Discounted Cash Flow (DCF) Analysis Unlevered

Synovus Financial Corp. (SNV)

$44.11

+0.79 (+1.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 110.61 | 44.11 | 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 1,368.641,428.511,951.702,019.261,983.012,194.532,428.612,687.662,974.343,291.61
Revenue (%)
EBITDA 678.45798.421,227.93882.521,267.741,211.441,340.661,483.661,641.921,817.06
EBITDA (%)
EBIT 619.33743.251,219.85776.411,109.761,115.681,234.691,366.391,512.131,673.43
EBIT (%)
Depreciation 59.1255.178.08106.11157.9995.76105.97117.28129.79143.63
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 4,872.165,121.387,888.5412,101.5713,855.8010,607.1311,738.5512,990.6514,376.3015,909.76
Total Cash (%)
Account Receivables 170.24182.85234.92281.73242.30278.47308.17341.04377.42417.68
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -51.11-53.16-61.21-30.10-25.95-58.77-65.04-71.98-79.66-88.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 44.11
Beta 1.458
Diluted Shares Outstanding 148.21
Cost of Debt
Tax Rate 23.14
After-tax Cost of Debt 7.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.721
Total Debt 1,204.23
Total Equity 6,537.54
Total Capital 7,741.77
Debt Weighting 15.55
Equity Weighting 84.45
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 1,368.641,428.511,951.702,019.261,983.012,194.532,428.612,687.662,974.343,291.61
EBITDA 678.45798.421,227.93882.521,267.741,211.441,340.661,483.661,641.921,817.06
EBIT 619.33743.251,219.85776.411,109.761,115.681,234.691,366.391,512.131,673.43
Tax Rate 42.63%21.72%26.30%22.90%23.14%27.34%27.34%27.34%27.34%27.34%
EBIAT 355.33581.82898.97598.64853.01810.70897.17992.871,098.771,215.98
Depreciation 59.1255.178.08106.11157.9995.76105.97117.28129.79143.63
Accounts Receivable --12.60-52.07-46.8139.42-36.17-29.70-32.87-36.38-40.26
Inventories ----------
Accounts Payable ----------
Capital Expenditure -51.11-53.16-61.21-30.10-25.95-58.77-65.04-71.98-79.66-88.16
UFCF 363.35571.23793.77627.841,024.46811.52908.401,005.291,112.521,231.19
WACC
PV UFCF 741.79759767.79776.68785.67
SUM PV UFCF 3,830.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.40
Free cash flow (t + 1) 1,255.81
Terminal Value 16,970.47
Present Value of Terminal Value 10,829.47

Intrinsic Value

Enterprise Value 14,660.39
Net Debt -1,733.24
Equity Value 16,393.63
Shares Outstanding 148.21
Equity Value Per Share 110.61