Discounted Cash Flow (DCF) Analysis Unlevered
United Community Banks, Inc. (UCBI)
$24.69
+0.36 (+1.48%)
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 | 531.71 | 574.11 | 639.36 | 686.51 | 868.13 | 983.53 | 1,114.26 | 1,262.37 | 1,430.17 | 1,620.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 308.23 | 243.65 | 213.61 | 351.81 | 423.63 | 460.02 | 521.17 | 590.44 | 668.93 | 757.84 |
| EBITDA (%) | ||||||||||
| EBIT | 277.26 | 219.70 | 222.20 | 353.87 | 376.93 | 433.01 | 490.56 | 555.77 | 629.65 | 713.34 |
| EBIT (%) | ||||||||||
| Depreciation | 30.97 | 23.95 | -8.59 | -2.06 | 46.70 | 27.01 | 30.60 | 34.67 | 39.28 | 44.50 |
| 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 | 2,955.73 | 2,789.79 | 4,833.34 | 6,788.33 | 4,126.19 | 6,416.33 | 7,269.22 | 8,235.47 | 9,330.17 | 10,570.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 35.41 | 32.66 | 47.67 | 43 | 72.81 | 67.78 | 76.78 | 86.99 | 98.55 | 111.65 |
| 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 | $ 24.69 |
|---|---|
| Beta | 1.028 |
| 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 | 9.071 |
| Total Debt | 1,033.60 |
| Total Equity | 2,636.35 |
| Total Capital | 3,669.94 |
| Debt Weighting | 28.16 |
| Equity Weighting | 71.84 |
| 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 | 531.71 | 574.11 | 639.36 | 686.51 | 868.13 | 983.53 | 1,114.26 | 1,262.37 | 1,430.17 | 1,620.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 308.23 | 243.65 | 213.61 | 351.81 | 423.63 | 460.02 | 521.17 | 590.44 | 668.93 | 757.84 |
| EBIT | 277.26 | 219.70 | 222.20 | 353.87 | 376.93 | 433.01 | 490.56 | 555.77 | 629.65 | 713.34 |
| Tax Rate | 23.07% | 22.20% | 21.66% | 22.42% | 22.06% | 22.28% | 22.28% | 22.28% | 22.28% | 22.28% |
| EBIAT | 213.29 | 170.93 | 174.08 | 274.54 | 293.78 | 336.53 | 381.26 | 431.94 | 489.36 | 554.41 |
| Depreciation | 30.97 | 23.95 | -8.59 | -2.06 | 46.70 | 27.01 | 30.60 | 34.67 | 39.28 | 44.50 |
| Accounts Receivable | - | 2.75 | -15.01 | 4.67 | -29.81 | 5.03 | -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 | 226.65 | 176.69 | 132.02 | 250.67 | 267.97 | 331.94 | 361.35 | 409.38 | 463.80 | 525.45 |
| WACC | ||||||||||
| PV UFCF | 307.89 | 310.89 | 326.70 | 343.32 | 360.78 | |||||
| SUM PV UFCF | 1,649.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.81 |
| Free cash flow (t + 1) | 535.96 |
| Terminal Value | 9,224.80 |
| Present Value of Terminal Value | 6,333.76 |
Intrinsic Value
| Enterprise Value | 7,983.34 |
|---|---|
| Net Debt | 521.74 |
| Equity Value | 7,461.60 |
| Shares Outstanding | 106.78 |
| Equity Value Per Share | 69.88 |