Discounted Cash Flow (DCF) Analysis Unlevered
Zions Bancorporation, National Asso... (ZION)
$34.89
+0.94 (+2.77%)
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 | 2,782 | 2,834 | 2,789 | 2,911 | 3,337 | 3,497.92 | 3,666.61 | 3,843.43 | 4,028.78 | 4,223.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,587 | 1,241 | 758 | 1,432 | 1,447 | 1,543.06 | 1,617.48 | 1,695.48 | 1,777.24 | 1,862.95 |
| EBITDA (%) | ||||||||||
| EBIT | 1,394 | 1,053 | 672 | 1,446 | 1,337 | 1,406.85 | 1,474.70 | 1,545.81 | 1,620.36 | 1,698.50 |
| EBIT (%) | ||||||||||
| Depreciation | 193 | 188 | 86 | -14 | 110 | 136.21 | 142.78 | 149.66 | 156.88 | 164.45 |
| 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 | 16,212 | 15,173 | 17,348 | 34,926 | 13,912 | 23,484.01 | 24,616.51 | 25,803.63 | 27,047.99 | 28,352.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 327 | 334 | 320 | 327 | 386 | 404.46 | 423.96 | 444.41 | 465.84 | 488.30 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -129 | -117 | -171 | -206 | -190 | -193.55 | -202.89 | -212.67 | -222.93 | -233.68 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 34.89 |
|---|---|
| Beta | 1.141 |
| Diluted Shares Outstanding | 150.27 |
| Cost of Debt | |
| Tax Rate | 21.27 |
| After-tax Cost of Debt | 1.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.959 |
| Total Debt | 7,751 |
| Total Equity | 5,242.96 |
| Total Capital | 12,993.96 |
| Debt Weighting | 59.65 |
| Equity Weighting | 40.35 |
| 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 | 2,782 | 2,834 | 2,789 | 2,911 | 3,337 | 3,497.92 | 3,666.61 | 3,843.43 | 4,028.78 | 4,223.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,587 | 1,241 | 758 | 1,432 | 1,447 | 1,543.06 | 1,617.48 | 1,695.48 | 1,777.24 | 1,862.95 |
| EBIT | 1,394 | 1,053 | 672 | 1,446 | 1,337 | 1,406.85 | 1,474.70 | 1,545.81 | 1,620.36 | 1,698.50 |
| Tax Rate | 22.66% | 22.51% | 19.79% | 21.92% | 21.27% | 21.63% | 21.63% | 21.63% | 21.63% | 21.63% |
| EBIAT | 1,078.12 | 816 | 539 | 1,129 | 1,052.66 | 1,102.55 | 1,155.72 | 1,211.46 | 1,269.88 | 1,331.12 |
| Depreciation | 193 | 188 | 86 | -14 | 110 | 136.21 | 142.78 | 149.66 | 156.88 | 164.45 |
| Accounts Receivable | - | -7 | 14 | -7 | -59 | -18.46 | -19.50 | -20.45 | -21.43 | -22.46 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -129 | -117 | -171 | -206 | -190 | -193.55 | -202.89 | -212.67 | -222.93 | -233.68 |
| UFCF | 1,142.12 | 880 | 468 | 902 | 913.66 | 1,026.75 | 1,076.11 | 1,128.01 | 1,182.40 | 1,239.42 |
| WACC | ||||||||||
| PV UFCF | 976.56 | 973.47 | 970.53 | 967.60 | 964.67 | |||||
| SUM PV UFCF | 4,852.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.14 |
| Free cash flow (t + 1) | 1,264.21 |
| Terminal Value | 40,261.53 |
| Present Value of Terminal Value | 31,336.50 |
Intrinsic Value
| Enterprise Value | 36,189.32 |
|---|---|
| Net Debt | 5,754 |
| Equity Value | 30,435.32 |
| Shares Outstanding | 150.27 |
| Equity Value Per Share | 202.54 |