Intrinsic value of Seacoast Banking of Florida - SBCF

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$32.90

  Intrinsic Value

$33.61

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  Rating & Target

hold

+2%

Previous close

$32.90

 
Intrinsic value

$33.61

 
Up/down potential

+2%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as SBCF.

We calculate the intrinsic value of SBCF stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  30.90
  28.31
  25.98
  23.88
  21.99
  20.29
  18.76
  17.39
  16.15
  15.03
  14.03
  13.13
  12.31
  11.58
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
Revenue, $m
  0
  300
  385
  485
  600
  732
  881
  1,046
  1,228
  1,426
  1,641
  1,871
  2,117
  2,377
  2,653
  2,943
  3,247
  3,565
  3,897
  4,243
  4,604
  4,979
  5,369
  5,775
  6,196
  6,634
  7,089
  7,562
  8,054
  8,566
  9,098
Variable operating expenses, $m
 
  106
  136
  172
  212
  259
  312
  370
  435
  505
  581
  662
  749
  842
  939
  1,042
  1,149
  1,262
  1,380
  1,502
  1,630
  1,763
  1,901
  2,044
  2,193
  2,348
  2,509
  2,677
  2,851
  3,032
  3,221
Fixed operating expenses, $m
 
  73
  74
  76
  77
  79
  81
  83
  85
  86
  88
  90
  92
  94
  96
  98
  101
  103
  105
  107
  110
  112
  115
  117
  120
  122
  125
  128
  131
  133
  136
Total operating expenses, $m
  0
  179
  210
  248
  289
  338
  393
  453
  520
  591
  669
  752
  841
  936
  1,035
  1,140
  1,250
  1,365
  1,485
  1,609
  1,740
  1,875
  2,016
  2,161
  2,313
  2,470
  2,634
  2,805
  2,982
  3,165
  3,357
Operating income, $m
  0
  121
  174
  237
  310
  394
  488
  593
  709
  835
  972
  1,119
  1,275
  1,442
  1,617
  1,802
  1,997
  2,200
  2,412
  2,634
  2,864
  3,104
  3,354
  3,613
  3,883
  4,163
  4,454
  4,757
  5,072
  5,400
  5,741
EBITDA, $m
  5
  807
  1,055
  1,347
  1,685
  2,070
  2,505
  2,988
  3,521
  4,101
  4,728
  5,402
  6,121
  6,885
  7,691
  8,540
  9,430
  10,362
  11,335
  12,349
  13,405
  14,504
  15,647
  16,834
  18,068
  19,351
  20,684
  22,070
  23,511
  25,011
  26,572
Interest expense (income), $m
  8
  280
  323
  406
  503
  616
  744
  888
  1,049
  1,226
  1,419
  1,627
  1,851
  2,090
  2,343
  2,611
  2,892
  3,188
  3,497
  3,820
  4,157
  4,507
  4,872
  5,251
  5,645
  6,054
  6,480
  6,922
  7,382
  7,860
  8,358
Earnings before tax, $m
  44
  -159
  -149
  -169
  -193
  -222
  -256
  -295
  -340
  -391
  -447
  -508
  -576
  -648
  -726
  -808
  -896
  -988
  -1,085
  -1,186
  -1,292
  -1,403
  -1,518
  -1,638
  -1,762
  -1,891
  -2,026
  -2,165
  -2,310
  -2,460
  -2,617
Tax expense, $m
  15
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  29
  -159
  -149
  -169
  -193
  -222
  -256
  -295
  -340
  -391
  -447
  -508
  -576
  -648
  -726
  -808
  -896
  -988
  -1,085
  -1,186
  -1,292
  -1,403
  -1,518
  -1,638
  -1,762
  -1,891
  -2,026
  -2,165
  -2,310
  -2,460
  -2,617

