Discounted Cash Flow (DCF) Analysis Unlevered

WSFS Financial Corporation (WSFS)

$48.36

+0.87 (+1.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 167.14 | 48.36 | 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 345.92409.02633.06666.98619.13729.34859.161,012.101,192.251,404.48
Revenue (%)
EBITDA 153.58228.57321.22233.06380.26360.85425.08500.75589.88694.89
EBITDA (%)
EBIT 141.94217.30271.40194.86349.74324.90382.74450.87531.12625.66
EBIT (%)
Depreciation 11.6311.2749.8238.2030.5235.9542.3549.8858.7669.22
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 1,561.991,825.842,516.674,183.796,732.834,390.955,172.566,093.307,177.938,455.63
Total Cash (%)
Account Receivables 19.412238.0944.3436.6143.1350.8159.8570.5083.05
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.041.903.101.452.282.683.163.724.395.17
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 345.92409.02633.06666.98619.13729.34859.161,012.101,192.251,404.48
EBITDA 153.58228.57321.22233.06380.26360.85425.08500.75589.88694.89
EBIT 141.94217.30271.40194.86349.74324.90382.74450.87531.12625.66
Tax Rate 53.69%21.11%23.44%20.82%24.11%28.63%28.63%28.63%28.63%28.63%
EBIAT 65.74171.43207.79154.29265.40231.87273.14321.76379.04446.51
Depreciation 11.6311.2749.8238.2030.5235.9542.3549.8858.7669.22
Accounts Receivable --2.60-16.09-6.247.72-6.52-7.68-9.04-10.65-12.55
Inventories ----------
Accounts Payable -0.861.20-1.650.830.410.480.560.660.78
Capital Expenditure -7.73-5.50-14.20-7.16-10.67-12.57-14.81-17.45-20.55-24.21
UFCF 69.64175.46228.51177.43293.80249.13293.48345.72407.26479.75
WACC
PV UFCF 231.06252.45275.82301.35329.25
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