Discounted Cash Flow (DCF) Analysis Unlevered
WesBanco, Inc. (WSBC)
$31.03
-0.01 (-0.03%)
All numbers are in Millions, Currency in USD
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 | 441.79 | 509.69 | 599.30 | 590.72 | 591.70 | 638.57 | 689.16 | 743.74 | 802.66 | 866.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 252.70 | 289.13 | 221.01 | 342.27 | 286.02 | 328.33 | 354.34 | 382.41 | 412.70 | 445.39 |
| EBITDA (%) | ||||||||||
| EBIT | 242.24 | 277.56 | 206.88 | 328.88 | 272.98 | 313.69 | 338.54 | 365.36 | 394.30 | 425.53 |
| EBIT (%) | ||||||||||
| Depreciation | 10.45 | 11.57 | 14.13 | 13.39 | 13.04 | 14.64 | 15.80 | 17.05 | 18.40 | 19.86 |
| 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 | 2,283.32 | 2,628.35 | 2,883.58 | 4,264.82 | 2,937.55 | 3,489.28 | 3,765.67 | 4,063.96 | 4,385.87 | 4,733.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 38.85 | 43.65 | 66.79 | 60.84 | 68.52 | 64.35 | 69.44 | 74.94 | 80.88 | 87.29 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.63 | 8.08 | 4.31 | 1.90 | 4.59 | 5.68 | 6.13 | 6.62 | 7.14 | 7.71 |
| 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 | 441.79 | 509.69 | 599.30 | 590.72 | 591.70 | 638.57 | 689.16 | 743.74 | 802.66 | 866.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 252.70 | 289.13 | 221.01 | 342.27 | 286.02 | 328.33 | 354.34 | 382.41 | 412.70 | 445.39 |
| EBIT | 242.24 | 277.56 | 206.88 | 328.88 | 272.98 | 313.69 | 338.54 | 365.36 | 394.30 | 425.53 |
| Tax Rate | 18.00% | 17.77% | 15.88% | 19.74% | 18.73% | 18.03% | 18.03% | 18.03% | 18.03% | 18.03% |
| EBIAT | 198.64 | 228.23 | 174.03 | 263.96 | 221.84 | 257.15 | 277.52 | 299.50 | 323.22 | 348.83 |
| Depreciation | 10.45 | 11.57 | 14.13 | 13.39 | 13.04 | 14.64 | 15.80 | 17.05 | 18.40 | 19.86 |
| Accounts Receivable | - | -4.80 | -23.14 | 5.95 | -7.68 | 4.18 | -5.10 | -5.50 | -5.94 | -6.41 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 3.45 | -3.76 | -2.41 | 2.69 | 1.09 | 0.45 | 0.49 | 0.52 | 0.57 |
| Capital Expenditure | -4.67 | -12.20 | -7.55 | -9.28 | -9.29 | -10.03 | -10.82 | -11.68 | -12.60 | -13.60 |
| UFCF | 204.43 | 226.25 | 153.70 | 271.60 | 220.60 | 267.03 | 277.85 | 299.86 | 323.61 | 349.24 |
| WACC | ||||||||||
| PV UFCF | 251.56 | 246.59 | 250.70 | 254.88 | 259.14 | |||||
| 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 |