Discounted Cash Flow (DCF) Analysis Unlevered

Stifel Financial Corp. (SF)

$75.86

+0.21 (+0.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 79.18 | 75.86 | 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 3,293.023,696.104,605.284,333.695,159.415,804.276,529.747,345.878,264.019,296.91
Revenue (%)
EBITDA 651.93711.641,130.841,049.22961.841,235.841,390.311,564.081,759.571,979.50
EBITDA (%)
EBIT 597.55651.161,067.08979.01880.381,144.471,287.511,448.441,629.471,833.14
EBIT (%)
Depreciation 54.3860.4863.7670.2181.4691.38102.80115.65130.10146.36
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 4,397.334,509.574,077.221,665.064,913.495,545.786,238.937,018.727,895.978,882.87
Total Cash (%)
Account Receivables 1,979.581,485.991,727.131,342.481,255.652,242.042,522.262,837.513,192.173,591.15
Account Receivables (%)
Inventories 3,253.553,938.203,876.792,2293,523.854,750.995,344.806,012.846,764.377,609.83
Inventories (%)
Accounts Payable 2,599.442,411.612,363.832,129.572,304.143,358.503,778.274,250.514,781.775,379.44
Accounts Payable (%)
Capital Expenditure -157.90-73.36-188.18-82.33-51.98-159.88-179.87-202.35-227.64-256.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 75.86
Beta 1.195
Diluted Shares Outstanding 113.45
Cost of Debt
Tax Rate 26.06
After-tax Cost of Debt 5.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.902
Total Debt 1,175.63
Total Equity 8,606.54
Total Capital 9,782.17
Debt Weighting 12.02
Equity Weighting 87.98
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 3,293.023,696.104,605.284,333.695,159.415,804.276,529.747,345.878,264.019,296.91
EBITDA 651.93711.641,130.841,049.22961.841,235.841,390.311,564.081,759.571,979.50
EBIT 597.55651.161,067.08979.01880.381,144.471,287.511,448.441,629.471,833.14
Tax Rate 25.16%22.68%22.70%25.19%26.06%24.36%24.36%24.36%24.36%24.36%
EBIAT 447.21503.47824.86732.40650.96865.70973.901,095.631,232.571,386.62
Depreciation 54.3860.4863.7670.2181.4691.38102.80115.65130.10146.36
Accounts Receivable -493.58-241.14384.6686.82-986.39-280.23-315.25-354.65-398.98
Inventories --684.6561.411,647.79-1,294.85-1,227.14-593.81-668.03-751.53-845.46
Accounts Payable --187.83-47.78-234.26174.561,054.37419.77472.24531.26597.66
Capital Expenditure -157.90-73.36-188.18-82.33-51.98-159.88-179.87-202.35-227.64-256.09
UFCF 343.69111.70472.932,518.47-353.01-361.97442.56497.88560.10630.11
WACC
PV UFCF -330.99370.05380.67391.59402.83
SUM PV UFCF 1,214.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.36
Free cash flow (t + 1) 642.71
Terminal Value 8,732.52
Present Value of Terminal Value 5,582.73

Intrinsic Value

Enterprise Value 6,796.89
Net Debt -2,186.17
Equity Value 8,983.06
Shares Outstanding 113.45
Equity Value Per Share 79.18