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Discounted Cash Flow (DCF) Analysis Unlevered


U.S. Bancorp

U.S. Bancorp (USB)

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 18,038.0018,710.8218,961.5419,632.7820,308.1521,142.8121,825.7322,530.7023,258.4424,009.6924,785.20
Revenue (%)
EBITDA 8,387.678,438.588,456.858,518.667,950.649,116.789,524.759,832.4010,149.9810,477.8310,816.26
EBITDA (%)
EBIT 7,868.187,937.137,975.228,049.447,483.558,649.538,979.109,269.139,568.529,877.5910,196.63
EBIT (%)
Depreciation 519.49501.45481.62469.22467.09467.26545.64563.27581.46600.24619.63
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 --11,147.4915,704.2619,505.9821,453.6118,348.8918,941.5619,553.3720,184.9420,836.92
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 59.72
Diluted Shares Outstanding 1,634.00
Cost of Debt
Tax Rate 17.97
After-tax Cost of Debt -0.85
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.98
Total Debt 33,260.00
Total Equity 97,582.48
Total Capital 130,842.48
Debt Weighting 25.42
Equity Weighting 74.58
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 18,038.0018,710.8218,961.5419,632.7820,308.1521,142.8121,825.7322,530.7023,258.4424,009.6924,785.20
EBITDA 8,387.678,438.588,456.858,518.667,950.649,116.789,524.759,832.4010,149.9810,477.8310,816.26
EBIT 7,868.187,937.137,975.228,049.447,483.558,649.538,979.109,269.139,568.529,877.5910,196.63
Tax Rate 25.83%26.29%26.29%26.85%16.89%17.97%23.35%23.35%23.35%23.35%23.35%
EBIAT 5,836.135,850.365,878.435,888.326,219.297,095.616,882.247,104.547,334.027,570.917,815.45
Depreciation 519.49501.45481.62469.22467.09467.26545.64563.27581.46600.24619.63
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -----------
UFCF 6,355.626,351.816,360.056,357.556,686.387,562.877,427.897,667.817,915.488,171.158,435.08
WACC
PV UFCF 6,800.236,426.696,073.675,740.055,424.74
SUM PV UFCF 47,178.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.23
Free cash flow (t + 1) 8,772.48
Terminal Value 167,733.81
Present Value of Terminal Value 107,872.55

Intrinsic Value

Enterprise Value 155,051.18
Net Debt 11,806.39
Equity Value 143,244.79
Shares Outstanding 1,634.00
Equity Value Per Share 87.67