Discounted Cash Flow (DCF) Analysis Unlevered
Independent Bank Corp. (INDB)
$79.08
+0.62 (+0.79%)
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 | $ 79.08 |
---|---|
Beta | 0.863 |
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 | 7.200 |
Total Debt | 152.37 |
Total Equity | 2,606.80 |
Total Capital | 2,759.17 |
Debt Weighting | 5.52 |
Equity Weighting | 94.48 |
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 | 177.45 | 184.45 | 191.72 | 199.29 | 207.15 | |||||
SUM PV UFCF | 960.06 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.19 |
Free cash flow (t + 1) | 298.99 |
Terminal Value | 5,760.88 |
Present Value of Terminal Value | 4,071.15 |
Intrinsic Value
Enterprise Value | 5,031.21 |
---|---|
Net Debt | -2,088.31 |
Equity Value | 7,119.52 |
Shares Outstanding | 32.96 |
Equity Value Per Share | 215.98 |