Discounted Cash Flow (DCF) Analysis Unlevered

Peapack-Gladstone Financial Corpora... (PGC)

$35.49

+0.07 (+0.20%)
All numbers are in Millions, Currency in USD
Stock DCF: 92.61 | 35.49 | 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 143.35156.70174.97189.36210.30231.47254.76280.40308.63339.69
Revenue (%)
EBITDA 85.49106.56130.6874.5799.67133.83147.30162.13178.44196.40
EBITDA (%)
EBIT 81.89102.24126.5270.1594.42128.06140.95155.14170.75187.93
EBIT (%)
Depreciation 3.604.314.164.415.245.776.356.997.698.47
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 440.98538.61598.841,275.91943.56979.601,078.191,186.701,306.131,437.58
Total Cash (%)
Account Receivables 9.4510.8110.4922.4921.5919.2821.2223.3525.7028.29
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable --7.958.619.5610.5211.5812.7414.0215.44
Accounts Payable (%)
Capital Expenditure -2.38-1.06-1.71-3.08-2.59-2.86-3.14-3.46-3.81-4.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 35.49
Beta 1.092
Diluted Shares Outstanding 19.29
Cost of Debt
Tax Rate 27.09
After-tax Cost of Debt 10.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.687
Total Debt 148.63
Total Equity 684.69
Total Capital 833.33
Debt Weighting 17.84
Equity Weighting 82.16
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 143.35156.70174.97189.36210.30231.47254.76280.40308.63339.69
EBITDA 85.49106.56130.6874.5799.67133.83147.30162.13178.44196.40
EBIT 81.89102.24126.5270.1594.42128.06140.95155.14170.75187.93
Tax Rate 32.80%23.48%28.26%18.16%27.09%25.96%25.96%25.96%25.96%25.96%
EBIAT 55.0478.2490.7657.4168.8494.82104.36114.87126.43139.15
Depreciation 3.604.314.164.415.245.776.356.997.698.47
Accounts Receivable --1.360.32-120.912.31-1.94-2.14-2.35-2.59
Inventories ----------
Accounts Payable ---0.650.950.961.061.171.281.41
Capital Expenditure -2.38-1.06-1.71-3.08-2.59-2.86-3.14-3.46-3.81-4.19
UFCF 56.2580.1393.5447.4173.35101.01106.69117.43129.25142.26
WACC
PV UFCF 92.6289.7090.5391.3692.20
SUM PV UFCF 456.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.06
Free cash flow (t + 1) 145.10
Terminal Value 2,055.25
Present Value of Terminal Value 1,332.10

Intrinsic Value

Enterprise Value 1,788.52
Net Debt 1.83
Equity Value 1,786.69
Shares Outstanding 19.29
Equity Value Per Share 92.61