Intrinsic value of Columbia Banking System - COLB

Previous Close

$42.22

  Intrinsic Value

$10.63

stock screener

  Rating & Target

str. sell

-75%

Previous close

$42.22

 
Intrinsic value

$10.63

 
Up/down potential

-75%

 
Rating

str. sell

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

We calculate the intrinsic value of COLB 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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
Revenue, $m
  535
  606
  681
  760
  843
  931
  1,022
  1,118
  1,217
  1,321
  1,429
  1,542
  1,658
  1,779
  1,906
  2,036
  2,173
  2,314
  2,462
  2,615
  2,775
  2,941
  3,114
  3,295
  3,484
  3,681
  3,887
  4,101
  4,326
  4,561
Variable operating expenses, $m
  275
  311
  350
  391
  433
  478
  525
  575
  626
  679
  735
  792
  852
  915
  979
  1,047
  1,117
  1,190
  1,265
  1,344
  1,426
  1,512
  1,601
  1,694
  1,791
  1,892
  1,998
  2,108
  2,224
  2,344
Fixed operating expenses, $m
  52
  53
  54
  56
  57
  58
  59
  61
  62
  63
  65
  66
  68
  69
  71
  72
  74
  75
  77
  79
  81
  82
  84
  86
  88
  90
  92
  94
  96
  98
Total operating expenses, $m
  327
  364
  404
  447
  490
  536
  584
  636
  688
  742
  800
  858
  920
  984
  1,050
  1,119
  1,191
  1,265
  1,342
  1,423
  1,507
  1,594
  1,685
  1,780
  1,879
  1,982
  2,090
  2,202
  2,320
  2,442
Operating income, $m
  208
  241
  276
  314
  353
  394
  437
  483
  530
  579
  630
  683
  738
  796
  855
  917
  982
  1,049
  1,119
  1,192
  1,268
  1,347
  1,429
  1,515
  1,605
  1,699
  1,797
  1,899
  2,007
  2,119
EBITDA, $m
  1,476
  1,676
  1,889
  2,114
  2,351
  2,599
  2,860
  3,131
  3,415
  3,710
  4,017
  4,336
  4,668
  5,012
  5,371
  5,743
  6,130
  6,533
  6,952
  7,388
  7,843
  8,316
  8,809
  9,324
  9,861
  10,421
  11,007
  11,618
  12,258
  12,926
Interest expense (income), $m
  4
  597
  605
  682
  763
  848
  938
  1,033
  1,132
  1,235
  1,342
  1,455
  1,571
  1,692
  1,818
  1,949
  2,085
  2,227
  2,374
  2,527
  2,686
  2,852
  3,024
  3,204
  3,391
  3,586
  3,790
  4,003
  4,225
  4,457
  4,700
Earnings before tax, $m
  -390
  -364
  -405
  -449
  -495
  -544
  -595
  -649
  -705
  -764
  -825
  -888
  -954
  -1,023
  -1,094
  -1,168
  -1,245
  -1,325
  -1,408
  -1,494
  -1,584
  -1,677
  -1,774
  -1,876
  -1,981
  -2,091
  -2,206
  -2,325
  -2,450
  -2,581
Tax expense, $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
Net income, $m
  -390
  -364
  -405
  -449
  -495
  -544
  -595
  -649
  -705
  -764
  -825
  -888
  -954
  -1,023
  -1,094
  -1,168
  -1,245
  -1,325
  -1,408
  -1,494
  -1,584
  -1,677
  -1,774
  -1,876
  -1,981
  -2,091
  -2,206
  -2,325
  -2,450
  -2,581

