Discounted Cash Flow (DCF) Analysis Unlevered
The Bank of N.T. Butterfield & Son ... (NTB)
$33.29
+0.08 (+0.24%)
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 | 448.79 | 511 | 531.89 | 502.65 | 497.61 | 511.86 | 526.51 | 541.58 | 557.08 | 573.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 194.21 | 267.54 | 283.47 | 246.44 | 260.34 | 256.20 | 263.54 | 271.08 | 278.84 | 286.82 |
| EBITDA (%) | ||||||||||
| EBIT | 170.22 | 221.07 | 235.08 | 184.01 | 190.88 | 205.10 | 210.98 | 217.01 | 223.23 | 229.62 |
| EBIT (%) | ||||||||||
| Depreciation | 23.98 | 46.48 | 48.39 | 62.44 | 69.46 | 51.10 | 52.56 | 54.07 | 55.61 | 57.21 |
| 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 | 5,102.56 | 4,288.97 | 5,988.79 | 6,773.75 | 6,852.48 | 5,965.06 | 6,135.80 | 6,311.43 | 6,492.09 | 6,677.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 24.92 | 20.87 | 23.56 | 144.79 | 144.28 | 73.57 | 75.68 | 77.84 | 80.07 | 82.36 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.38 | 5.07 | 8.36 | 203.86 | 189.38 | 83.65 | 86.04 | 88.50 | 91.04 | 93.64 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -14.78 | -19.84 | -22.78 | -20.57 | -15.72 | -19.15 | -19.70 | -20.26 | -20.84 | -21.44 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 33.29 |
|---|---|
| Beta | 1.392 |
| Diluted Shares Outstanding | 50.58 |
| Cost of Debt | |
| Tax Rate | 1.88 |
| After-tax Cost of Debt | 14.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.102 |
| Total Debt | 171.88 |
| Total Equity | 1,683.95 |
| Total Capital | 1,855.82 |
| Debt Weighting | 9.26 |
| Equity Weighting | 90.74 |
| 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 | 448.79 | 511 | 531.89 | 502.65 | 497.61 | 511.86 | 526.51 | 541.58 | 557.08 | 573.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 194.21 | 267.54 | 283.47 | 246.44 | 260.34 | 256.20 | 263.54 | 271.08 | 278.84 | 286.82 |
| EBIT | 170.22 | 221.07 | 235.08 | 184.01 | 190.88 | 205.10 | 210.98 | 217.01 | 223.23 | 229.62 |
| Tax Rate | 0.70% | 0.65% | -0.78% | 1.59% | 1.88% | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| EBIAT | 169.03 | 219.62 | 236.91 | 181.08 | 187.29 | 203.44 | 209.27 | 215.26 | 221.42 | 227.76 |
| Depreciation | 23.98 | 46.48 | 48.39 | 62.44 | 69.46 | 51.10 | 52.56 | 54.07 | 55.61 | 57.21 |
| Accounts Receivable | - | 4.05 | -2.69 | -121.23 | 0.51 | 70.71 | -2.11 | -2.17 | -2.23 | -2.29 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.70 | 3.29 | 195.50 | -14.48 | -105.73 | 2.39 | 2.46 | 2.53 | 2.61 |
| Capital Expenditure | -14.78 | -19.84 | -22.78 | -20.57 | -15.72 | -19.15 | -19.70 | -20.26 | -20.84 | -21.44 |
| UFCF | 178.23 | 253 | 263.13 | 297.21 | 227.05 | 200.37 | 242.42 | 249.36 | 256.49 | 263.83 |
| WACC | ||||||||||
| PV UFCF | 181.34 | 198.57 | 184.86 | 172.10 | 160.22 | |||||
| SUM PV UFCF | 897.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.49 |
| Free cash flow (t + 1) | 269.11 |
| Terminal Value | 3,169.75 |
| Present Value of Terminal Value | 1,924.91 |
Intrinsic Value
| Enterprise Value | 2,822.01 |
|---|---|
| Net Debt | -2,007.96 |
| Equity Value | 4,829.97 |
| Shares Outstanding | 50.58 |
| Equity Value Per Share | 95.48 |