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,681
  5,995
  7,692
  9,691
  12,005
  14,645
  17,618
  20,923
  24,562
  28,528
  32,817
  37,421
  42,334
  47,547
  53,055
  58,851
  64,932
  71,295
  77,939
  84,866
  92,079
  99,582
  107,383
  115,491
  123,917
  132,673
  141,774
  151,235
  161,074
  171,311
  181,967
Adjusted assets (=assets-cash), $m
  4,681
  5,995
  7,692
  9,691
  12,005
  14,645
  17,618
  20,923
  24,562
  28,528
  32,817
  37,421
  42,334
  47,547
  53,055
  58,851
  64,932
  71,295
  77,939
  84,866
  92,079
  99,582
  107,383
  115,491
  123,917
  132,673
  141,774
  151,235
  161,074
  171,311
  181,967
Revenue / Adjusted assets
  0.000
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
Average production assets, $m
  69
  6,863
  8,806
  11,094
  13,743
  16,765
  20,168
  23,952
  28,117
  32,657
  37,567
  42,838
  48,462
  54,430
  60,735
  67,370
  74,331
  81,615
  89,221
  97,151
  105,407
  113,997
  122,927
  132,209
  141,854
  151,877
  162,295
  173,126
  184,390
  196,108
  208,306
Working capital, $m
  0
  -6,481
  -8,316
  -10,476
  -12,978
  -15,832
  -19,045
  -22,619
  -26,552
  -30,840
  -35,477
  -40,454
  -45,765
  -51,401
  -57,355
  -63,621
  -70,195
  -77,074
  -84,256
  -91,745
  -99,542
  -107,653
  -116,087
  -124,852
  -133,961
  -143,426
  -153,264
  -163,492
  -174,129
  -185,196
  -196,715
Total debt, $m
  274
  5,990
  7,518
  9,316
  11,399
  13,775
  16,450
  19,426
  22,700
  26,270
  30,130
  34,274
  38,695
  43,387
  48,344
  53,561
  59,034
  64,760
  70,740
  76,974
  83,465
  90,218
  97,240
  104,537
  112,120
  120,000
  128,191
  136,706
  145,561
  154,775
  164,364
Total liabilities, $m
  4,246
  5,396
  6,923
  8,722
  10,805
  13,181
  15,856
  18,831
  22,105
  25,675
  29,535
  33,679
  38,101
  42,793
  47,750
  52,966
  58,439
  64,166
  70,145
  76,380
  82,871
  89,624
  96,645
  103,942
  111,525
  119,406
  127,596
  136,111
  144,967
  154,180
  163,770
Total equity, $m
  435
  600
  769
  969
  1,201
  1,465
  1,762
  2,092
  2,456
  2,853
  3,282
  3,742
  4,233
  4,755
  5,306
  5,885
  6,493
  7,130
  7,794
  8,487
  9,208
  9,958
  10,738
  11,549
  12,392
  13,267
  14,177
  15,123
  16,107
  17,131
  18,197
Total liabilities and equity, $m
  4,681
  5,996
  7,692
  9,691
  12,006
  14,646
  17,618
  20,923
  24,561
  28,528
  32,817
  37,421
  42,334
  47,548
  53,056
  58,851
  64,932
  71,296
  77,939
  84,867
  92,079
  99,582
  107,383
  115,491
  123,917
  132,673
  141,773
  151,234
  161,074
  171,311
  181,967
Debt-to-equity ratio
  0.630
  9.990
  9.770
  9.610
  9.500
  9.410
  9.340
  9.280
  9.240
  9.210
  9.180
  9.160
  9.140
  9.130
  9.110
  9.100
  9.090
  9.080
  9.080
  9.070
  9.060
  9.060
  9.060
  9.050
  9.050
  9.040
  9.040
  9.040
  9.040
  9.030
  9.030
Adjusted equity ratio
  0.093
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  29
  -159
  -149
  -169
  -193
  -222
  -256
  -295
  -340
  -391
  -447
  -508
  -576
  -648
  -726
  -808
  -896
  -988
  -1,085
  -1,186
  -1,292
  -1,403
  -1,518
  -1,638
  -1,762
  -1,891
  -2,026
  -2,165
  -2,310
  -2,460
  -2,617
Depreciation, amort., depletion, $m
  5
  686
  881
  1,109
  1,374
  1,677
  2,017
  2,395
  2,812
  3,266
  3,757
  4,284
  4,846
  5,443
  6,073
  6,737
  7,433
  8,162
  8,922
  9,715
  10,541
  11,400
  12,293
  13,221
  14,185
  15,188
  16,230
  17,313
  18,439
  19,611
  20,831
Funds from operations, $m
