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
Stock DCF: 172.52 | 30.9738 | 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 269.08410.45463.19622.31750.10975.651,269.021,650.612,146.942,792.51
Revenue (%)
EBITDA 135.76242.66323.62159.54527.10537.29698.85908.991,182.311,537.83
EBITDA (%)
EBIT 124.73221.29296.56129.12495.19489.89637.20828.801,078.011,402.16
EBIT (%)
Depreciation 11.0321.3727.0630.4231.9147.4061.6580.19104.30135.66
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 991.191,312.771,697.944,814.734,580.784,759.536,190.698,052.1910,473.4313,622.72
Total Cash (%)
Account Receivables 27.0537.8439.4474.5765.7394.70123.18160.22208.40271.06
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 269.08410.45463.19622.31750.10975.651,269.021,650.612,146.942,792.51
EBITDA 135.76242.66323.62159.54527.10537.29698.85908.991,182.311,537.83
EBIT 124.73221.29296.56129.12495.19489.89637.20828.801,078.011,402.16
Tax Rate 41.21%25.51%26.65%16.87%26.24%27.30%27.30%27.30%27.30%27.30%
EBIAT 73.33164.84217.52107.33365.24356.16463.26602.56783.741,019.41
Depreciation 11.0321.3727.0630.4231.9147.4061.6580.19104.30135.66
Accounts Receivable --10.78-1.60-35.138.85-28.98-28.48-37.04-48.18-62.66
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 80.20165.13224.1491.21387.33350.30464.85604.63786.431,022.91
WACC
PV UFCF 326.84404.65491.07595.94723.21
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