Discounted Cash Flow

BOK Financial Corp.

BOKF · 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 $232.7m $-93.5m $3.53
2017 $334.6m (43.8%) $214.9m (330.0%) $5.11 (44.8%)
2018 $445.6m (33.2%) $-552.0m (-356.8%) $6.63 (29.7%)
2019 $500.8m (12.4%) $-473.7m (14.2%) $7.03 (6.0%)
2020 $435.0m (-13.1%) $-416.3m (12.1%) $6.19 (-11.9%)
2021 $618.1m (42.1%) $-3.7b (-787.1%) $8.95 (44.6%)
2022 $520.3m (-15.8%) $5.1b (238.7%) $7.68 (-14.2%)
2023 $530.7m (2.0%) $66.2m (-98.7%) $8.02 (4.4%)
2024 $523.6m (-1.4%) $1.4b (2061.4%) $8.14 (1.5%)
2025 $578.0m (10.4%) $739.6m (-48.3%) $9.17 (12.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

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