Discounted Cash Flow (DCF) Analysis Levered

Hanmi Financial Corporation (HAFC)

$16.23

+0.05 (+0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 102.01 | 16.23 | undervalue

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 205.53203.42224235.55271.85292313.65336.90361.88388.71
Revenue (%)
Operating Cash Flow 76.6358.8060.2093.73147.31109.23117.33126.03135.38145.41
Operating Cash Flow (%)
Capital Expenditure -3.70-1.58-4.39-2.72-1.93-3.74-4.01-4.31-4.63-4.98
Capital Expenditure (%)
Free Cash Flow 72.9457.2255.8191.01145.38105.50113.32121.72130.74140.44

Weighted Average Cost Of Capital

Share price $ 16.23
Beta 0.982
Diluted Shares Outstanding 30.39
Cost of Debt
Tax Rate 27.95
After-tax Cost of Debt 3.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.210
Total Debt 779.41
Total Equity 493.26
Total Capital 1,272.67
Debt Weighting 61.24
Equity Weighting 38.76
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 205.53203.42224235.55271.85292313.65336.90361.88388.71
Operating Cash Flow 76.6358.8060.2093.73147.31109.23117.33126.03135.38145.41
Capital Expenditure -3.70-1.58-4.39-2.72-1.93-3.74-4.01-4.31-4.63-4.98
Free Cash Flow 72.9457.2255.8191.01145.38105.50113.32121.72130.74140.44
WACC
PV LFCF 99.88101.58103.30105.06106.84
SUM PV LFCF 516.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.62
Free cash flow (t + 1) 143.24
Terminal Value 3,957.04
Present Value of Terminal Value 3,010.51

Intrinsic Value

Enterprise Value 3,527.18
Net Debt 426.99
Equity Value 3,100.19
Shares Outstanding 30.39
Equity Value Per Share 102.01