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Discounted Cash Flow (DCF) Analysis Unlevered


BB&T Corporation

BB&T Corporation (BBT)

Financial Services

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 9,060.008,979.379,183.2010,220.9010,769.7610,991.6211,433.4811,893.1112,371.2112,868.5313,385.85
Revenue (%)
EBITDA 3,653.903,475.913,339.014,039.303,854.504,594.504,430.474,608.584,793.844,986.565,187.02
EBITDA (%)
EBIT 3,232.613,052.092,878.013,484.303,304.164,039.423,858.804,013.924,175.284,343.134,517.72
EBIT (%)
Depreciation 421.29423.83461.00554.99550.33555.08571.67594.66618.56643.43669.29
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash --4,013.984,423.613,083.383,986.664,341.294,515.814,697.354,886.185,082.61
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 7,094.896,387.926,120.605,745.175,990.145,433.167,190.527,479.587,780.258,093.028,418.36
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 54.17
Diluted Shares Outstanding 772.96
Cost of Debt
Tax Rate 19.88
After-tax Cost of Debt -0.94
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.52
Total Debt 23,709.00
Total Equity 41,871.41
Total Capital 65,580.41
Debt Weighting 36.15
Equity Weighting 63.85
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 9,060.008,979.379,183.2010,220.9010,769.7610,991.6211,433.4811,893.1112,371.2112,868.5313,385.85
EBITDA 3,653.903,475.913,339.014,039.303,854.504,594.504,430.474,608.584,793.844,986.565,187.02
EBIT 3,232.613,052.092,878.013,484.303,304.164,039.423,858.804,013.924,175.284,343.134,517.72
Tax Rate 48.04%30.18%27.59%30.37%27.56%19.88%30.60%30.60%30.60%30.60%30.60%
EBIAT 1,679.802,131.062,084.012,426.212,393.393,236.542,677.952,785.602,897.583,014.063,135.23
Depreciation 421.29423.83461.00554.99550.33555.08571.67594.66618.56643.43669.29
Accounts Receivable -----------
Inventories -----------
Accounts Payable --706.97-267.32-375.43244.97-556.981,757.36289.06300.68312.77325.34
Capital Expenditure -----------
UFCF 2,101.091,847.922,277.692,605.773,188.703,234.635,006.983,669.313,816.823,970.264,129.86
WACC
PV UFCF 4,601.583,099.182,962.752,832.332,707.64
SUM PV UFCF 20,921.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.81
Free cash flow (t + 1) 4,295.06
Terminal Value 89,294.31
Present Value of Terminal Value 58,543.64

Intrinsic Value

Enterprise Value 79,465.22
Net Debt 19,722.34
Equity Value 59,742.88
Shares Outstanding 772.96
Equity Value Per Share 77.29