Discounted Cash Flow (DCF) Analysis Levered

Business First Bancshares, Inc. (BFST)

$24.59

+0.37 (+1.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 188.08 | 24.59 | 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 49.9970.0190.91149.21186.56260.75364.43509.35711.90994.99
Revenue (%)
Operating Cash Flow 7.9719.2824.4229.3456.4462.7187.65122.50171.21239.30
Operating Cash Flow (%)
Capital Expenditure -0.50-0.92-3.96-2.97-4.04-5.65-7.90-11.04-15.43-21.56
Capital Expenditure (%)
Free Cash Flow 7.4618.3620.4626.3752.4057.0679.75111.46155.79217.74

Weighted Average Cost Of Capital

Share price $ 24.59
Beta 0.851
Diluted Shares Outstanding 18.24
Cost of Debt
Tax Rate 19.24
After-tax Cost of Debt 7.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.865
Total Debt 168.47
Total Equity 448.61
Total Capital 617.08
Debt Weighting 27.30
Equity Weighting 72.70
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 49.9970.0190.91149.21186.56260.75364.43509.35711.90994.99
Operating Cash Flow 7.9719.2824.4229.3456.4462.7187.65122.50171.21239.30
Capital Expenditure -0.50-0.92-3.96-2.97-4.04-5.65-7.90-11.04-15.43-21.56
Free Cash Flow 7.4618.3620.4626.3752.4057.0679.75111.46155.79217.74
WACC
PV LFCF 53.2569.4590.58118.14154.09
SUM PV LFCF 485.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.16
Free cash flow (t + 1) 222.09
Terminal Value 4,304.08
Present Value of Terminal Value 3,045.91

Intrinsic Value

Enterprise Value 3,531.41
Net Debt 100.09
Equity Value 3,431.31
Shares Outstanding 18.24
Equity Value Per Share 188.08