Discounted Cash Flow (DCF) Analysis Unlevered

Seacoast Banking Corporation of Flo... (SBCF)

$23.55

+0.51 (+2.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 55.26 | 23.55 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 261.54300.35324.31346.75432.25491.03557.81633.66719.84817.73
Revenue (%)
EBITDA 122.61134.44106.44163.77161.57205.32233.24264.96300.99341.92
EBITDA (%)
EBIT 117.42125.90104.72167.62150.94198.74225.76256.46291.34330.96
EBIT (%)
Depreciation 5.208.531.71-3.8510.636.597.488.509.6510.97
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 990.031,075.131,802.992,382.052,076.922,415.782,744.303,117.493,541.434,023.03
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -4.02-2.52-1.59-4.33-12.64-6.91-7.85-8.92-10.13-11.51
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 23.55
Beta 1.112
Diluted Shares Outstanding 59.02
Cost of Debt
Tax Rate 22.90
After-tax Cost of Debt 4.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.468
Total Debt 234.53
Total Equity 1,389.83
Total Capital 1,624.36
Debt Weighting 14.44
Equity Weighting 85.56
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 261.54300.35324.31346.75432.25491.03557.81633.66719.84817.73
EBITDA 122.61134.44106.44163.77161.57205.32233.24264.96300.99341.92
EBIT 117.42125.90104.72167.62150.94198.74225.76256.46291.34330.96
Tax Rate 23.14%23.23%22.69%21.63%22.90%22.72%22.72%22.72%22.72%22.72%
EBIAT 90.2496.6680.97131.36116.38153.59174.48198.20225.16255.77
Depreciation 5.208.531.71-3.8510.636.597.488.509.6510.97
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -4.02-2.52-1.59-4.33-12.64-6.91-7.85-8.92-10.13-11.51
UFCF 91.42102.6781.09123.19114.36153.26174.10197.78224.67255.23
WACC
PV UFCF 140.89147.13153.65160.46167.56
SUM PV UFCF 769.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.78
Free cash flow (t + 1) 260.33
Terminal Value 3,839.72
Present Value of Terminal Value 2,520.89

Intrinsic Value

Enterprise Value 3,290.59
Net Debt 29.36
Equity Value 3,261.23
Shares Outstanding 59.02
Equity Value Per Share 55.26