Discounted Cash Flow (DCF) Analysis Unlevered

Independent Bank Corp. (INDB)

$79.08

+0.62 (+0.79%)
All numbers are in Millions, Currency in USD
Stock DCF: 215.98 | 79.08 | undervalue

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 338.41383.24502.75477.45507.41565.35629.90701.83781.97871.26
Revenue (%)
EBITDA 168.56197.46291.43214.44203.22276.19307.72342.86382.01425.63
EBITDA (%)
EBIT 152.88181.46271.99187.18170.39248.09276.41307.98343.14382.32
EBIT (%)
Depreciation 15.6815.9919.4427.2632.8228.1031.3134.8838.8743.31
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 660.61693.21577.401,709.503,811.831,809.362,015.972,246.162,502.642,788.41
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 338.41383.24502.75477.45507.41565.35629.90701.83781.97871.26
EBITDA 168.56197.46291.43214.44203.22276.19307.72342.86382.01425.63
EBIT 152.88181.46271.99187.18170.39248.09276.41307.98343.14382.32
Tax Rate 35.19%22.00%24.27%20.72%22.78%24.99%24.99%24.99%24.99%24.99%
EBIAT 99.09141.54205.98148.39131.58186.09207.34231.01257.39286.78
Depreciation 15.6815.9919.4427.2632.8228.1031.3134.8838.8743.31
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 89.69146.43208.83163.07139.21190.21211.93236.12263.09293.13
WACC
PV UFCF 177.45184.45191.72199.29207.15
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