Discounted Cash Flow

Associated Banc-Corp.

ASB · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.1b $200.3m $628.9m 18.9% $1.27
2017 $1.1b (1.3%) $229.3m (14.5%) $458.4m (-27.1%) 21.3% (13.0%) $1.45 (14.2%)
2018 $1.2b (15.0%) $333.6m (45.5%) $496.6m (8.3%) 27.0% (26.5%) $1.92 (32.4%)
2019 $1.2b (-1.5%) $326.8m (-2.0%) $574.3m (15.6%) 26.9% (-0.5%) $1.93 (0.5%)
2020 $1.3b (5.0%) $306.8m (-6.1%) $550.0m (-4.2%) 24.0% (-10.6%) $1.87 (-3.1%)
2021 $1.1b (-17.1%) $351.0m (14.4%) $529.6m (-3.7%) 33.2% (38.1%) $2.20 (17.6%)
2022 $1.2b (17.1%) $366.1m (4.3%) $783.9m (48.0%) 29.5% (-11.0%) $2.36 (7.3%)
2023 $1.1b (-11.0%) $183.0m (-50.0%) $380.9m (-51.4%) 16.6% (-43.8%) $1.14 (-51.7%)
2024 $1.0b (-5.0%) $123.1m (-32.7%) $535.3m (40.5%) 11.8% (-29.1%) $0.73 (-36.0%)
2025 $1.2b (14.7%) $474.8m (285.5%) $579.3m (8.2%) 39.5% (236.1%) $2.79 (282.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model