  64
  527
  731
  941
  1,182
  1,455
  1,761
  2,100
  2,472
  2,875
  3,310
  3,775
  4,271
  4,795
  5,348
  5,929
  6,538
  7,174
  7,837
  8,529
  9,249
  9,997
  10,775
  11,583
  12,423
  13,296
  14,204
  15,147
  16,129
  17,150
  18,214
Change in working capital, $m
  2
  -1,530
  -1,835
  -2,160
  -2,502
  -2,854
  -3,213
  -3,574
  -3,933
  -4,288
  -4,637
  -4,978
  -5,311
  -5,636
  -5,954
  -6,266
  -6,574
  -6,879
  -7,183
  -7,488
  -7,797
  -8,111
  -8,434
  -8,765
  -9,109
  -9,466
  -9,838
  -10,228
  -10,637
  -11,067
  -11,519
Cash from operations, $m
  62
  2,057
  2,566
  3,101
  3,683
  4,309
  4,974
  5,674
  6,405
  7,163
  7,946
  8,753
  9,581
  10,431
  11,302
  12,195
  13,111
  14,052
  15,020
  16,017
  17,046
  18,108
  19,208
  20,348
  21,532
  22,762
  24,042
  25,375
  26,766
  28,217
  29,733
Maintenance CAPEX, $m
  0
  -525
  -686
  -881
  -1,109
  -1,374
  -1,677
  -2,017
  -2,395
  -2,812
  -3,266
  -3,757
  -4,284
  -4,846
  -5,443
  -6,073
  -6,737
  -7,433
  -8,162
  -8,922
  -9,715
  -10,541
  -11,400
  -12,293
  -13,221
  -14,185
  -15,188
  -16,230
  -17,313
  -18,439
  -19,611
New CAPEX, $m
  -6
  -1,617
  -1,943
  -2,288
  -2,649
  -3,022
  -3,402
  -3,784
  -4,165
  -4,541
  -4,910
  -5,271
  -5,624
  -5,968
  -6,305
  -6,635
  -6,961
  -7,284
  -7,606
  -7,929
  -8,257
  -8,589
  -8,930
  -9,282
  -9,645
  -10,023
  -10,418
  -10,831
  -11,264
  -11,719
  -12,198
Cash from investing activities, $m
  -512
  -2,142
  -2,629
  -3,169
  -3,758
  -4,396
  -5,079
  -5,801
  -6,560
  -7,353
  -8,176
  -9,028
  -9,908
  -10,814
  -11,748
  -12,708
  -13,698
  -14,717
  -15,768
  -16,851
  -17,972
  -19,130
  -20,330
  -21,575
  -22,866
  -24,208
  -25,606
  -27,061
  -28,577
  -30,158
  -31,809
Free cash flow, $m
  -450
  -85
  -63
  -67
  -75
  -88
  -105
  -127
  -155
  -189
  -229
  -275
  -326
  -383
  -446
  -514
  -587
  -665
  -747
  -834
  -926
  -1,022
  -1,122
  -1,226
  -1,334
  -1,447
  -1,564
  -1,685
  -1,810
  -1,941
  -2,076
Issuance/(repayment) of debt, $m
  0
  799
  1,528
  1,799
  2,083
  2,376
  2,675
  2,975
  3,274
  3,570
  3,860
  4,144
  4,421
  4,692
  4,957
  5,217
  5,473
  5,727
  5,980
  6,234
  6,491
  6,753
  7,021
  7,297
  7,583
  7,880
  8,190
  8,515
  8,856
  9,213
  9,590
Issuance/(repurchase) of shares, $m
  0
  763
  319
  369
  424
  486
  553
  626
  704
  787
  876
  969
  1,067
  1,169
  1,276
  1,388
  1,504
  1,624
  1,749
  1,879
  2,013
  2,153
  2,298
  2,448
  2,605
  2,767
  2,936
  3,111
  3,294
  3,484
  3,682
Cash from financing (excl. dividends), $m  
  423
  1,562
  1,847
  2,168
  2,507
  2,862
  3,228
  3,601
  3,978
  4,357
  4,736
  5,113
  5,488
  5,861
  6,233
  6,605
  6,977
  7,351
  7,729
  8,113
  8,504
  8,906
  9,319
  9,745
  10,188
  10,647
  11,126
  11,626
  12,150
  12,697
  13,272
Total cash flow (excl. dividends), $m
  -26
  1,477
  1,783
  2,100
  2,432
  2,774
  3,123
  3,474
  3,823
  4,168
  4,507
  4,838
  5,162
  5,478
  5,787
  6,091
  6,390
  6,686
  6,982
  7,279
  7,579
  7,884
  8,197
  8,520
  8,853
  9,201
  9,563
  9,942
  10,339
  10,757
  11,196
Retained Cash Flow (-), $m
  -82
  -763
  -319
  -369
  -424
  -486
  -553
  -626
  -704
  -787
  -876
  -969
  -1,067
  -1,169
  -1,276
  -1,388
  -1,504
  -1,624
  -1,749
  -1,879
  -2,013
  -2,153
  -2,298
  -2,448
  -2,605
  -2,767
  -2,936
  -3,111
  -3,294
  -3,484
  -3,682
Prev. year cash balance distribution, $m
 
