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Discounted Cash Flow (DCF) Analysis Unlevered


Regions Financial Corporation

Regions Financial Corporation (RF)

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 5,221.005,113.975,136.985,146.745,350.555,524.455,588.535,653.365,718.945,785.285,852.38
Revenue (%)
EBITDA 2,264.872,165.771,976.202,183.252,354.782,544.012,390.772,418.512,446.562,474.942,503.65
EBITDA (%)
EBIT 1,620.081,642.611,453.251,609.391,817.582,082.161,810.121,831.121,852.361,873.851,895.59
EBIT (%)
Depreciation 644.79523.16522.94573.86537.20461.84580.65587.38594.20601.09608.06
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 --5,314.215,450.925,880.265,058.185,739.425,806.005,873.355,941.486,010.40
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
Capital Expenditure -185.87-241.89-368.84-204.84-149.82-150.82-233.04-235.74-238.48-241.25-244.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.06
Diluted Shares Outstanding 1,092.00
Cost of Debt
Tax Rate 18.59
After-tax Cost of Debt -0.88
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.33
Total Debt 12,424.00
Total Equity 18,629.52
Total Capital 31,053.52
Debt Weighting 40.01
Equity Weighting 59.99
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 5,221.005,113.975,136.985,146.745,350.555,524.455,588.535,653.365,718.945,785.285,852.38
EBITDA 2,264.872,165.771,976.202,183.252,354.782,544.012,390.772,418.512,446.562,474.942,503.65
EBIT 1,620.081,642.611,453.251,609.391,817.582,082.161,810.121,831.121,852.361,873.851,895.59
Tax Rate 34.63%33.35%31.31%31.70%34.05%18.59%30.61%30.61%30.61%30.61%30.61%
EBIAT 1,059.051,094.74998.171,099.261,198.731,695.131,256.131,270.701,285.451,300.361,315.44
Depreciation 644.79523.16522.94573.86537.20461.84580.65587.38594.20601.09608.06
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -56.02126.94-163.99-55.021.0082.222.702.732.772.80
UFCF 1,703.841,673.921,648.061,509.131,680.902,157.981,919.011,860.791,882.381,904.211,926.30
WACC
PV UFCF 1,740.911,531.431,405.421,289.781,183.66
SUM PV UFCF 11,398.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.23
Free cash flow (t + 1) 2,003.35
Terminal Value 32,156.56
Present Value of Terminal Value 19,759.26

Intrinsic Value

Enterprise Value 31,157.48
Net Debt 7,365.82
Equity Value 23,791.66
Shares Outstanding 1,092.00
Equity Value Per Share 21.79