Discounted Cash Flow

Fulton Financial Corp.

FULT · 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 $520.8m $161.6m $185.4m 31.0% $0.93
2017 $575.4m (10.5%) $171.8m (6.3%) $258.8m (39.6%) 29.9% (-3.8%) $0.98 (5.4%)
2018 $195.5m (-66.0%) $208.4m (21.3%) $296.8m (14.7%) 106.6% (257.1%) $1.19 (21.4%)
2019 $211.4m (8.2%) $226.3m (8.6%) $127.7m (-57.0%) 107.1% (0.4%) $1.36 (14.3%)
2020 $226.3m (7.1%) $178.0m (-21.3%) $154.5m (21.0%) 78.7% (-26.5%) $1.08 (-20.6%)
2021 $240.2m (6.1%) $275.5m (54.7%) $342.3m (121.6%) 114.7% (45.8%) $1.63 (50.9%)
2022 $227.2m (-5.4%) $287.0m (4.2%) $573.5m (67.6%) 126.3% (10.2%) $1.69 (3.7%)
2023 $228.4m (0.6%) $284.3m (-0.9%) $330.0m (-42.5%) 124.5% (-1.5%) $1.66 (-1.8%)
2024 $296.0m (29.6%) $288.7m (1.6%) $374.1m (13.4%) 97.5% (-21.6%) $1.59 (-4.2%)
2025 $276.8m (-6.5%) $391.6m (35.6%) $284.3m (-24.0%) 141.5% (45.1%) $2.10 (32.1%)

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