Discounted Cash Flow (DCF) Analysis Unlevered

WesBanco, Inc. (WSBC)

$36.05

+0.16 (+0.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 112.07 | 36.05 | 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 374.63441.79509.69599.30590.72663.74745.79837.98941.571,057.97
Revenue (%)
EBITDA 200.86252.70289.13221.01342.27348.28391.33439.71494.06555.14
EBITDA (%)
EBIT 190.42242.24277.56206.88328.88332.29373.36419.52471.38529.65
EBIT (%)
Depreciation 10.4410.4511.5714.1313.3915.9917.9720.1922.6825.49
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 1,385.052,283.322,628.352,883.584,264.823,458.563,886.104,366.494,906.275,512.77
Total Cash (%)
Account Receivables 29.7338.8543.6566.7960.8462.0469.7178.3388.0198.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.184.638.084.311.9066.747.588.529.57
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 374.63441.79509.69599.30590.72663.74745.79837.98941.571,057.97
EBITDA 200.86252.70289.13221.01342.27348.28391.33439.71494.06555.14
EBIT 190.42242.24277.56206.88328.88332.29373.36419.52471.38529.65
Tax Rate 36.29%18.00%17.77%15.88%19.74%21.54%21.54%21.54%21.54%21.54%
EBIAT 121.32198.64228.23174.03263.96260.73292.96329.17369.86415.59
Depreciation 10.4410.4511.5714.1313.3915.9917.9720.1922.6825.49
Accounts Receivable --9.12-4.80-23.145.95-1.20-7.67-8.62-9.68-10.88
Inventories ----------
Accounts Payable -1.453.45-3.76-2.414.100.740.830.941.05
Capital Expenditure -6.04-4.67-12.20-7.55-9.34-10.49-11.79-13.24-14.88-16.72
UFCF 125.73196.75226.25153.70271.54269.13292.21328.33368.92414.53
WACC
PV UFCF 250.47253.10264.67276.76289.42
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