Discounted Cash Flow (DCF) Analysis Unlevered

Trustmark Corporation (TRMK)

$32.61

+0.24 (+0.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 93.43 | 32.61 | 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 529.97535.50536.41610.08543.66549.18554.75560.38566.07571.82
Revenue (%)
EBITDA 235.06276.98297.12272.91245.39265.07267.76270.48273.23276
EBITDA (%)
EBIT 196.59238.04257.70231.58199.57224.35226.62228.92231.25233.60
EBIT (%)
Depreciation 38.4738.9439.4241.3345.8140.7341.1441.5641.9842.41
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 2,574.402,161.371,961.323,944.325,505.713,200.903,233.393,266.213,299.363,332.85
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -18.72-27.84-30.74-30.83-31.20-27.74-28.02-28.30-28.59-28.88
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.61
Beta 0.840
Diluted Shares Outstanding 63.65
Cost of Debt
Tax Rate 15.99
After-tax Cost of Debt 6.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.806
Total Debt 312.39
Total Equity 2,075.48
Total Capital 2,387.87
Debt Weighting 13.08
Equity Weighting 86.92
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 529.97535.50536.41610.08543.66549.18554.75560.38566.07571.82
EBITDA 235.06276.98297.12272.91245.39265.07267.76270.48273.23276
EBIT 196.59238.04257.70231.58199.57224.35226.62228.92231.25233.60
Tax Rate 31.56%12.96%13.43%15.68%15.99%17.92%17.92%17.92%17.92%17.92%
EBIAT 134.54207.20223.10195.27167.66184.14186.01187.89189.80191.73
Depreciation 38.4738.9439.4241.3345.8140.7341.1441.5641.9842.41
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -18.72-27.84-30.74-30.83-31.20-27.74-28.02-28.30-28.59-28.88
UFCF 154.30218.30231.78205.77182.28197.13199.13201.15203.19205.25
WACC
PV UFCF 184.63174.68165.26156.35147.93
SUM PV UFCF 828.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.77
Free cash flow (t + 1) 209.36
Terminal Value 4,389.09
Present Value of Terminal Value 3,163.21

Intrinsic Value

Enterprise Value 3,992.06
Net Debt -1,954.44
Equity Value 5,946.49
Shares Outstanding 63.65
Equity Value Per Share 93.43