Discounted Cash Flow (DCF) Analysis Levered

Bank First Corporation (BFC)

$83.21

-1.82 (-2.14%)
All numbers are in Millions, Currency in USD
Stock DCF: 177.82 | 83.21 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 77.64103.15108.48118.32186.47235.28296.85374.55472.57596.26
Revenue (%)
Operating Cash Flow 22.6543.9640.2840.0112.6570.3688.77112141.32178.30
Operating Cash Flow (%)
Capital Expenditure -7.27-8.37-8.72-6.87-14.60-18.42-23.24-29.33-37-46.69
Capital Expenditure (%)
Free Cash Flow 15.3835.5931.5633.14-1.9551.9365.5382.68104.31131.62

Weighted Average Cost Of Capital

Share price $ 83.21
Beta 0.277
Diluted Shares Outstanding 10.20
Cost of Debt
Tax Rate 24.58
After-tax Cost of Debt 29.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.461
Total Debt 127.14
Total Equity 848.66
Total Capital 975.80
Debt Weighting 13.03
Equity Weighting 86.97
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 77.64103.15108.48118.32186.47235.28296.85374.55472.57596.26
Operating Cash Flow 22.6543.9640.2840.0112.6570.3688.77112141.32178.30
Capital Expenditure -7.27-8.37-8.72-6.87-14.60-18.42-23.24-29.33-37-46.69
Free Cash Flow 15.3835.5931.5633.14-1.9551.9365.5382.68104.31131.62
WACC
PV LFCF 47.8555.6264.6675.1687.37
SUM PV LFCF 330.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.54
Free cash flow (t + 1) 134.25
Terminal Value 2,052.72
Present Value of Terminal Value 1,362.64

Intrinsic Value

Enterprise Value 1,693.29
Net Debt -120.33
Equity Value 1,813.62
Shares Outstanding 10.20
Equity Value Per Share 177.82