 236.12 | 263.09 | 293.13 |
| WACC | ||||||||||
| PV UFCF | 178.06 | 185.73 | 193.72 | 202.06 | 210.76 | |||||
| SUM PV UFCF | 970.34 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.82 |
| Free cash flow (t + 1) | 298.99 |
| Terminal Value | 6,203.10 |
| Present Value of Terminal Value | 4,460.12 |
Intrinsic Value
| Enterprise Value | 5,430.46 |
|---|---|
| Net Debt | -2,088.31 |
| Equity Value | 7,518.77 |
| Shares Outstanding | 32.96 |
| Equity Value Per Share | 228.09 |