Discounted Cash Flow (DCF) Analysis Unlevered
WSFS Financial Corporation (WSFS)
$48.36
+0.87 (+1.83%)
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 | 345.92 | 409.02 | 633.06 | 666.98 | 619.13 | 729.34 | 859.16 | 1,012.10 | 1,192.25 | 1,404.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 153.58 | 228.57 | 321.22 | 233.06 | 380.26 | 360.85 | 425.08 | 500.75 | 589.88 | 694.89 |
| EBITDA (%) | ||||||||||
| EBIT | 141.94 | 217.30 | 271.40 | 194.86 | 349.74 | 324.90 | 382.74 | 450.87 | 531.12 | 625.66 |
| EBIT (%) | ||||||||||
| Depreciation | 11.63 | 11.27 | 49.82 | 38.20 | 30.52 | 35.95 | 42.35 | 49.88 | 58.76 | 69.22 |
| 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 | 1,561.99 | 1,825.84 | 2,516.67 | 4,183.79 | 6,732.83 | 4,390.95 | 5,172.56 | 6,093.30 | 7,177.93 | 8,455.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 19.41 | 22 | 38.09 | 44.34 | 36.61 | 43.13 | 50.81 | 59.85 | 70.50 | 83.05 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.04 | 1.90 | 3.10 | 1.45 | 2.28 | 2.68 | 3.16 | 3.72 | 4.39 | 5.17 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -7.73 | -5.50 | -14.20 | -7.16 | -10.67 | -12.57 | -14.81 | -17.45 | -20.55 | -24.21 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 48.36 |
|---|---|
| Beta | 1.068 |
| Diluted Shares Outstanding | 50.55 |
| Cost of Debt | |
| Tax Rate | 24.11 |
| After-tax Cost of Debt | 7.20% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.881 |
| Total Debt | 239.48 |
| Total Equity | 2,444.43 |
| Total Capital | 2,683.91 |
| Debt Weighting | 8.92 |
| Equity Weighting | 91.08 |
| 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 | 345.92 | 409.02 | 633.06 | 666.98 | 619.13 | 729.34 | 859.16 | 1,012.10 | 1,192.25 | 1,404.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 153.58 | 228.57 | 321.22 | 233.06 | 380.26 | 360.85 | 425.08 | 500.75 | 589.88 | 694.89 |
| EBIT | 141.94 | 217.30 | 271.40 | 194.86 | 349.74 | 324.90 | 382.74 | 450.87 | 531.12 | 625.66 |
| Tax Rate | 53.69% | 21.11% | 23.44% | 20.82% | 24.11% | 28.63% | 28.63% | 28.63% | 28.63% | 28.63% |
| EBIAT | 65.74 | 171.43 | 207.79 | 154.29 | 265.40 | 231.87 | 273.14 | 321.76 | 379.04 | 446.51 |
| Depreciation | 11.63 | 11.27 | 49.82 | 38.20 | 30.52 | 35.95 | 42.35 | 49.88 | 58.76 | 69.22 |
| Accounts Receivable | - | -2.60 | -16.09 | -6.24 | 7.72 | -6.52 | -7.68 | -9.04 | -10.65 | -12.55 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.86 | 1.20 | -1.65 | 0.83 | 0.41 | 0.48 | 0.56 | 0.66 | 0.78 |
| Capital Expenditure | -7.73 | -5.50 | -14.20 | -7.16 | -10.67 | -12.57 | -14.81 | -17.45 | -20.55 | -24.21 |
| UFCF | 69.64 | 175.46 | 228.51 | 177.43 | 293.80 | 249.13 | 293.48 | 345.72 | 407.26 | 479.75 |
| WACC | ||||||||||
| PV UFCF | 231.06 | 252.45 | 275.82 | 301.35 | 329.25 | |||||
| SUM PV UFCF | 1,389.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.82 |
| Free cash flow (t + 1) | 489.35 |
| Terminal Value | 8,408.01 |
| Present Value of Terminal Value | 5,770.28 |
Intrinsic Value
| Enterprise Value | 7,160.21 |
|---|---|
| Net Debt | -1,288.04 |
| Equity Value | 8,448.25 |
| Shares Outstanding | 50.55 |
| Equity Value Per Share | 167.14 |