Discounted Cash Flow (DCF) Analysis Levered

Bank First Corporation (BFC)

$96.4

+0.11 (+0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 232.24 | 96.4 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 51.5569.6777.65103.15108.48131.42159.22192.90233.70283.13
Revenue (%)
Operating Cash Flow 19.9523.0522.6543.9640.2847.5057.5469.7284.46102.33
Operating Cash Flow (%)
Capital Expenditure -2.83-7.93-7.27-8.37-8.72-11.14-13.49-16.35-19.80-23.99
Capital Expenditure (%)
Free Cash Flow 17.1215.1215.3835.5931.5636.3644.0553.3764.6678.33

Weighted Average Cost Of Capital

Share price $ 96.4
Beta 0.351
Diluted Shares Outstanding 7.48
Cost of Debt
Tax Rate 24.22
After-tax Cost of Debt 78.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.208
Total Debt 8.01
Total Equity 721.18
Total Capital 729.19
Debt Weighting 1.10
Equity Weighting 98.90
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 51.5569.6777.65103.15108.48131.42159.22192.90233.70283.13
Operating Cash Flow 19.9523.0522.6543.9640.2847.5057.5469.7284.46102.33
Capital Expenditure -2.83-7.93-7.27-8.37-8.72-11.14-13.49-16.35-19.80-23.99
Free Cash Flow 17.1215.1215.3835.5931.5636.3644.0553.3764.6678.33
WACC
PV LFCF 34.3039.2044.8051.2058.51
SUM PV LFCF 228

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.01
Free cash flow (t + 1) 79.90
Terminal Value 1,992.52
Present Value of Terminal Value 1,488.22

Intrinsic Value

Enterprise Value 1,716.22
Net Debt -21.16
Equity Value 1,737.38
Shares Outstanding 7.48
Equity Value Per Share 232.24