Discounted Cash Flow (DCF) Analysis Levered
First Foundation Inc. (FFWM)
$5.89
-0.46 (-7.24%)
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 | 176.30 | 193.87 | 243.85 | 294.96 | 328.75 | 384.76 | 450.32 | 527.06 | 616.86 | 721.97 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 50.98 | 60.44 | 67.44 | 96.93 | 101.05 | 116.47 | 136.31 | 159.54 | 186.73 | 218.54 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2.71 | -2.23 | -2.86 | -3.21 | -4.58 | -4.88 | -5.71 | -6.69 | -7.82 | -9.16 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 48.27 | 58.21 | 64.58 | 93.73 | 96.47 | 111.59 | 130.60 | 152.86 | 178.90 | 209.38 |
Weighted Average Cost Of Capital
Share price | $ 5.89 |
---|---|
Beta | 0.995 |
Diluted Shares Outstanding | 56.49 |
Cost of Debt | |
Tax Rate | 26.23 |
After-tax Cost of Debt | 4.59% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.293 |
Total Debt | 1,369.94 |
Total Equity | 332.73 |
Total Capital | 1,702.66 |
Debt Weighting | 80.46 |
Equity Weighting | 19.54 |
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 | 176.30 | 193.87 | 243.85 | 294.96 | 328.75 | 384.76 | 450.32 | 527.06 | 616.86 | 721.97 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 50.98 | 60.44 | 67.44 | 96.93 | 101.05 | 116.47 | 136.31 | 159.54 | 186.73 | 218.54 |
Capital Expenditure | -2.71 | -2.23 | -2.86 | -3.21 | -4.58 | -4.88 | -5.71 | -6.69 | -7.82 | -9.16 |
Free Cash Flow | 48.27 | 58.21 | 64.58 | 93.73 | 96.47 | 111.59 | 130.60 | 152.86 | 178.90 | 209.38 |
WACC | ||||||||||
PV LFCF | 105.76 | 117.32 | 130.14 | 144.36 | 160.13 | |||||
SUM PV LFCF | 657.70 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.51 |
Free cash flow (t + 1) | 213.57 |
Terminal Value | 6,084.68 |
Present Value of Terminal Value | 4,653.39 |
Intrinsic Value
Enterprise Value | 5,311.09 |
---|---|
Net Debt | 713.44 |
Equity Value | 4,597.65 |
Shares Outstanding | 56.49 |
Equity Value Per Share | 81.39 |