Discounted Cash Flow (DCF) Analysis Unlevered

Lakeland Financial Corporation (LKFN)

$74.74

-2.90 (-3.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 129.32 | 74.74 | 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 163.67181.70189.64197.99210.13223.75238.25253.70270.14287.64
Revenue (%)
EBITDA 125.16152.80174.01140.79140.96174.76186.08198.14210.99224.66
EBITDA (%)
EBIT 119.44146.64167.55133.97132.57166.83177.64189.15201.41214.46
EBIT (%)
Depreciation 5.726.166.466.818.397.938.448.999.5710.19
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 714.67802.47707.61984.772,081.801,225.961,305.421,390.021,480.111,576.03
Total Cash (%)
Account Receivables 14.0915.5215.3918.7617.6719.3120.5621.9023.3224.83
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.3110.4011.605.962.628.939.5110.1310.7811.48
Accounts Payable (%)
Capital Expenditure -9.58-7.97-8-5.72-6.17-9.08-9.66-10.29-10.96-11.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 74.74
Beta 0.765
Diluted Shares Outstanding 25.62
Cost of Debt
Tax Rate 18.49
After-tax Cost of Debt 16.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.171
Total Debt 75
Total Equity 1,914.85
Total Capital 1,989.85
Debt Weighting 3.77
Equity Weighting 96.23
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 163.67181.70189.64197.99210.13223.75238.25253.70270.14287.64
EBITDA 125.16152.80174.01140.79140.96174.76186.08198.14210.99224.66
EBIT 119.44146.64167.55133.97132.57166.83177.64189.15201.41214.46
Tax Rate 36.04%18.73%18.94%18.81%18.49%22.20%22.20%22.20%22.20%22.20%
EBIAT 76.39119.18135.82108.77108.07129.79138.20147.16156.70166.85
Depreciation 5.726.166.466.818.397.938.448.999.5710.19
Accounts Receivable --1.420.13-3.371.09-1.64-1.25-1.33-1.42-1.51
Inventories ----------
Accounts Payable -4.091.20-5.64-3.346.310.580.620.660.70
Capital Expenditure -9.58-7.97-8-5.72-6.17-9.08-9.66-10.29-10.96-11.67
UFCF 72.53120.03135.60100.85108.03133.32136.31145.14154.55164.57
WACC
PV UFCF 123.99117.91116.77115.64114.52
SUM PV UFCF 588.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.52
Free cash flow (t + 1) 167.86
Terminal Value 3,040.89
Present Value of Terminal Value 2,116.19

Intrinsic Value

Enterprise Value 2,705.02
Net Debt -608.24
Equity Value 3,313.26
Shares Outstanding 25.62
Equity Value Per Share 129.32