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Discounted Cash Flow (DCF) Analysis Unlevered


Zions Bancorporation

Zions Bancorporation (ZION)

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 2,120.872,270.822,031.932,289.982,584.932,820.942,997.243,184.573,383.613,595.083,819.78
Revenue (%)
EBITDA 537.43679.20537.04828.061,114.881,335.991,040.641,105.681,174.791,248.211,326.23
EBITDA (%)
EBIT 406.78621.52451.09705.09936.001,143.04880.59935.63994.101,056.241,122.25
EBIT (%)
Depreciation 130.6557.6885.95122.97178.88192.95160.05170.06180.68191.98203.98
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 --13,014.493,559.092,111.891,851.947,068.107,509.867,979.228,477.929,007.79
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
Capital Expenditure -88.65-175.76-157.07-196.02-169.05-128.92-196.32-208.59-221.63-235.48-250.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 48.59
Diluted Shares Outstanding 193.59
Cost of Debt
Tax Rate 22.66
After-tax Cost of Debt -1.08
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.29
Total Debt 724.00
Total Equity 9,406.49
Total Capital 10,130.49
Debt Weighting 7.15
Equity Weighting 92.85
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 2,120.872,270.822,031.932,289.982,584.932,820.942,997.243,184.573,383.613,595.083,819.78
EBITDA 537.43679.20537.04828.061,114.881,335.991,040.641,105.681,174.791,248.211,326.23
EBIT 406.78621.52451.09705.09936.001,143.04880.59935.63994.101,056.241,122.25
Tax Rate 35.15%35.88%31.49%33.48%36.75%22.66%32.57%32.57%32.57%32.57%32.57%
EBIAT 263.80398.53309.06469.06592.00884.03593.81630.92670.36712.25756.77
Depreciation 130.6557.6885.95122.97178.88192.95160.05170.06180.68191.98203.98
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -87.11-18.6938.95-26.97-40.1467.4012.2713.0413.8514.72
UFCF 394.45543.31376.32630.98743.911,036.85821.27813.25864.08918.08975.46
WACC
PV UFCF 723.33630.85590.34552.44516.97
SUM PV UFCF 3,690.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.54
Free cash flow (t + 1) 1,014.48
Terminal Value 10,633.96
Present Value of Terminal Value 5,635.74

Intrinsic Value

Enterprise Value 9,326.44
Net Debt -1,127.94
Equity Value 10,454.39
Shares Outstanding 193.59
Equity Value Per Share 54.00