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
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 | 49.99 | 70.01 | 90.91 | 149.21 | 186.56 | 260.75 | 364.43 | 509.35 | 711.90 | 994.99 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 7.97 | 19.28 | 24.42 | 29.34 | 56.44 | 62.71 | 87.65 | 122.50 | 171.21 | 239.30 |
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 | 7.46 | 18.36 | 20.46 | 26.37 | 52.40 | 57.06 | 79.75 | 111.46 | 155.79 | 217.74 |
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 | 49.99 | 70.01 | 90.91 | 149.21 | 186.56 | 260.75 | 364.43 | 509.35 | 711.90 | 994.99 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 7.97 | 19.28 | 24.42 | 29.34 | 56.44 | 62.71 | 87.65 | 122.50 | 171.21 | 239.30 |
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 | 7.46 | 18.36 | 20.46 | 26.37 | 52.40 | 57.06 | 79.75 | 111.46 | 155.79 | 217.74 |
WACC | ||||||||||
PV LFCF | 53.25 | 69.45 | 90.58 | 118.14 | 154.09 | |||||
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 |