Discounted Cash Flow

German American Bancorp, Inc.

GABC · 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 $94.9m $35.2m $36.7m 37.1% $2.36
2017 $99.9m (5.3%) $40.7m (15.6%) $43.7m (19.1%) 40.7% (9.8%) $1.77 (-25.0%)
2018 $114.6m (14.7%) $46.5m (14.4%) $47.1m (7.9%) 40.6% (-0.3%) $1.99 (12.4%)
2019 $145.2m (26.7%) $59.2m (27.3%) $55.9m (18.5%) 40.8% (0.4%) $2.29 (15.1%)
2020 $155.2m (6.9%) $62.2m (5.0%) $85.3m (52.8%) 40.1% (-1.7%) $2.34 (2.2%)
2021 $160.8m (3.6%) $84.1m (35.2%) $96.2m (12.7%) 52.3% (30.5%) $3.17 (35.5%)
2022 $200.6m (24.7%) $81.8m (-2.7%) $102.2m (6.3%) 40.8% (-22.0%) $2.78 (-12.3%)
2023 $190.4m (-5.1%) $85.9m (5.0%) $101.5m (-0.7%) 45.1% (10.6%) $2.91 (4.7%)
2024 $353.7m (85.7%) $83.8m (-2.4%) $90.7m (-10.6%) 23.7% (-47.5%) $2.83 (-2.7%)
2025 $487.4m (37.8%) $112.6m (34.4%) $154.0m (69.8%) 23.1% (-2.5%) $3.06 (8.1%)

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