Discounted Cash Flow (DCF) Analysis Levered

Hawthorn Bancshares, Inc. (HWBK)

$22.02

-0.33 (-1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 138.84 | 22.02 | undervalue

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 48.2450.7053.7564.1175.0883.9993.96105.12117.60131.56
Revenue (%)
Operating Cash Flow 12.4816.3019.0920.1530.6127.8431.1534.8538.9843.61
Operating Cash Flow (%)
Capital Expenditure -1.27-2.33-2.17-1.83-0.59-2.50-2.80-3.13-3.50-3.92
Capital Expenditure (%)
Free Cash Flow 11.2113.9816.9218.3230.0225.3428.3531.7235.4839.70

Weighted Average Cost Of Capital

Share price $ 22.02
Beta 0.466
Diluted Shares Outstanding 6.76
Cost of Debt
Tax Rate 20.19
After-tax Cost of Debt 3.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.801
Total Debt -
Total Equity 148.78
Total Capital 148.78
Debt Weighting 0.00
Equity Weighting 100.00
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 48.2450.7053.7564.1175.0883.9993.96105.12117.60131.56
Operating Cash Flow 12.4816.3019.0920.1530.6127.8431.1534.8538.9843.61
Capital Expenditure -1.27-2.33-2.17-1.83-0.59-2.50-2.80-3.13-3.50-3.92
Free Cash Flow 11.2113.9816.9218.3230.0225.3428.3531.7235.4839.70
WACC
PV LFCF 23.9525.3326.7828.3229.94
SUM PV LFCF 134.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.80
Free cash flow (t + 1) 40.49
Terminal Value 1,065.50
Present Value of Terminal Value 803.76

Intrinsic Value

Enterprise Value 938.08
Net Debt -
Equity Value 938.08
Shares Outstanding 6.76
Equity Value Per Share 138.84