Discounted Cash Flow (DCF) Analysis Unlevered

U.S. Bancorp (USB)

$45.555

+0.20 (+0.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 146.96 | 45.555 | 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 21,85222,18122,88323,22622,72122,947.9323,177.1323,408.6223,642.4223,878.55
Revenue (%)
EBITDA 10,09412,37113,5068,56711,63411,431.5911,545.7611,661.0811,777.5511,895.18
EBITDA (%)
EBIT 9,62611,90413,0048,04011,13710,931.4511,040.6311,150.9011,262.2711,374.76
EBIT (%)
Depreciation 468467502527497500.14505.13510.18515.28520.42
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 86,95385,511144,749199,018161,311136,899.74138,267.06139,648.03141,042.80142,451.50
Total Cash (%)
Account Receivables 13,59114,14114,18513,70612,36713,832.0513,970.2014,109.7314,250.6514,392.99
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 45.555
Beta 0.980
Diluted Shares Outstanding 1,510
Cost of Debt
Tax Rate 21.67
After-tax Cost of Debt 1.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.145
Total Debt 41,718
Total Equity 68,788.05
Total Capital 110,506.05
Debt Weighting 37.75
Equity Weighting 62.25
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 21,85222,18122,88323,22622,72122,947.9323,177.1323,408.6223,642.4223,878.55
EBITDA 10,09412,37113,5068,56711,63411,431.5911,545.7611,661.0811,777.5511,895.18
EBIT 9,62611,90413,0048,04011,13710,931.4511,040.6311,150.9011,262.2711,374.76
Tax Rate 17.28%18.23%19.55%18.05%21.67%18.96%18.96%18.96%18.96%18.96%
EBIAT 7,962.559,733.9010,461.916,589.058,723.588,859.368,947.859,037.229,127.489,218.64
Depreciation 468467502527497500.14505.13510.18515.28520.42
Accounts Receivable --550-444791,339-1,465.05-138.15-139.53-140.92-142.33
Inventories ----------
Accounts Payable ----------
Capital Expenditure ----------
UFCF -----7,894.469,314.839,407.879,501.839,596.73
WACC
PV UFCF 7,463.808,326.267,950.677,592.027,249.55
SUM PV UFCF 38,582.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.77
Free cash flow (t + 1) 9,788.67
Terminal Value 259,646.35
Present Value of Terminal Value 196,141.59

Intrinsic Value

Enterprise Value 234,723.88
Net Debt 12,813
Equity Value 221,910.88
Shares Outstanding 1,510
Equity Value Per Share 146.96