Discounted Cash Flow (DCF) Analysis Unlevered

United Community Banks, Inc. (UCBI)

$26.06

-0.12 (-0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 71.10 | 26.06 | undervalue

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 531.71574.11639.36686.51868.13983.531,114.261,262.371,430.171,620.28
Revenue (%)
EBITDA 308.23243.65213.61351.81423.63460.02521.17590.44668.93757.84
EBITDA (%)
EBIT 277.26219.70222.20353.87376.93433.01490.56555.77629.65713.34
EBIT (%)
Depreciation 30.9723.95-8.59-2.0646.7027.0130.6034.6739.2844.50
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 2,955.732,789.794,833.346,788.334,126.196,416.337,269.228,235.479,330.1710,570.37
Total Cash (%)
Account Receivables 35.4132.6647.674372.8167.7876.7886.9998.55111.65
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -17.62-20.94-18.46-26.48-42.70-36.64-41.51-47.02-53.28-60.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.06
Beta 0.974
Diluted Shares Outstanding 106.78
Cost of Debt
Tax Rate 22.06
After-tax Cost of Debt 4.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.882
Total Debt 1,033.60
Total Equity 2,782.63
Total Capital 3,816.23
Debt Weighting 27.08
Equity Weighting 72.92
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 531.71574.11639.36686.51868.13983.531,114.261,262.371,430.171,620.28
EBITDA 308.23243.65213.61351.81423.63460.02521.17590.44668.93757.84
EBIT 277.26219.70222.20353.87376.93433.01490.56555.77629.65713.34
Tax Rate 23.07%22.20%21.66%22.42%22.06%22.28%22.28%22.28%22.28%22.28%
EBIAT 213.29170.93174.08274.54293.78336.53381.26431.94489.36554.41
Depreciation 30.9723.95-8.59-2.0646.7027.0130.6034.6739.2844.50
Accounts Receivable -2.75-15.014.67-29.815.03-9.01-10.21-11.56-13.10
Inventories ----------
Accounts Payable ----------
Capital Expenditure -17.62-20.94-18.46-26.48-42.70-36.64-41.51-47.02-53.28-60.36
UFCF 226.65176.69132.02250.67267.97331.94361.35409.38463.80525.45
WACC
PV UFCF 308.15311.41327.52344.47362.29
SUM PV UFCF 1,653.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.72
Free cash flow (t + 1) 535.96
Terminal Value 9,369.94
Present Value of Terminal Value 6,460.34

Intrinsic Value

Enterprise Value 8,114.18
Net Debt 521.74
Equity Value 7,592.43
Shares Outstanding 106.78
Equity Value Per Share 71.10