Discounted Cash Flow

OLD National Bancorp /In/

ONB · 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 $465.5m $134.3m $-142.6m 28.8% $1.05
2017 $482.0m (3.6%) $95.7m (-28.7%) $253.4m (277.7%) 19.9% (-31.2%) $0.69 (-34.3%)
2018 $127.4m (-73.6%) $190.8m (99.4%) $201.0m (-20.7%) 149.8% (654.4%) $1.23 (78.3%)
2019 $130.8m (2.7%) $238.2m (24.8%) $196.3m (-2.3%) 182.1% (21.5%) $1.39 (13.0%)
2020 $118.4m (-9.5%) $226.4m (-5.0%) $188.9m (-3.8%) 191.2% (5.0%) $1.37 (-1.4%)
2021 $125.6m (6.1%) $277.5m (22.6%) $281.7m (49.1%) 220.9% (15.6%) $1.68 (22.6%)
2022 $1.7b (1275.4%) $428.3m (54.3%) $776.5m (175.7%) 24.8% (-88.8%) $1.51 (-10.1%)
2023 $1.8b (6.3%) $582.0m (35.9%) $478.0m (-38.4%) 31.7% (27.8%) $1.95 (29.1%)
2024 $1.9b (2.7%) $539.2m (-7.4%) $592.0m (23.9%) 28.6% (-9.8%) $1.69 (-13.3%)
2025 $2.5b (33.9%) $669.3m (24.1%) $637.4m (7.7%) 26.5% (-7.3%) $1.80 (6.5%)

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