Discounted Cash Flow (DCF) Analysis Levered

Howard Bancorp, Inc. (HBMD)

$23.3

0.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 61.85 | 23.3 | undervalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 46.0253.6581.3087.7184.83100.25118.47140.02165.47195.56
Revenue (%)
Operating Cash Flow 2.8416.9054.8120.5660.6740.1147.4056.0266.2178.24
Operating Cash Flow (%)
Capital Expenditure -0.63-0.41-1.94-1.43-1.15-1.50-1.78-2.10-2.48-2.93
Capital Expenditure (%)
Free Cash Flow 2.2116.4952.8719.1359.5138.6145.6253.9263.7275.31

Weighted Average Cost Of Capital

Share price $ 23.3
Beta 0.905
Diluted Shares Outstanding 18.77
Cost of Debt
Tax Rate -27.31
After-tax Cost of Debt 5.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.904
Total Debt 242.70
Total Equity 437.25
Total Capital 679.95
Debt Weighting 35.69
Equity Weighting 64.31
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 46.0253.6581.3087.7184.83100.25118.47140.02165.47195.56
Operating Cash Flow 2.8416.9054.8120.5660.6740.1147.4056.0266.2178.24
Capital Expenditure -0.63-0.41-1.94-1.43-1.15-1.50-1.78-2.10-2.48-2.93
Free Cash Flow 2.2116.4952.8719.1359.5138.6145.6253.9263.7275.31
WACC
PV LFCF 36.0939.8844.0648.6953.79
SUM PV LFCF 222.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.96
Free cash flow (t + 1) 76.81
Terminal Value 1,548.67
Present Value of Terminal Value 1,106.24

Intrinsic Value

Enterprise Value 1,328.76
Net Debt 168.09
Equity Value 1,160.68
Shares Outstanding 18.77
Equity Value Per Share 61.85