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
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 | 261.54 | 300.35 | 324.31 | 346.75 | 432.25 | 491.03 | 557.81 | 633.66 | 719.84 | 817.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 122.61 | 134.44 | 106.44 | 163.77 | 161.57 | 205.32 | 233.24 | 264.96 | 300.99 | 341.92 |
| EBITDA (%) | ||||||||||
| EBIT | 117.42 | 125.90 | 104.72 | 167.62 | 150.94 | 198.74 | 225.76 | 256.46 | 291.34 | 330.96 |
| EBIT (%) | ||||||||||
| Depreciation | 5.20 | 8.53 | 1.71 | -3.85 | 10.63 | 6.59 | 7.48 | 8.50 | 9.65 | 10.97 |
| 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 | 990.03 | 1,075.13 | 1,802.99 | 2,382.05 | 2,076.92 | 2,415.78 | 2,744.30 | 3,117.49 | 3,541.43 | 4,023.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 261.54 | 300.35 | 324.31 | 346.75 | 432.25 | 491.03 | 557.81 | 633.66 | 719.84 | 817.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 122.61 | 134.44 | 106.44 | 163.77 | 161.57 | 205.32 | 233.24 | 264.96 | 300.99 | 341.92 |
| EBIT | 117.42 | 125.90 | 104.72 | 167.62 | 150.94 | 198.74 | 225.76 | 256.46 | 291.34 | 330.96 |
| Tax Rate | 23.14% | 23.23% | 22.69% | 21.63% | 22.90% | 22.72% | 22.72% | 22.72% | 22.72% | 22.72% |
| EBIAT | 90.24 | 96.66 | 80.97 | 131.36 | 116.38 | 153.59 | 174.48 | 198.20 | 225.16 | 255.77 |
| Depreciation | 5.20 | 8.53 | 1.71 | -3.85 | 10.63 | 6.59 | 7.48 | 8.50 | 9.65 | 10.97 |
| 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 | 91.42 | 102.67 | 81.09 | 123.19 | 114.36 | 153.26 | 174.10 | 197.78 | 224.67 | 255.23 |
| WACC | ||||||||||
| PV UFCF | 140.89 | 147.13 | 153.65 | 160.46 | 167.56 | |||||
| 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 |