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
Total assets, $m
  11,892
  13,460
  15,125
  16,885
  18,738
  20,681
  22,715
  24,840
  27,055
  29,362
  31,761
  34,256
  36,850
  39,544
  42,345
  45,255
  48,281
  51,428
  54,702
  58,110
  61,658
  65,355
  69,208
  73,227
  77,420
  81,796
  86,367
  91,143
  96,134
  101,352
Adjusted assets (=assets-cash), $m
  11,892
  13,460
  15,125
  16,885
  18,738
  20,681
  22,715
  24,840
  27,055
  29,362
  31,761
  34,256
  36,850
  39,544
  42,345
  45,255
  48,281
  51,428
  54,702
  58,110
  61,658
  65,355
  69,208
  73,227
  77,420
  81,796
  86,367
  91,143
  96,134
  101,352
Revenue / Adjusted assets
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
  0.045
Average production assets, $m
  12,680
  14,353
  16,129
  18,005
  19,980
  22,053
  24,222
  26,487
  28,849
  31,309
  33,868
  36,528
  39,293
  42,167
  45,153
  48,257
  51,483
  54,839
  58,330
  61,963
  65,747
  69,689
  73,798
  78,083
  82,554
  87,221
  92,095
  97,187
  102,509
  108,074
Working capital, $m
  -11,345
  -12,841
  -14,430
  -16,108
  -17,876
  -19,730
  -21,671
  -23,697
  -25,810
  -28,011
  -30,300
  -32,681
  -35,154
  -37,725
  -40,397
  -43,174
  -46,060
  -49,062
  -52,186
  -55,437
  -58,822
  -62,348
  -66,025
  -69,858
  -73,858
  -78,034
  -82,394
  -86,950
  -91,712
  -96,690
Total debt, $m
  11,213
  12,624
  14,123
  15,707
  17,374
  19,123
  20,954
  22,866
  24,859
  26,935
  29,095
  31,341
  33,675
  36,100
  38,620
  41,240
  43,963
  46,795
  49,742
  52,809
  56,002
  59,329
  62,797
  66,414
  70,188
  74,127
  78,240
  82,538
  87,030
  91,727
Total liabilities, $m
  10,703
  12,114
  13,613
  15,197
  16,864
  18,613
  20,444
  22,356
  24,349
  26,425
  28,585
  30,831
  33,165
  35,590
  38,110
  40,730
  43,453
  46,285
  49,232
  52,299
  55,492
  58,819
  62,287
  65,904
  69,678
  73,617
  77,730
  82,028
  86,520
  91,217
Total equity, $m
  1,189
  1,346
  1,513
  1,689
  1,874
  2,068
  2,272
  2,484
  2,705
  2,936
  3,176
  3,426
  3,685
  3,954
  4,234
  4,526
  4,828
  5,143
  5,470
  5,811
  6,166
  6,535
  6,921
  7,323
  7,742
  8,180
  8,637
  9,114
  9,613
  10,135
Total liabilities and equity, $m
  11,892
  13,460
  15,126
  16,886
  18,738
  20,681
  22,716
  24,840
  27,054
  29,361
  31,761
  34,257
  36,850
  39,544
  42,344
  45,256
  48,281
  51,428
  54,702
  58,110
  61,658
  65,354
  69,208
  73,227
  77,420
  81,797
  86,367
  91,142
  96,133
  101,352
Debt-to-equity ratio
  9.430
  9.380
  9.340
  9.300
  9.270
  9.250
  9.220
  9.210
  9.190
  9.170
  9.160
  9.150
  9.140
  9.130
  9.120
  9.110
  9.110
  9.100
  9.090
  9.090
  9.080
  9.080
  9.070
  9.070
  9.070
  9.060
  9.060
  9.060
  9.050
  9.050
Adjusted equity ratio
  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
  -390
  -364
  -405
  -449
  -495
  -544
  -595
  -649
  -705
  -764
  -825
  -888
  -954
  -1,023
  -1,094
  -1,168
  -1,245
  -1,325
  -1,408
  -1,494
  -1,584
  -1,677
  -1,774
  -1,876
  -1,981
  -2,091
  -2,206
  -2,325
  -2,450
  -2,581
Depreciation, amort., depletion, $m
  1,268
  1,435
  1,613
  1,800
  1,998
  2,205
  2,422
  2,649
  2,885
  3,131
  3,387
  3,653
  3,929
  4,217
  4,515
  4,826
  5,148
  5,484
  5,833
  6,196
  6,575
  6,969
  7,380
  7,808
  8,255
  8,722
  9,210
  9,719
  10,251
  10,807
Funds from operations, $m
  879
  1,071
  1,208
  1,351
  1,503
  1,661
  1,827
  2,000
  2,180
  2,367
  2,562
  2,765
  2,975
  3,194
  3,421
  3,658
  3,903
  4,159
  4,425
  4,702
  4,991
  5,292
  5,605
  5,933
  6,274
  6,631
  7,004
  7,393
  7,800
  8,226
Change in working capital, $m
  -1,402
  -1,496
  -1,589
  -1,679
  -1,767
  -1,854
  -1,941
  -2,027
  -2,113
  -2,200
  -2,289
  -2,380
  -2,474
  -2,571
  -2,672
  -2,777
  -2,887
  -3,002
  -3,123
  -3,251
  -3,385
  -3,527
  -3,676
  -3,834
  -4,000
  -4,175
  -4,360
  -4,556
  -4,762
  -4,979
Cash from operations, $m
  2,280
  2,567
  2,796
  3,030
  3,270
  3,516
  3,768
  4,027
  4,293
  4,568
  4,851
  5,145
  5,449
  5,765
  6,093
  6,434
  6,790
  7,161
  7,549
  7,953
  8,376
  8,819
  9,282
  9,766
  10,274
  10,806
  11,364
  11,949
  12,562
  13,205
Maintenance CAPEX, $m
  -1,111
  -1,268
  -1,435
  -1,613
  -1,800
  -1,998
  -2,205
  -2,422
  -2,649
  -2,885
  -3,131
  -3,387
  -3,653
  -3,929
