Discounted Cash Flow (DCF) Analysis Unlevered
Seacoast Banking Corporation of Flo... (SBCF)
$32.57
+1.06 (+3.36%)
All numbers are in Millions, Currency in USD
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 | 235.48 | 261.54 | 300.35 | 324.31 | 346.75 | 382.13 | 421.11 | 464.06 | 511.41 | 563.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 99.42 | 122.61 | 183.35 | 126.59 | 163.11 | 180.53 | 198.95 | 219.24 | 241.61 | 266.25 |
| EBITDA (%) | ||||||||||
| EBIT | 94.50 | 117.42 | 174.82 | 124.87 | 166.96 | 175.69 | 193.61 | 213.36 | 235.13 | 259.11 |
| EBIT (%) | ||||||||||
| Depreciation | 4.92 | 5.20 | 8.53 | 1.71 | -3.85 | 4.84 | 5.33 | 5.88 | 6.48 | 7.14 |
| 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 | 1,077.86 | 990.03 | 1,075.13 | 1,803 | 2,382.05 | 1,862.58 | 2,052.59 | 2,261.98 | 2,492.73 | 2,747.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.71 | -4.02 | -2.52 | -1.59 | -4.33 | -5 | -5.51 | -6.07 | -6.69 | -7.37 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 32.57 |
|---|---|
| Beta | 1.113 |
| Diluted Shares Outstanding | 59.02 |
| Cost of Debt | |
| Tax Rate | 21.63 |
| After-tax Cost of Debt | 8.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.795 |
| Total Debt | 71.65 |
| Total Equity | 1,922.15 |
| Total Capital | 1,993.80 |
| Debt Weighting | 3.59 |
| Equity Weighting | 96.41 |
| 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 | 235.48 | 261.54 | 300.35 | 324.31 | 346.75 | 382.13 | 421.11 | 464.06 | 511.41 | 563.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 99.42 | 122.61 | 183.35 | 126.59 | 163.11 | 180.53 | 198.95 | 219.24 | 241.61 | 266.25 |
| EBIT | 94.50 | 117.42 | 174.82 | 124.87 | 166.96 | 175.69 | 193.61 | 213.36 | 235.13 | 259.11 |
| Tax Rate | 45.88% | 23.14% | 23.23% | 22.69% | 21.63% | 27.31% | 27.31% | 27.31% | 27.31% | 27.31% |
| EBIAT | 51.15 | 90.24 | 134.21 | 96.55 | 130.84 | 127.70 | 140.73 | 155.09 | 170.91 | 188.34 |
| Depreciation | 4.92 | 5.20 | 8.53 | 1.71 | -3.85 | 4.84 | 5.33 | 5.88 | 6.48 | 7.14 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -5.71 | -4.02 | -2.52 | -1.59 | -4.33 | -5 | -5.51 | -6.07 | -6.69 | -7.37 |
| UFCF | 50.35 | 91.42 | 140.22 | 96.67 | 122.67 | 127.55 | 140.56 | 154.90 | 170.70 | 188.11 |
| WACC | ||||||||||
| PV UFCF | 117.23 | 118.74 | 120.27 | 121.82 | 123.39 | |||||
| SUM PV UFCF | 601.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.80 |
| Free cash flow (t + 1) | 191.87 |
| Terminal Value | 2,821.67 |
| Present Value of Terminal Value | 1,850.81 |
Intrinsic Value
| Enterprise Value | 2,452.25 |
|---|---|
| Net Debt | -666.08 |
| Equity Value | 3,118.33 |
| Shares Outstanding | 59.02 |
| Equity Value Per Share | 52.84 |