Discounted Cash Flow (DCF) Analysis Levered
Business First Bancshares, Inc. (BFST)
$18.59
-0.12 (-0.64%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 70.01 | 90.91 | 149.21 | 186.56 | 227.54 | 307.74 | 416.21 | 562.90 | 761.31 | 1,029.64 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 19.28 | 24.42 | 29.34 | 56.44 | 69.58 | 83.02 | 112.28 | 151.86 | 205.39 | 277.78 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -0.92 | -3.96 | -2.97 | -3.97 | -7.78 | -8.13 | -10.99 | -14.87 | -20.11 | -27.20 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 18.36 | 20.46 | 26.37 | 52.47 | 61.80 | 74.89 | 101.29 | 136.99 | 185.28 | 250.58 |
Weighted Average Cost Of Capital
Share price | $ 18.59 |
---|---|
Beta | 0.835 |
Diluted Shares Outstanding | 18.24 |
Cost of Debt | |
Tax Rate | 20.90 |
After-tax Cost of Debt | 5.50% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.745 |
Total Debt | 525.86 |
Total Equity | 339.15 |
Total Capital | 865 |
Debt Weighting | 60.79 |
Equity Weighting | 39.21 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 70.01 | 90.91 | 149.21 | 186.56 | 227.54 | 307.74 | 416.21 | 562.90 | 761.31 | 1,029.64 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 19.28 | 24.42 | 29.34 | 56.44 | 69.58 | 83.02 | 112.28 | 151.86 | 205.39 | 277.78 |
Capital Expenditure | -0.92 | -3.96 | -2.97 | -3.97 | -7.78 | -8.13 | -10.99 | -14.87 | -20.11 | -27.20 |
Free Cash Flow | 18.36 | 20.46 | 26.37 | 52.47 | 61.80 | 74.89 | 101.29 | 136.99 | 185.28 | 250.58 |
WACC | ||||||||||
PV LFCF | 61.53 | 77.94 | 98.73 | 125.06 | 158.42 | |||||
SUM PV LFCF | 594.71 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.77 |
Free cash flow (t + 1) | 255.59 |
Terminal Value | 5,358.34 |
Present Value of Terminal Value | 3,861.75 |
Intrinsic Value
Enterprise Value | 4,456.46 |
---|---|
Net Debt | 373.12 |
Equity Value | 4,083.34 |
Shares Outstanding | 18.24 |
Equity Value Per Share | 223.83 |