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
Stock DCF: 52.84 | 32.57 | 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 235.48261.54300.35324.31346.75382.13421.11464.06511.41563.57
Revenue (%)
EBITDA 99.42122.61183.35126.59163.11180.53198.95219.24241.61266.25
EBITDA (%)
EBIT 94.50117.42174.82124.87166.96175.69193.61213.36235.13259.11
EBIT (%)
Depreciation 4.925.208.531.71-3.854.845.335.886.487.14
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 1,077.86990.031,075.131,8032,382.051,862.582,052.592,261.982,492.732,747.02
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 235.48261.54300.35324.31346.75382.13421.11464.06511.41563.57
EBITDA 99.42122.61183.35126.59163.11180.53198.95219.24241.61266.25
EBIT 94.50117.42174.82124.87166.96175.69193.61213.36235.13259.11
Tax Rate 45.88%23.14%23.23%22.69%21.63%27.31%27.31%27.31%27.31%27.31%
EBIAT 51.1590.24134.2196.55130.84127.70140.73155.09170.91188.34
Depreciation 4.925.208.531.71-3.854.845.335.886.487.14
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 50.3591.42140.2296.67122.67127.55140.56154.90170.70188.11
WACC
PV UFCF 117.23118.74120.27121.82123.39
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