Discounted Cash Flow

Zions Bancorporation, National Association /Ut/

ZION · 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
Dividends

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 $2.4b $411.3m $400.4m 17.3% $2.00
2017 $2.6b (9.5%) $550.0m (33.7%) $759.0m (89.6%) 21.1% (22.1%) $2.71 (35.5%)
2018 $2.8b (6.6%) $850.0m (54.5%) $1.0b (37.9%) 30.6% (44.9%) $4.36 (60.9%)
2019 $2.8b (1.9%) $782.0m (-8.0%) $580.0m (-44.6%) 27.6% (-9.7%) $4.41 (1.1%)
2020 $2.8b (-1.6%) $539.0m (-31.1%) $548.0m (-5.5%) 19.3% (-30.0%) $3.06 (-30.6%)
2021 $2.9b (4.3%) $1.1b (109.5%) $423.0m (-22.8%) 38.8% (100.8%) $6.80 (122.2%)
2022 $3.2b (8.3%) $907.0m (-19.7%) $1.3b (202.6%) 28.8% (-25.8%) $5.80 (-14.7%)
2023 $3.1b (-1.2%) $680.0m (-25.0%) $772.0m (-39.7%) 21.8% (-24.1%) $4.35 (-25.0%)
2024 $3.1b (0.5%) $784.0m (15.3%) $1.1b (36.1%) 25.0% (14.7%) $4.95 (13.8%)
2025 $3.4b (8.1%) $899.0m (14.7%) $952.0m (-9.4%) 26.6% (6.0%) $6.01 (21.4%)

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