Discounted Cash Flow (DCF) Analysis Unlevered

Park National Corporation (PRK)

$124.48

-1.05 (-0.84%)
All numbers are in Millions, Currency in USD
Stock DCF: 290.94 | 124.48 | 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 324.39368394.93453.29459.84502.35548.80599.53654.96715.52
Revenue (%)
EBITDA 169.78183.79196.65195.55217.46243.64266.17290.78317.66347.03
EBITDA (%)
EBIT 161.13175.20187.53184.74204.20231.01252.37275.70301.19329.03
EBIT (%)
Depreciation 8.648.599.1210.8113.2712.6413.8015.0816.4818
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 1,262.931,170.641,369.661,429.82219.181,423.991,555.651,699.481,856.602,028.25
Total Cash (%)
Account Receivables 22.1622.9724.2249.3634.6037.8041.2945.1149.2853.84
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.282.622.933.863.463.784.134.514.935.38
Accounts Payable (%)
Capital Expenditure -7.02-11.53-14.88-28.63-14.09-18.53-20.25-22.12-24.17-26.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 124.48
Beta 0.744
Diluted Shares Outstanding 16.31
Cost of Debt
Tax Rate 18.22
After-tax Cost of Debt 3.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.317
Total Debt 427
Total Equity 2,030.79
Total Capital 2,457.79
Debt Weighting 17.37
Equity Weighting 82.63
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 324.39368394.93453.29459.84502.35548.80599.53654.96715.52
EBITDA 169.78183.79196.65195.55217.46243.64266.17290.78317.66347.03
EBIT 161.13175.20187.53184.74204.20231.01252.37275.70301.19329.03
Tax Rate 28.89%15.93%17.69%17.28%18.22%19.60%19.60%19.60%19.60%19.60%
EBIAT 114.58147.30154.36152.81167185.73202.90221.66242.15264.54
Depreciation 8.648.599.1210.8113.2712.6413.8015.0816.4818
Accounts Receivable --0.81-1.24-25.1514.76-3.20-3.49-3.82-4.17-4.56
Inventories ----------
Accounts Payable -0.350.300.93-0.400.320.350.380.420.46
Capital Expenditure -7.02-11.53-14.88-28.63-14.09-18.53-20.25-22.12-24.17-26.40
UFCF 116.21143.89147.65110.78180.53176.95193.31211.18230.71252.04
WACC
PV UFCF 166.03170.18174.44178.80183.27
SUM PV UFCF 872.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.58
Free cash flow (t + 1) 257.08
Terminal Value 5,613.11
Present Value of Terminal Value 4,081.55

Intrinsic Value

Enterprise Value 4,954.26
Net Debt 207.82
Equity Value 4,746.45
Shares Outstanding 16.31
Equity Value Per Share 290.94