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  5
  7
  9
  11
  14
  17
  20
  24
  28
  33
  38
  43
  49
  55
  61
  68
  75
  82
  90
  98
  106
  115
  123
  133
  143
  153
  163
  174
  185
  197
Cash available for distribution, $m
 
  718
  1,465
  1,731
  2,008
  2,289
  2,570
  2,848
  3,119
  3,381
  3,631
  3,869
  4,095
  4,309
  4,511
  4,703
  4,886
  5,062
  5,233
  5,400
  5,565
  5,731
  5,899
  6,071
  6,249
  6,433
  6,627
  6,830
  7,045
  7,273
  7,514
Discount rate, %
 
  13.50
  14.18
  14.88
  15.63
  16.41
  17.23
  18.09
  19.00
  19.95
  20.94
  21.99
  23.09
  24.24
  25.46
  26.73
  28.07
  29.47
  30.94
  32.49
  34.11
  35.82
  37.61
  39.49
  41.47
  43.54
  45.72
  48.00
  50.40
  52.92
  55.57
PV of cash for distribution, $m
 
  633
  1,123
  1,142
  1,123
  1,071
  990
  889
  776
  658
  542
  435
  339
  256
  189
  135
  93
  63
  41
  26
  16
  9
  5
  3
  2
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  32.6
  22.1
  15.3
  10.9
  7.9
  5.9
  4.4
  3.3
  2.5
  2.0
  1.5
  1.2
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

Seacoast Banking Corporation of Florida is a bank holding company. The Company's principal subsidiary is Seacoast National Bank, a national banking association (the Bank). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products to its customers. The Company, through its bank subsidiary, provides a range of community banking services to commercial, small business and retail customers, offering a range of transaction and savings deposit products, treasury management services, brokerage, and secured and unsecured loan products, including revolving credit facilities, letters of credit and similar financial guarantees, and asset based financing. The Bank also provides trust and investment management services to retirement plans, corporations and individuals.

FINANCIAL RATIOS  of  Seacoast Banking of Florida (SBCF)

Valuation Ratios
P/E Ratio 43.2
Price to Sales 0
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 22.4
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 63%
Total Debt to Equity 63%
Interest Coverage 7
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 37.7%
Payout Ratio 0%

SBCF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBCF stock intrinsic value calculation we used $229 million for the last fiscal year's total revenue generated by Seacoast Banking of Florida. The default revenue input number comes from 2016 income statement of Seacoast Banking of Florida. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SBCF stock valuation model: a) initial revenue growth rate of 30.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 13.5%, whose default value for SBCF is calculated based on our internal credit rating of Seacoast Banking of Florida, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Seacoast Banking of Florida.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SBCF stock the variable cost ratio is equal to 35.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $71 million in the base year in the intrinsic value calculation for SBCF stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Seacoast Banking of Florida.

Corporate tax rate of 27% is the nominal tax rate for Seacoast Banking of Florida. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SBCF stock is equal to 2.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SBCF are equal to 2289.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Seacoast Banking of Florida operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SBCF is equal to -2162.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Seacoast Banking of Florida - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 43 million for Seacoast Banking of Florida is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Seacoast Banking of Florida at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Merger details: Here's what's ahead for First Green Bank's downtown Orlando office   [Jun-18-18 03:01PM  American City Business Journals]
▶ How First Green Bank's fast growth may have attracted its new parent company   [Jun-16-18 08:36AM  American City Business Journals]
▶ Seacoast Banking: 1Q Earnings Snapshot   [Apr-26-18 06:56PM  Associated Press]
▶ Seacoast Reports First Quarter 2018 Results   [04:53PM  GlobeNewswire]
▶ Seacoast Banking beats Street 4Q forecasts   [Jan-25-18 05:35PM  Associated Press]
▶ Seacoast Banking beats Street 3Q forecasts   [Oct-26-17 05:58PM  Associated Press]
▶ Here's when NorthStar Bank shareholders will decide on the Seacoast Bank deal   [Sep-21-17 07:40AM  American City Business Journals]
▶ Seacoast Reports Second Quarter 2017 Results   [Jul-27-17 04:07PM  PR Newswire]
▶ New Strong Buy Stocks for July 6th   [Jul-06-17 10:31AM  Zacks]
▶ Another Tampa bank snapped up in $32M deal   [May-18-17 09:20AM  American City Business Journals]
▶ Seacoast to buy Palm Beach Community Bank for $71M   [May-05-17 09:05AM  American City Business Journals]
▶ Seacoast Banking posts 1Q profit   [Apr-25-17 05:51PM  Associated Press]
▶ Ameris Bancorp Earns Composite Rating Upgrade   [10:57AM  Investor's Business Daily]
▶ Banks And Financial Stocks: Latest News And Analysis   [Apr-24-17 04:15PM  Investor's Business Daily]
▶ New banking name docks in Tampa Bay   [Apr-10-17 08:05AM  American City Business Journals]
▶ [$$] US community banks in plea to be freed from web of regulation   [Feb-23-17 07:22AM  at Financial Times]
▶ Seacoast Announces Pricing of Common Stock Offering   [Feb-15-17 08:56AM  PR Newswire]
▶ Seacoast Bank details contracts for new top Tampa executives   [Feb-03-17 02:50PM  at bizjournals.com]
Financial statements of SBCF
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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