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IntroductionThe concept of valuationRevenue and revenue growthVariable costsFixed costsProduction assets

Intrinsic value of Old National Bancorp (ONB)

Previous Close$17.27
Intrinsic Value$13.00*
Upside potential  -25%
Previous Close
$17.27
Intrinsic Value
$13.00*
Potential        
-25%
* Our model cannot be used “out of the box” for the valuation of this stock. You can still do your own valuation by changing the valuation input parameters.
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh12.7 13

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, NOW, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing. It also provides debit and ATM cards, telephone access, and online banking, as well as other electronic and mobile banking services; cash management, private banking, brokerage, trust, and investment advisory services; wealth management, investment, and foreign currency services; and treasury management, merchant, health savings, and capital markets services, as well as community development lending and equity investment solutions. As of December 31, 2019, the company operated 192 banking centers located primarily in Indiana, Kentucky, Michigan, Wisconsin, and Minnesota. Old National Bancorp was founded in 1834 and is headquartered in Evansville, Indiana.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %-3.0NaN
Revenue, $811NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m472NaN
Operating income, $m339NaN
EBITDA, $m384NaN
Interest expense (income), $mNaN
Earnings before tax, $m339NaN
Tax expense, $m61NaN
Net income, $m278NaN

BALANCE SHEET

Cash and short-term investments, $m835NaN
Total assets, $m24454NaN
Adjusted assets (=assets-cash), $m23619NaN
Average production assets, $m1621NaN
Working capital, $m-4733NaN
Total debt, $m2651NaN
Total liabilities, $m21442NaN
Total equity, $m3012NaN
Debt-to-equity ratio0.880NaN
Adjusted equity ratio0.111NaN

CASH FLOW

Net income, $m278NaN
Depreciation, amort., depletion, $m45NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m271NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-19NaN
Free cash flow, $m290NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m-4733
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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