Discounted Cash Flow (DCF) Analysis Unlevered

Nicolet Bankshares, Inc. (NCBS)

$75.35

+0.26 (+0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 326.68 | 75.35 | 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 133.38146.16169.90193.23225.32256.95293.03334.17381.09434.60
Revenue (%)
EBITDA 66.9979.65100.92111.15108.58138.67158.14180.35205.67234.54
EBITDA (%)
EBIT 59.9373.3793.61100.4694.73125.53143.15163.25186.17212.31
EBIT (%)
Depreciation 7.076.287.3110.6813.8613.1514.9917.1019.5022.23
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 561.10650.66650.671,371.721,538.871,357.591,548.201,765.572,013.462,296.16
Total Cash (%)
Account Receivables 35.8234.4239.4655.52113.3878.4689.48102.04116.37132.71
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 18.4417.7438.1948.3368.7353.4360.9369.4879.2490.36
Accounts Payable (%)
Capital Expenditure -3.74-4.26-4.39-10.79-7.82-8.92-10.17-11.60-13.23-15.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 75.35
Beta 0.664
Diluted Shares Outstanding 11.14
Cost of Debt
Tax Rate 25.23
After-tax Cost of Debt 4.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.788
Total Debt 216.91
Total Equity 839.78
Total Capital 1,056.69
Debt Weighting 20.53
Equity Weighting 79.47
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 133.38146.16169.90193.23225.32256.95293.03334.17381.09434.60
EBITDA 66.9979.65100.92111.15108.58138.67158.14180.35205.67234.54
EBIT 59.9373.3793.61100.4694.73125.53143.15163.25186.17212.31
Tax Rate 33.30%25.12%23.52%25.72%25.23%26.58%26.58%26.58%26.58%26.58%
EBIAT 39.9754.9471.5974.6270.8292.16105.10119.86136.69155.88
Depreciation 7.076.287.3110.6813.8613.1514.9917.1019.5022.23
Accounts Receivable -1.40-5.04-16.06-57.8634.91-11.02-12.56-14.33-16.34
Inventories ----------
Accounts Payable --0.7020.4510.1420.40-15.307.508.559.7611.13
Capital Expenditure -3.74-4.26-4.39-10.79-7.82-8.92-10.17-11.60-13.23-15.09
UFCF 43.3057.6689.9168.6039.40116106.41121.35138.38157.81
WACC
PV UFCF 109.0694.06100.85108.14115.95
SUM PV UFCF 528.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.36
Free cash flow (t + 1) 160.97
Terminal Value 3,691.97
Present Value of Terminal Value 2,712.48

Intrinsic Value

Enterprise Value 3,240.54
Net Debt -400.30
Equity Value 3,640.83
Shares Outstanding 11.14
Equity Value Per Share 326.68