Discounted Cash Flow (DCF) Analysis Unlevered

U.S. Bancorp (USB)

$40.43

+0.70 (+1.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 111.49 | 40.43 | 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 22,52122,88323,22622,72124,18424,629.6525,083.5125,545.7426,016.4926,495.91
Revenue (%)
EBITDA 12,3718,7306,20110,30310,72010,317.4910,507.6210,701.2410,898.4411,099.27
EBITDA (%)
EBIT 11,9048,2285,6749,80610,1609,773.709,953.8010,137.2310,324.0310,514.28
EBIT (%)
Depreciation 467502527497560543.79553.81564.02574.41585
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 85,511145,018199,420161,868126,452153,064.84155,885.44158,758.02161,683.54164,662.97
Total Cash (%)
Account Receivables 14,14114,18513,70612,36710,08113,787.9414,042.0214,300.7814,564.3114,832.69
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 40.43
Beta 1.092
Diluted Shares Outstanding 1,510
Cost of Debt
Tax Rate 20.22
After-tax Cost of Debt 3.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.409
Total Debt 71,045
Total Equity 61,049.30
Total Capital 132,094.30
Debt Weighting 53.78
Equity Weighting 46.22
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 22,52122,88323,22622,72124,18424,629.6525,083.5125,545.7426,016.4926,495.91
EBITDA 12,3718,7306,20110,30310,72010,317.4910,507.6210,701.2410,898.4411,099.27
EBIT 11,9048,2285,6749,80610,1609,773.709,953.8010,137.2310,324.0310,514.28
Tax Rate 18.23%19.55%18.05%21.67%20.22%19.54%19.54%19.54%19.54%19.54%
EBIAT 9,733.906,619.554,650.047,681.018,106.017,863.698,008.598,156.178,306.478,459.54
Depreciation 467502527497560543.79553.81564.02574.41585
Accounts Receivable --444791,3392,286-3,706.94-254.08-258.76-263.53-268.38
Inventories ----------
Accounts Payable ----------
Capital Expenditure ----------
UFCF -----4,700.538,308.338,461.438,617.358,776.15
WACC
PV UFCF 4,422.377,354.097,046.396,751.566,469.07
SUM PV UFCF 32,043.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.29
Free cash flow (t + 1) 8,951.67
Terminal Value 208,663.73
Present Value of Terminal Value 153,810.13

Intrinsic Value

Enterprise Value 185,853.61
Net Debt 17,503
Equity Value 168,350.61
Shares Outstanding 1,510
Equity Value Per Share 111.49