DCF Tool

WSFS

WSFS Financial Corp. – Savings Institutions
WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the Greater Philadelphia region. As of December 31, 2020, WSFS Financial Corporation had $14.3 billion in assets on its balance sheet and $24.2 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware®, NewLane Finance®, Powdermill® Financial Solutions, West Capital Management®, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name.
Analysis Results
Intrinsic Value $335.57
Latest Price $49.36
Relative Value 85% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 24.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 24.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 0.535 0.5
2023 0.668 0.582
2024 0.833 0.678
2025 1.04 0.79
2026 1.3 0.92
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 25.9 billion. This corresponds to a present value of 17.2 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.47 billion. Adding in the terminal value gives a total present value of 20.7 billion.

There are presently 61.6 million outstanding shares, so the intrinsic value per share is 335.57.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 14,785,837,000
Current Cash 0
Current Liabilities 13,480,275,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,305,562,000
Change in NCWC 161,432,000
EBIT 338,905,000
Tax Provision 86,095,000
Depreciation and Amortization 37,837,000
Capital Expenditure -6,576,000
Unlevered Free Cash Flow 450,026,778
Current Assets 13,342,885,000
Current Cash 0
Current Liabilities 12,198,755,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,144,130,000
Change in NCWC -43,365,000
EBIT 144,705,000
Tax Provision 31,636,000
Depreciation and Amortization 38,198,000
Capital Expenditure -7,159,000
Unlevered Free Cash Flow 100,797,779
Current Assets 11,266,743,000
Current Cash 0
Current Liabilities 10,079,248,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,187,495,000
Change in NCWC 605,357,000
EBIT 183,865,000
Tax Provision 46,452,000
Depreciation and Amortization 49,815,000
Capital Expenditure -14,198,000
Unlevered Free Cash Flow 780,897,563
Current Assets 6,924,257,000
Current Cash 0
Current Liabilities 6,342,119,000
Current Debt 0
Non-Cash Working Capital (NCWC) 582,138,000
Change in NCWC 218,633,000
EBIT 140,440,000
Tax Provision 36,055,000
Depreciation and Amortization 11,271,000
Capital Expenditure -5,500,000
Unlevered Free Cash Flow 335,197,492
Current Assets 6,549,952,000
Current Cash 0
Current Liabilities 6,186,447,000
Current Debt 0
Non-Cash Working Capital (NCWC) 363,505,000
Change in NCWC 73,545,000
EBIT 123,334,000
Tax Provision 58,246,000
Depreciation and Amortization 11,635,000
Capital Expenditure -7,728,000
Unlevered Free Cash Flow 134,570,568
Current Assets 6,296,996,000
Current Cash 0
Current Liabilities 6,007,036,000
Current Debt 0
Non-Cash Working Capital (NCWC) 289,960,000
Change in NCWC -15,713,000
EBIT 97,154,000
Tax Provision 33,074,000
Depreciation and Amortization 9,915,000
Capital Expenditure -9,873,000
Unlevered Free Cash Flow 48,409,000
Current Assets 5,257,251,000
Current Cash 0
Current Liabilities 4,951,578,000
Current Debt 0
Non-Cash Working Capital (NCWC) 305,673,000
Change in NCWC 23,116,000
EBIT 83,806,000
Tax Provision 30,273,000
Depreciation and Amortization 8,180,000
Capital Expenditure -8,362,000
Unlevered Free Cash Flow 76,467,000
Current Assets 4,600,571,000
Current Cash 0
Current Liabilities 4,318,014,000
Current Debt 0
Non-Cash Working Capital (NCWC) 282,557,000
Change in NCWC 88,034,000
EBIT 71,386,000
Tax Provision 17,629,000
Depreciation and Amortization 18,050,000
Capital Expenditure -4,736,000
Unlevered Free Cash Flow 155,105,000
Current Assets 4,286,134,000
Current Cash 0
Current Liabilities 4,091,611,000
Current Debt 0
Non-Cash Working Capital (NCWC) 194,523,000
Change in NCWC -59,450,000
EBIT 67,837,000
Tax Provision 24,756,000
Depreciation and Amortization 17,336,000
Capital Expenditure -2,863,000
Unlevered Free Cash Flow -582,485
Current Assets 4,167,301,000
Current Cash 0
Current Liabilities 3,913,328,000
Current Debt 0
Non-Cash Working Capital (NCWC) 253,973,000
Change in NCWC 50,479,000
EBIT 48,294,000
Tax Provision 16,983,000
Depreciation and Amortization 17,400,000
Capital Expenditure -8,111,000
Unlevered Free Cash Flow 91,079,000

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