Discounted Cash Flow (DCF) Analysis Unlevered

Southside Bancshares, Inc. (SBSI)

$28.29

-0.48 (-1.67%)
All numbers are in Millions, Currency in USD
Stock DCF: 311.52 | 28.29 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 211.28235.98237.73251.88395.58470.17558.84664.23789.49938.37
Revenue (%)
EBITDA 99.8997.11133.68162.541.70197.11234.29278.47330.98393.40
EBITDA (%)
EBIT 87.7885.02122.26151.44-177.84211.38251.24298.62354.94
EBIT (%)
Depreciation 12.1112.0811.4211.101.7019.2722.9127.2332.3638.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 2,489.292,695.712,966.081,414.43-122.023,854.424,581.305,445.256,472.137,692.66
Total Cash (%)
Account Receivables 28.4538.7139.1549.3550.497487.95104.54124.25147.68
Account Receivables (%)
Inventories -139.62-147.24-240.90-192.95-303.03-360.17-428.09-508.82-604.78-718.83
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -15.88-11.43-8.36-9.30-19.36-23.01-27.35-32.51-38.63-45.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.29
Beta 0.560
Diluted Shares Outstanding 30.76
Cost of Debt
Tax Rate 14.28
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.916
Total Debt 876.62
Total Equity 870.17
Total Capital 1,746.79
Debt Weighting 50.18
Equity Weighting 49.82
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 211.28235.98237.73251.88395.58470.17558.84664.23789.49938.37
EBITDA 99.8997.11133.68162.541.70197.11234.29278.47330.98393.40
EBIT 87.7885.02122.26151.44-177.84211.38251.24298.62354.94
Tax Rate 15.06%12.13%13.32%12.21%14.28%13.40%13.40%13.40%13.40%13.40%
EBIAT 74.5574.71105.97132.94-154.01183.06217.58258.61307.38
Depreciation 12.1112.0811.4211.101.7019.2722.9127.2332.3638.46
Accounts Receivable --10.26-0.44-10.20-1.14-23.51-13.95-16.59-19.71-23.43
Inventories -7.6193.66-47.95110.0757.1567.9280.7395.96114.05
Accounts Payable ----------
Capital Expenditure -15.88-11.44-8.37-9.30-19.36-23.01-27.35-32.51-38.63-45.92
UFCF 70.7872.72202.2576.6091.27183.91232.58276.44328.58390.54
WACC
PV UFCF 174.69209.84236.90267.46301.95
SUM PV UFCF 1,190.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.28
Free cash flow (t + 1) 398.35
Terminal Value 12,144.82
Present Value of Terminal Value 9,389.92

Intrinsic Value

Enterprise Value 10,580.75
Net Debt 998.64
Equity Value 9,582.12
Shares Outstanding 30.76
Equity Value Per Share 311.52