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
Stock DCF: 95.48 | 33.29 | 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 448.79511531.89502.65497.61511.86526.51541.58557.08573.03
Revenue (%)
EBITDA 194.21267.54283.47246.44260.34256.20263.54271.08278.84286.82
EBITDA (%)
EBIT 170.22221.07235.08184.01190.88205.10210.98217.01223.23229.62
EBIT (%)
Depreciation 23.9846.4848.3962.4469.4651.1052.5654.0755.6157.21
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 5,102.564,288.975,988.796,773.756,852.485,965.066,135.806,311.436,492.096,677.92
Total Cash (%)
Account Receivables 24.9220.8723.56144.79144.2873.5775.6877.8480.0782.36
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.385.078.36203.86189.3883.6586.0488.5091.0493.64
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 448.79511531.89502.65497.61511.86526.51541.58557.08573.03
EBITDA 194.21267.54283.47246.44260.34256.20263.54271.08278.84286.82
EBIT 170.22221.07235.08184.01190.88205.10210.98217.01223.23229.62
Tax Rate 0.70%0.65%-0.78%1.59%1.88%0.81%0.81%0.81%0.81%0.81%
EBIAT 169.03219.62236.91181.08187.29203.44209.27215.26221.42227.76
Depreciation 23.9846.4848.3962.4469.4651.1052.5654.0755.6157.21
Accounts Receivable -4.05-2.69-121.230.5170.71-2.11-2.17-2.23-2.29
Inventories ----------
Accounts Payable -2.703.29195.50-14.48-105.732.392.462.532.61
Capital Expenditure -14.78-19.84-22.78-20.57-15.72-19.15-19.70-20.26-20.84-21.44
UFCF 178.23253263.13297.21227.05200.37242.42249.36256.49263.83
WACC
PV UFCF 181.34198.57184.86172.10160.22
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