Discounted Cash Flow (DCF) Analysis Unlevered
WesBanco, Inc. (WSBC)
$36.05
+0.16 (+0.45%)
All numbers are in Millions, Currency in USD
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 | 374.63 | 441.79 | 509.69 | 599.30 | 590.72 | 663.74 | 745.79 | 837.98 | 941.57 | 1,057.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 200.86 | 252.70 | 289.13 | 221.01 | 342.27 | 348.28 | 391.33 | 439.71 | 494.06 | 555.14 |
| EBITDA (%) | ||||||||||
| EBIT | 190.42 | 242.24 | 277.56 | 206.88 | 328.88 | 332.29 | 373.36 | 419.52 | 471.38 | 529.65 |
| EBIT (%) | ||||||||||
| Depreciation | 10.44 | 10.45 | 11.57 | 14.13 | 13.39 | 15.99 | 17.97 | 20.19 | 22.68 | 25.49 |
| 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 | 1,385.05 | 2,283.32 | 2,628.35 | 2,883.58 | 4,264.82 | 3,458.56 | 3,886.10 | 4,366.49 | 4,906.27 | 5,512.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 29.73 | 38.85 | 43.65 | 66.79 | 60.84 | 62.04 | 69.71 | 78.33 | 88.01 | 98.90 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.18 | 4.63 | 8.08 | 4.31 | 1.90 | 6 | 6.74 | 7.58 | 8.52 | 9.57 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -6.03 | -4.67 | -12.20 | -7.55 | -9.34 | -10.49 | -11.79 | -13.24 | -14.88 | -16.72 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 36.05 |
|---|---|
| Beta | 0.943 |
| Diluted Shares Outstanding | 67.31 |
| Cost of Debt | |
| Tax Rate | 19.74 |
| After-tax Cost of Debt | 4.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.970 |
| Total Debt | 458.67 |
| Total Equity | 2,426.55 |
| Total Capital | 2,885.22 |
| Debt Weighting | 15.90 |
| Equity Weighting | 84.10 |
| 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 | 374.63 | 441.79 | 509.69 | 599.30 | 590.72 | 663.74 | 745.79 | 837.98 | 941.57 | 1,057.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 200.86 | 252.70 | 289.13 | 221.01 | 342.27 | 348.28 | 391.33 | 439.71 | 494.06 | 555.14 |
| EBIT | 190.42 | 242.24 | 277.56 | 206.88 | 328.88 | 332.29 | 373.36 | 419.52 | 471.38 | 529.65 |
| Tax Rate | 36.29% | 18.00% | 17.77% | 15.88% | 19.74% | 21.54% | 21.54% | 21.54% | 21.54% | 21.54% |
| EBIAT | 121.32 | 198.64 | 228.23 | 174.03 | 263.96 | 260.73 | 292.96 | 329.17 | 369.86 | 415.59 |
| Depreciation | 10.44 | 10.45 | 11.57 | 14.13 | 13.39 | 15.99 | 17.97 | 20.19 | 22.68 | 25.49 |
| Accounts Receivable | - | -9.12 | -4.80 | -23.14 | 5.95 | -1.20 | -7.67 | -8.62 | -9.68 | -10.88 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.45 | 3.45 | -3.76 | -2.41 | 4.10 | 0.74 | 0.83 | 0.94 | 1.05 |
| Capital Expenditure | -6.04 | -4.67 | -12.20 | -7.55 | -9.34 | -10.49 | -11.79 | -13.24 | -14.88 | -16.72 |
| UFCF | 125.73 | 196.75 | 226.25 | 153.70 | 271.54 | 269.13 | 292.21 | 328.33 | 368.92 | 414.53 |
| WACC | ||||||||||
| PV UFCF | 250.47 | 253.10 | 264.67 | 276.76 | 289.42 | |||||
| SUM PV UFCF | 1,334.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.45 |
| Free cash flow (t + 1) | 422.82 |
| Terminal Value | 7,758.14 |
| Present Value of Terminal Value | 5,416.59 |
Intrinsic Value
| Enterprise Value | 6,751 |
|---|---|
| Net Debt | -792.68 |
| Equity Value | 7,543.68 |
| Shares Outstanding | 67.31 |
| Equity Value Per Share | 112.07 |