Discounted Cash Flow

First Business Financial Services, Inc.

FBIZ · 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 $14.9m $25.6m $1.71
2017 $11.9m (-20.1%) $21.2m (-17.2%) $1.36 (-20.5%)
2018 $16.3m (36.9%) $24.7m (16.8%) $1.86 (36.8%)
2019 $23.3m (43.1%) $28.8m (16.3%) $2.68 (44.1%)
2020 $17.0m (-27.2%) $26.4m (-8.3%) $1.97 (-26.5%)
2021 $35.8m (110.6%) $35.6m (35.0%) $4.17 (111.7%)
2022 $40.9m (14.3%) $35.4m (-0.5%) $4.75 (13.9%)
2023 $37.0m (-9.4%) $49.4m (39.5%) $4.33 (-8.8%)
2024 $44.2m (19.5%) $57.3m (15.9%) $5.20 (20.1%)
2025 $50.3m (13.7%) $61.1m (6.7%) $5.94 (14.2%)

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