Discounted Cash Flow (DCF) Analysis Unlevered
Trustmark Corporation (TRMK)
$21.04
+0.06 (+0.29%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 548.29 | 549.29 | 622.10 | 555.36 | 46.51 | 36.17 | 28.13 | 21.88 | 17.02 | 13.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 276.98 | 177.91 | 192.83 | 177.73 | 85.68 | 23.88 | 18.57 | 14.44 | 11.23 | 8.74 |
| EBITDA (%) | ||||||||||
| EBIT | 238.04 | 138.49 | 151.51 | 131.92 | 45.79 | 15.57 | 12.11 | 9.42 | 7.32 | 5.70 |
| EBIT (%) | ||||||||||
| Depreciation | 38.94 | 39.42 | 41.33 | 45.81 | 39.88 | 8.31 | 6.47 | 5.03 | 3.91 | 3.04 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 2,161.37 | 1,961.32 | 3,944.32 | 5,505.71 | 619.84 | 268.35 | 208.70 | 162.31 | 126.23 | 98.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -27.84 | -30.74 | -30.83 | -31.20 | -34.01 | -6.83 | -5.31 | -4.13 | -3.21 | -2.50 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 21.04 |
|---|---|
| Beta | 0.807 |
| Diluted Shares Outstanding | 61.43 |
| Cost of Debt | |
| Tax Rate | 2.52 |
| After-tax Cost of Debt | 3.61% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.246 |
| Total Debt | 1,274.99 |
| Total Equity | 1,292.53 |
| Total Capital | 2,567.52 |
| Debt Weighting | 49.66 |
| Equity Weighting | 50.34 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 548.29 | 549.29 | 622.10 | 555.36 | 46.51 | 36.17 | 28.13 | 21.88 | 17.02 | 13.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 276.98 | 177.91 | 192.83 | 177.73 | 85.68 | 23.88 | 18.57 | 14.44 | 11.23 | 8.74 |
| EBIT | 238.04 | 138.49 | 151.51 | 131.92 | 45.79 | 15.57 | 12.11 | 9.42 | 7.32 | 5.70 |
| Tax Rate | 12.96% | 13.43% | 15.68% | 15.99% | 2.52% | 12.12% | 12.12% | 12.12% | 12.12% | 12.12% |
| EBIAT | 207.20 | 119.90 | 127.75 | 110.82 | 44.64 | 13.68 | 10.64 | 8.28 | 6.44 | 5.01 |
| Depreciation | 38.94 | 39.42 | 41.33 | 45.81 | 39.88 | 8.31 | 6.47 | 5.03 | 3.91 | 3.04 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -27.84 | -30.74 | -30.83 | -31.20 | -34.01 | -6.83 | -5.31 | -4.13 | -3.21 | -2.50 |
| UFCF | 218.30 | 128.58 | 138.25 | 125.44 | 50.51 | 15.17 | 11.80 | 9.17 | 7.14 | 5.55 |
| WACC | ||||||||||
| PV UFCF | 14.32 | 10.51 | 7.72 | 5.66 | 4.16 | |||||
| SUM PV UFCF | 42.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.94 |
| Free cash flow (t + 1) | 5.66 |
| Terminal Value | 143.65 |
| Present Value of Terminal Value | 107.65 |
Intrinsic Value
| Enterprise Value | 150.02 |
|---|---|
| Net Debt | 540.20 |
| Equity Value | -390.18 |
| Shares Outstanding | 61.43 |
| Equity Value Per Share | -6.35 |