Discounted Cash Flow (DCF) Analysis Levered

Malvern Bancorp, Inc. (MLVF)

$15.45

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 30.62 | 15.45 | 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	30.34	31.67	29.52	31.82	35	36.34	37.74	39.19	40.70	42.26
Revenue (%)
Operating Cash Flow	9.06	10.24	11.73	14.76	0.01	10.78	11.19	11.62	12.07	12.54
Operating Cash Flow (%)
Capital Expenditure	-0.56	-0.26	-0.30	-0.18	-0	-0.31	-0.32	-0.33	-0.34	-0.36
Capital Expenditure (%)
Free Cash Flow	8.50	9.98	11.43	14.58	0.01	10.47	10.88	11.29	11.73	12.18

Weighted Average Cost Of Capital

Share price	$ 15.45
Beta	0.659
Diluted Shares Outstanding	7.56
Cost of Debt
Tax Rate	21.68
After-tax Cost of Debt	3.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.921
Total Debt	-
Total Equity	116.87
Total Capital	116.87
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	30.34	31.67	29.52	31.82	35	36.34	37.74	39.19	40.70	42.26
Operating Cash Flow	9.06	10.24	11.73	14.76	0.01	10.78	11.19	11.62	12.07	12.54
Capital Expenditure	-0.56	-0.26	-0.30	-0.18	-0	-0.31	-0.32	-0.33	-0.34	-0.36
Free Cash Flow	8.50	9.98	11.43	14.58	0.01	10.47	10.88	11.29	11.73	12.18
WACC
PV LFCF						7.01	6.81	6.61	6.42	6.24
SUM PV LFCF										46.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.92
Free cash flow (t + 1)	12.42
Terminal Value	252.48
Present Value of Terminal Value	180.69

Intrinsic Value

Enterprise Value	226.93
Net Debt	-4.68
Equity Value	231.60
Shares Outstanding	7.56
Equity Value Per Share	30.62