Discounted Cash Flow (DCF) Analysis Unlevered

The Bancorp, Inc. (TBBK)

$22.06

-0.18 (-0.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.14 | 22.06 | overvalue

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 201.66274.64245.42279.48315.63356.94403.66456.50516.26583.83
Revenue (%)
EBITDA 66.05153.56116.29127.45147.68163.08184.42208.57235.87266.74
EBITDA (%)
EBIT 60.07148.03111.07123.69144.38156.30176.76199.89226.06255.65
EBIT (%)
Depreciation 5.985.535.233.763.306.787.678.679.8111.09
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 2,139.111,790.632,265.161,551.681,555.492,629.732,973.963,363.253,803.494,301.36
Total Cash (%)
Account Receivables 388.93410.32448.08482.64548.88622.10703.53795.62899.771,017.55
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.51-2.38-2.01-3.74-1.55-2.69-3.04-3.44-3.89-4.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.06
Beta 1.449
Diluted Shares Outstanding 58.41
Cost of Debt
Tax Rate 23.25
After-tax Cost of Debt 3.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.805
Total Debt 151.60
Total Equity 1,288.55
Total Capital 1,440.16
Debt Weighting 10.53
Equity Weighting 89.47
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 201.66274.64245.42279.48315.63356.94403.66456.50516.26583.83
EBITDA 66.05153.56116.29127.45147.68163.08184.42208.57235.87266.74
EBIT 60.07148.03111.07123.69144.38156.30176.76199.89226.06255.65
Tax Rate 46.35%25.97%28.88%26.04%23.25%30.10%30.10%30.10%30.10%30.10%
EBIAT 32.23109.5978.9991.48110.82109.26123.56139.73158.02178.71
Depreciation 5.985.535.233.763.306.787.678.679.8111.09
Accounts Receivable --21.40-37.75-34.56-66.24-73.22-81.43-92.09-104.15-117.78
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.52-2.38-2.01-3.74-1.55-2.69-3.04-3.44-3.89-4.40
UFCF 37.6991.3444.4556.9446.3240.1346.7552.8759.7967.62
WACC
PV UFCF 36.4638.5939.6540.7441.85
SUM PV UFCF 197.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.07
Free cash flow (t + 1) 68.97
Terminal Value 854.69
Present Value of Terminal Value 529.01

Intrinsic Value

Enterprise Value 726.30
Net Debt -450.18
Equity Value 1,176.48
Shares Outstanding 58.41
Equity Value Per Share 20.14