  -4,217
  -4,515
  -4,826
  -5,148
  -5,484
  -5,833
  -6,196
  -6,575
  -6,969
  -7,380
  -7,808
  -8,255
  -8,722
  -9,210
  -9,719
  -10,251
New CAPEX, $m
  -1,567
  -1,673
  -1,776
  -1,876
  -1,975
  -2,073
  -2,169
  -2,265
  -2,362
  -2,460
  -2,559
  -2,661
  -2,765
  -2,874
  -2,986
  -3,104
  -3,227
  -3,355
  -3,491
  -3,634
  -3,784
  -3,942
  -4,109
  -4,285
  -4,471
  -4,667
  -4,874
  -5,092
  -5,322
  -5,565
Cash from investing activities, $m
  -2,678
  -2,941
  -3,211
  -3,489
  -3,775
  -4,071
  -4,374
  -4,687
  -5,011
  -5,345
  -5,690
  -6,048
  -6,418
  -6,803
  -7,203
  -7,619
  -8,053
  -8,503
  -8,975
  -9,467
  -9,980
  -10,517
  -11,078
  -11,665
  -12,279
  -12,922
  -13,596
  -14,302
  -15,041
  -15,816
Free cash flow, $m
  -398
  -373
  -415
  -459
  -506
  -555
  -607
  -661
  -718
  -777
  -838
  -902
  -969
  -1,038
  -1,110
  -1,185
  -1,262
  -1,343
  -1,426
  -1,513
  -1,604
  -1,698
  -1,796
  -1,898
  -2,005
  -2,116
  -2,232
  -2,353
  -2,479
  -2,611
Issuance/(repayment) of debt, $m
  148
  1,412
  1,499
  1,584
  1,667
  1,749
  1,831
  1,912
  1,994
  2,076
  2,160
  2,246
  2,334
  2,425
  2,520
  2,620
  2,723
  2,832
  2,946
  3,067
  3,194
  3,327
  3,468
  3,617
  3,774
  3,939
  4,114
  4,298
  4,492
  4,697
Issuance/(repurchase) of shares, $m
  1,601
  521
  572
  625
  680
  738
  799
  861
  927
  994
  1,065
  1,138
  1,213
  1,292
  1,374
  1,459
  1,547
  1,639
  1,735
  1,835
  1,939
  2,047
  2,160
  2,277
  2,400
  2,529
  2,663
  2,803
  2,950
  3,103
Cash from financing (excl. dividends), $m  
  1,749
  1,933
  2,071
  2,209
  2,347
  2,487
  2,630
  2,773
  2,921
  3,070
  3,225
  3,384
  3,547
  3,717
  3,894
  4,079
  4,270
  4,471
  4,681
  4,902
  5,133
  5,374
  5,628
  5,894
  6,174
  6,468
  6,777
  7,101
  7,442
  7,800
Total cash flow (excl. dividends), $m
  1,351
  1,560
  1,656
  1,750
  1,842
  1,933
  2,023
  2,112
  2,202
  2,293
  2,386
  2,481
  2,578
  2,680
  2,785
  2,894
  3,009
  3,129
  3,255
  3,388
  3,528
  3,676
  3,831
  3,996
  4,169
  4,352
  4,545
  4,748
  4,963
  5,189
Retained Cash Flow (-), $m
  -1,601
  -521
  -572
  -625
  -680
  -738
  -799
  -861
  -927
  -994
  -1,065
  -1,138
  -1,213
  -1,292
  -1,374
  -1,459
  -1,547
  -1,639
  -1,735
  -1,835
  -1,939
  -2,047
  -2,160
  -2,277
  -2,400
  -2,529
  -2,663
  -2,803
  -2,950
  -3,103
Prev. year cash balance distribution, $m
  22
  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
  8
  9
  10
  12
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  32
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
Cash available for distribution, $m
  -228
  1,038
  1,084
  1,125
  1,161
  1,194
  1,224
  1,251
  1,276
  1,299
  1,321
  1,343
  1,365
  1,387
  1,410
  1,435
  1,461
  1,489
  1,520
  1,553
  1,590
  1,629
  1,672
  1,718
  1,769
  1,823
  1,882
  1,945
  2,013
  2,086
Discount rate, %
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.23
  23.35
  24.51
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.49
  36.22
  38.03
  39.93
  41.93
  44.02
  46.22
  48.53
  50.96
  53.51
PV of cash for distribution, $m
  -201
  804
  725
  642
  558
  475
  398
  326
  262
  207
  160
  121
  89
  64
  45
  31
  21
  14
  9
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  34.8
  24.4
  17.3
  12.3
  8.8
  6.4
  4.6
  3.4
  2.5
  1.8
  1.3
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Columbia Banking System, Inc. (Columbia) is a bank holding company for Columbia State Bank (the Bank) and Columbia Trust Company (Columbia Trust). The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals. It offers products and services, which include Personal Banking, Business Banking and Wealth Management. Its Personal Banking products and services include Checking and Saving Accounts; Consumer Lending; Digital Banking; Residential Lending, and VISA Card Services. Its Business Banking products and services include Agricultural Lending; Commercial and Industrial Lending; International Banking; Merchant Card Services; Municipal Lending; Real Estate and Real Estate Construction Lending; Remote Deposit Capture; Small Business Administration (SBA) Lending; Small Business Services, and Treasury Management. Its Wealth Management products and services include Investment Services, Private Banking and Professional Banking.

