Discounted Cash Flow (DCF) Analysis Levered

HarborOne Bancorp, Inc. (HONE)

$8.65

-0.28 (-3.14%)
All numbers are in Millions, Currency in USD
Stock DCF: 52.91 | 8.65 | 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 131.43162.73247.06224.53202.53231.25264.05301.49344.25393.07
Revenue (%)
Operating Cash Flow 61.17-36.13-26.95224.3068.9068.1577.8188.85101.45115.83
Operating Cash Flow (%)
Capital Expenditure -5.54-4.43-5.74-6.46-2.26-6.13-7-8-9.13-10.43
Capital Expenditure (%)
Free Cash Flow 55.62-40.56-32.69217.8466.6362.0170.8180.8592.31105.41

Weighted Average Cost Of Capital

Share price $ 8.65
Beta 0.678
Diluted Shares Outstanding 47.12
Cost of Debt
Tax Rate 26.15
After-tax Cost of Debt 3.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.893
Total Debt 434.96
Total Equity 407.57
Total Capital 842.53
Debt Weighting 51.63
Equity Weighting 48.37
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 131.43162.73247.06224.53202.53231.25264.05301.49344.25393.07
Operating Cash Flow 61.17-36.13-26.95224.3068.9068.1577.8188.85101.45115.83
Capital Expenditure -5.54-4.43-5.74-6.46-2.26-6.13-7-8-9.13-10.43
Free Cash Flow 55.62-40.56-32.69217.8466.6362.0170.8180.8592.31105.41
WACC
PV LFCF 58.8763.8169.1774.9781.26
SUM PV LFCF 348.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.34
Free cash flow (t + 1) 107.51
Terminal Value 3,218.98
Present Value of Terminal Value 2,481.71

Intrinsic Value

Enterprise Value 2,829.79
Net Debt 336.94
Equity Value 2,492.85
Shares Outstanding 47.12
Equity Value Per Share 52.91