Discounted Cash Flow (DCF) Analysis Levered
Merchants Bancorp (MBINP)
$20.1399
+0.28 (+1.41%)
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 | 134.94 | 164.85 | 342.53 | 427.67 | 480.83 | 681.87 | 966.96 | 1,371.24 | 1,944.55 | 2,757.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 203.59 | -1,257 | -874.89 | -49.22 | 975.77 | -921.35 | -1,306.57 | -1,852.84 | -2,627.51 | -3,726.07 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -15.51 | -13.98 | -3.62 | -29.98 | -33.71 | -47.81 | -67.79 | -96.14 | -136.33 | -193.33 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 188.08 | -1,270.99 | -878.51 | -79.20 | 942.06 | -969.16 | -1,374.36 | -1,948.98 | -2,763.85 | -3,919.40 |
Weighted Average Cost Of Capital
| Share price | $ 20.1,399 |
|---|---|
| Beta | 1.119 |
| Diluted Shares Outstanding | 43.32 |
| Cost of Debt | |
| Tax Rate | 24.53 |
| After-tax Cost of Debt | 3.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.093 |
| Total Debt | - |
| Total Equity | 872.40 |
| Total Capital | 872.40 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 134.94 | 164.85 | 342.53 | 427.67 | 480.83 | 681.87 | 966.96 | 1,371.24 | 1,944.55 | 2,757.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 203.59 | -1,257 | -874.89 | -49.22 | 975.77 | -921.35 | -1,306.57 | -1,852.84 | -2,627.51 | -3,726.07 |
| Capital Expenditure | -15.51 | -13.98 | -3.62 | -29.98 | -33.71 | -47.81 | -67.79 | -96.14 | -136.33 | -193.33 |
| Free Cash Flow | 188.08 | -1,270.99 | -878.51 | -79.20 | 942.06 | -969.16 | -1,374.36 | -1,948.98 | -2,763.85 | -3,919.40 |
| WACC | ||||||||||
| PV LFCF | -888.40 | -1,154.87 | -1,501.25 | -1,951.52 | -2,536.85 | |||||
| SUM PV LFCF | -8,032.89 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.09 |
| Free cash flow (t + 1) | -3,997.79 |
| Terminal Value | -56,386.35 |
| Present Value of Terminal Value | -36,496.33 |
Intrinsic Value
| Enterprise Value | -44,529.23 |
|---|---|
| Net Debt | -22.17 |
| Equity Value | -44,507.06 |
| Shares Outstanding | 43.32 |
| Equity Value Per Share | -1,027.48 |