Discounted Cash Flow (DCF) Analysis Unlevered
Pacific Premier Bancorp, Inc. (PPBI)
$30.9738
-0.58 (-1.83%)
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 | 269.08 | 410.45 | 463.19 | 622.31 | 750.10 | 975.65 | 1,269.02 | 1,650.61 | 2,146.94 | 2,792.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 135.76 | 242.66 | 323.62 | 159.54 | 527.10 | 537.29 | 698.85 | 908.99 | 1,182.31 | 1,537.83 |
| EBITDA (%) | ||||||||||
| EBIT | 124.73 | 221.29 | 296.56 | 129.12 | 495.19 | 489.89 | 637.20 | 828.80 | 1,078.01 | 1,402.16 |
| EBIT (%) | ||||||||||
| Depreciation | 11.03 | 21.37 | 27.06 | 30.42 | 31.91 | 47.40 | 61.65 | 80.19 | 104.30 | 135.66 |
| 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 | 991.19 | 1,312.77 | 1,697.94 | 4,814.73 | 4,580.78 | 4,759.53 | 6,190.69 | 8,052.19 | 10,473.43 | 13,622.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 27.05 | 37.84 | 39.44 | 74.57 | 65.73 | 94.70 | 123.18 | 160.22 | 208.40 | 271.06 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.16 | -10.29 | -18.83 | -11.41 | -18.67 | -24.28 | -31.58 | -41.08 | -53.43 | -69.50 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 30.9,738 |
|---|---|
| Beta | 1.191 |
| Diluted Shares Outstanding | 93.91 |
| Cost of Debt | |
| Tax Rate | 26.24 |
| After-tax Cost of Debt | 2.85% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.504 |
| Total Debt | 888.57 |
| Total Equity | 2,908.64 |
| Total Capital | 3,797.21 |
| Debt Weighting | 23.40 |
| Equity Weighting | 76.60 |
| 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 | 269.08 | 410.45 | 463.19 | 622.31 | 750.10 | 975.65 | 1,269.02 | 1,650.61 | 2,146.94 | 2,792.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 135.76 | 242.66 | 323.62 | 159.54 | 527.10 | 537.29 | 698.85 | 908.99 | 1,182.31 | 1,537.83 |
| EBIT | 124.73 | 221.29 | 296.56 | 129.12 | 495.19 | 489.89 | 637.20 | 828.80 | 1,078.01 | 1,402.16 |
| Tax Rate | 41.21% | 25.51% | 26.65% | 16.87% | 26.24% | 27.30% | 27.30% | 27.30% | 27.30% | 27.30% |
| EBIAT | 73.33 | 164.84 | 217.52 | 107.33 | 365.24 | 356.16 | 463.26 | 602.56 | 783.74 | 1,019.41 |
| Depreciation | 11.03 | 21.37 | 27.06 | 30.42 | 31.91 | 47.40 | 61.65 | 80.19 | 104.30 | 135.66 |
| Accounts Receivable | - | -10.78 | -1.60 | -35.13 | 8.85 | -28.98 | -28.48 | -37.04 | -48.18 | -62.66 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -4.17 | -10.29 | -18.83 | -11.41 | -18.67 | -24.28 | -31.58 | -41.08 | -53.43 | -69.50 |
| UFCF | 80.20 | 165.13 | 224.14 | 91.21 | 387.33 | 350.30 | 464.85 | 604.63 | 786.43 | 1,022.91 |
| WACC | ||||||||||
| PV UFCF | 326.84 | 404.65 | 491.07 | 595.94 | 723.21 | |||||
| SUM PV UFCF | 2,541.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.18 |
| Free cash flow (t + 1) | 1,043.36 |
| Terminal Value | 20,142.18 |
| Present Value of Terminal Value | 14,240.91 |
Intrinsic Value
| Enterprise Value | 16,782.63 |
|---|---|
| Net Debt | 581.65 |
| Equity Value | 16,200.98 |
| Shares Outstanding | 93.91 |
| Equity Value Per Share | 172.52 |