April 17th, 2022 
DCF Valuation
| $ in millions | Actual | Pro Forma | |||||||||
| 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 Wiggins, James: Change this row if the company has a different fiscal year end | 12/31/22 | 12/31/23 | 12/31/24 | 12/31/25 | 12/31/26 | 12/31/27 | 12/31/28 | |
| Total Assets Year End | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Total Assets Growth Rate | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 0.0% | |||||||
| Interest Income/Avg Total Assets | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 0.0% | |||||||
| Interest Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Interest Expense/Avg Total Liabilities | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 0.00% | |||||||
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Provision for Loan Loss/Avg Total Assets | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 0.00% | |||||||
| Provision for Loan Loss | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Non Interest Income/Avg Total Assets | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 0.00% | |||||||
| Non Interest Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Non Interest Expense/Avg Total Assets | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 0.00% | |||||||
| Non Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Earnings Before Taxes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Income Tax Rate | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 0.0% | |||||||
| Income Tax Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Net Income to Common | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| End Common Equity/ Total Assets | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 0.0% | ||||||
| Total Common Equity Year End | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Total Liabilities Year End | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| FCFE | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Years of Discounting | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5.5 | |||||
| PV of FCFE | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| Terminal Value | ERROR:#DIV/0! | ||||||||||
| PV of Terminal Value | ERROR:#DIV/0! | ||||||||||
| PV of Common Equity Fiscal Year End | ERROR:#DIV/0! | ||||||||||
| Target Price at Fiscal Year End | ERROR:#DIV/0! | ||||||||||
| Diluted EPS | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| 3-month T-Bill | |||||||||||
| : Look this up on the WSJ or the US Treasury website | Estimate of Future Beta | ||||||||||
| Wiggins, James: Your judgement, based on Yahoo betas of your stock and close competitors | Cost of Equity | 0.0000% James Wiggins: We use a 7% market risk premium in CAPM | |||||||||
| Wiggins, James: Change this row if the company has a different fiscal year end | Latest diluted share count in millions | ||||||||||
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