Discounted Cash Flow (DCF) Analysis Unlevered

Univest Financial Corporation (UVSP)

$24.01

-0.17 (-0.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 86.89 | 24.01 | 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 202.42218.24234.65252.69271.61292.32314.62338.62364.45392.25
Revenue (%)
EBITDA 87.1298.50130.3391.48138.87135.08145.39156.48168.41181.26
EBITDA (%)
EBIT 81.6593.11124.9186.48135.68128.87138.70149.27160.66172.92
EBIT (%)
Depreciation 5.475.395.4253.196.226.697.207.758.34
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 473.93437.93372.05438.501,207.16708.21762.23820.37882.95950.29
Total Cash (%)
Account Receivables 171.27180.57170.49188.85208.91228.99246.45265.25285.49307.26
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 40.9844.6144.5152.2046.0756.8761.2165.8870.9076.31
Accounts Payable (%)
Capital Expenditure -3.96-3.12-2.45-3.75-5.88-4.72-5.08-5.47-5.89-6.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.01
Beta 0.888
Diluted Shares Outstanding 29.24
Cost of Debt
Tax Rate 19.71
After-tax Cost of Debt 7.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.070
Total Debt 227.33
Total Equity 702.14
Total Capital 929.47
Debt Weighting 24.46
Equity Weighting 75.54
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 202.42218.24234.65252.69271.61292.32314.62338.62364.45392.25
EBITDA 87.1298.50130.3391.48138.87135.08145.39156.48168.41181.26
EBIT 81.6593.11124.9186.48135.68128.87138.70149.27160.66172.92
Tax Rate 28.66%16.71%17.91%17.54%19.71%20.11%20.11%20.11%20.11%20.11%
EBIAT 58.2577.55102.5571.31108.94102.96110.81119.26128.36138.15
Depreciation 5.475.395.4253.196.226.697.207.758.34
Accounts Receivable --9.3010.07-18.36-20.06-20.08-17.47-18.80-20.23-21.78
Inventories ----------
Accounts Payable -3.63-0.097.68-6.1310.804.344.675.035.41
Capital Expenditure -3.96-3.12-2.45-3.75-5.88-4.72-5.08-5.47-5.89-6.34
UFCF 59.7674.15115.5061.8880.0795.1899.29106.86115.01123.79
WACC
PV UFCF 88.1785.2284.9784.7384.48
SUM PV UFCF 427.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.94
Free cash flow (t + 1) 126.26
Terminal Value 2,125.63
Present Value of Terminal Value 1,450.69

Intrinsic Value

Enterprise Value 1,878.27
Net Debt -662.82
Equity Value 2,541.09
Shares Outstanding 29.24
Equity Value Per Share 86.89