Discounted Cash Flow (DCF) Analysis Unlevered

Republic Bancorp, Inc. (RBCAA)

$39.65

-0.82 (-2.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 163.76 | 39.65 | 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 252.95285298.44315.07302.49316.84331.86347.60364.08381.35
Revenue (%)
EBITDA 108.62135.17169136.06128.45147.42154.41161.73169.40177.44
EBITDA (%)
EBIT 98.64124.39157.95122.58116.01134.86141.26147.95154.97162.32
EBIT (%)
Depreciation 9.9810.7811.0513.4812.4412.5613.1613.7814.4315.12
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 826.58827.21856.661,009.45756.97934.49978.811,025.221,073.841,124.76
Total Cash (%)
Account Receivables 16.5815.0314.0410.0214.9115.6216.3617.1317.9418.80
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -12.38-9.04-12.88-3.58-5.79-9.78-10.24-10.73-11.24-11.77
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.65
Beta 0.518
Diluted Shares Outstanding 21.04
Cost of Debt
Tax Rate 21.34
After-tax Cost of Debt 6.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.143
Total Debt 64.67
Total Equity 834.12
Total Capital 898.79
Debt Weighting 7.20
Equity Weighting 92.80
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 252.95285298.44315.07302.49316.84331.86347.60364.08381.35
EBITDA 108.62135.17169136.06128.45147.42154.41161.73169.40177.44
EBIT 98.64124.39157.95122.58116.01134.86141.26147.95154.97162.32
Tax Rate 41.79%17.41%18.99%18.89%21.34%23.68%23.68%23.68%23.68%23.68%
EBIAT 57.43102.73127.9699.4291.25102.92107.80112.91118.27123.88
Depreciation 9.9810.7811.0513.4812.4412.5613.1613.7814.4315.12
Accounts Receivable -1.550.994.02-4.89-0.71-0.74-0.78-0.81-0.85
Inventories ----------
Accounts Payable ----------
Capital Expenditure -12.38-9.04-12.88-3.58-5.79-9.78-10.24-10.73-11.24-11.77
UFCF 55.02106.01127.12113.3493.01104.99109.97115.19120.65126.37
WACC
PV UFCF 98.8697.5196.1794.8593.55
SUM PV UFCF 480.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.20
Free cash flow (t + 1) 128.90
Terminal Value 3,068.99
Present Value of Terminal Value 2,271.82

Intrinsic Value

Enterprise Value 2,752.75
Net Debt -692.30
Equity Value 3,445.05
Shares Outstanding 21.04
Equity Value Per Share 163.76