FINANCIAL RATIOS  of  Columbia Banking System (COLB)

Valuation Ratios
P/E Ratio 23.3
Price to Sales 0
Price to Book 2
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow 17.4
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.5%
Cap. Spend. - 3 Yr. Gr. Rate -22.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 6.5%
Total Debt to Equity 6.5%
Interest Coverage 39
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 7.9%
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 30%
Eff/ Tax Rate - 3 Yr. Avg. 30.3%
Payout Ratio 84.8%

COLB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COLB stock intrinsic value calculation we used $469 million for the last fiscal year's total revenue generated by Columbia Banking System. The default revenue input number comes from 2017 income statement of Columbia Banking System. 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 COLB stock valuation model: a) initial revenue growth rate of 14.1% 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%, whose default value for COLB is calculated based on our internal credit rating of Columbia Banking System, 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 Columbia Banking System.
    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 COLB stock the variable cost ratio is equal to 51.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $51 million in the base year in the intrinsic value calculation for COLB 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 Columbia Banking System.

Corporate tax rate of 27% is the nominal tax rate for Columbia Banking System. 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 COLB stock is equal to 1.7%.

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 COLB are equal to 2369.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Columbia Banking System 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 COLB is equal to -2120%. 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 Columbia Banking System - 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 60 million for Columbia Banking System 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 Columbia Banking System at the current share price and the inputted number of shares is $2.5 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Is Columbia Banking System Inc (NASDAQ:COLB) Undervalued?   [Jun-21-18 08:25AM  Simply Wall St.]
▶ PSBJ Interview: Columbia Bank CEO Hadley Robbins faces fresh competition   [May-29-18 10:00AM  American City Business Journals]
▶ Columbia Bank hires CFO with a background in M&A from Morgan Stanley Bank   [May-07-18 05:05PM  American City Business Journals]
▶ Columbia Banking posts 4Q profit   [Jan-25-18 09:35AM  Associated Press]
▶ Stocks Showing Improved Relative Strength: Columbia Banking System   [Dec-18-17 03:00AM  Investor's Business Daily]
▶ Stocks Flashing Renewed Technical Strength: Columbia Banking System   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Columbia Banking System   [03:00AM  Investor's Business Daily]
▶ Columbia Banking System Trying To Close In On Key Technical Measure   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ Columbia Banking posts 3Q profit   [Oct-26-17 09:16AM  Associated Press]
▶ Hadley S. Robbins Named CEO of Columbia Banking System   [Jun-28-17 05:54PM  PR Newswire]
▶ Columbia Banking posts 1Q profit   [Apr-27-17 09:26AM  Associated Press]
▶ Funeral services set for late Columbia Bank CEO Melanie Dressel   [Feb-27-17 06:40PM  at bizjournals.com]
▶ Columbia Bank CEO Melanie Dressel dies suddenly at age 64   [Feb-21-17 11:37AM  at bizjournals.com]
▶ Columbia Banking posts 4Q profit   [08:24AM  Associated Press]
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