Discounted Cash Flow

M&t Bank Corp.

MTB · 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 $5.3b $1.3b $1.1b 24.8% $7.80
2017 $5.6b (6.4%) $1.4b (7.1%) $2.7b (151.3%) 25.0% (0.7%) $8.72 (11.8%)
2018 $5.9b (5.3%) $1.9b (36.2%) $2.0b (-26.3%) 32.4% (29.4%) $12.75 (46.2%)
2019 $6.2b (4.4%) $1.9b (0.6%) $2.2b (9.4%) 31.2% (-3.7%) $13.76 (7.9%)
2020 $6.0b (-3.8%) $1.4b (-29.9%) $617.2m (-71.7%) 22.7% (-27.1%) $9.94 (-27.8%)
2021 $6.0b (0.6%) $1.9b (37.4%) $2.6b (315.8%) 31.0% (36.5%) $13.81 (38.9%)
2022 $8.2b (36.5%) $2.0b (7.2%) $4.4b (69.9%) 24.4% (-21.5%) $11.59 (-16.1%)
2023 $9.6b (17.9%) $2.7b (37.6%) $3.6b (-16.3%) 28.4% (16.7%) $15.85 (36.8%)
2024 $1.5b (-84.0%) $2.6b (-5.6%) $3.4b (-7.0%) 167.9% (490.8%) $14.71 (-7.2%)
2025 $1.7b (7.5%) $2.9b (10.2%) $2.9b (-15.7%) 172.1% (2.5%) $17.10 (16.2%)

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