Discounted Cash Flow (DCF) Analysis Unlevered

WesBanco, Inc. (WSBC)

$31.03

-0.01 (-0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 102.79 | 31.03 | 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 441.79509.69599.30590.72591.70638.57689.16743.74802.66866.24
Revenue (%)
EBITDA 252.70289.13221.01342.27286.02328.33354.34382.41412.70445.39
EBITDA (%)
EBIT 242.24277.56206.88328.88272.98313.69338.54365.36394.30425.53
EBIT (%)
Depreciation 10.4511.5714.1313.3913.0414.6415.8017.0518.4019.86
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 2,283.322,628.352,883.584,264.822,937.553,489.283,765.674,063.964,385.874,733.28
Total Cash (%)
Account Receivables 38.8543.6566.7960.8468.5264.3569.4474.9480.8887.29
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.638.084.311.904.595.686.136.627.147.71
Accounts Payable (%)
Capital Expenditure -4.67-12.20-7.55-9.28-9.29-10.03-10.82-11.68-12.60-13.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31.03
Beta 0.940
Diluted Shares Outstanding 67.31
Cost of Debt
Tax Rate 18.73
After-tax Cost of Debt 2.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.920
Total Debt 1,121.47
Total Equity 2,088.65
Total Capital 3,210.12
Debt Weighting 34.94
Equity Weighting 65.06
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 441.79509.69599.30590.72591.70638.57689.16743.74802.66866.24
EBITDA 252.70289.13221.01342.27286.02328.33354.34382.41412.70445.39
EBIT 242.24277.56206.88328.88272.98313.69338.54365.36394.30425.53
Tax Rate 18.00%17.77%15.88%19.74%18.73%18.03%18.03%18.03%18.03%18.03%
EBIAT 198.64228.23174.03263.96221.84257.15277.52299.50323.22348.83
Depreciation 10.4511.5714.1313.3913.0414.6415.8017.0518.4019.86
Accounts Receivable --4.80-23.145.95-7.684.18-5.10-5.50-5.94-6.41
Inventories ----------
Accounts Payable -3.45-3.76-2.412.691.090.450.490.520.57
Capital Expenditure -4.67-12.20-7.55-9.28-9.29-10.03-10.82-11.68-12.60-13.60
UFCF 204.43226.25153.70271.60220.60267.03277.85299.86323.61349.24
WACC
PV UFCF 251.56246.59250.70254.88259.14
SUM PV UFCF 1,262.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.15
Free cash flow (t + 1) 356.23
Terminal Value 8,583.82
Present Value of Terminal Value 6,369.13

Intrinsic Value

Enterprise Value 7,632
Net Debt 713.06
Equity Value 6,918.94
Shares Outstanding 67.31
Equity Value Per Share 102.79