Discounted Cash Flow (DCF) Analysis Levered
First Financial Corporation (THFF)
$36.98
-0.63 (-1.68%)
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 | 154.78 | 170.10 | 188.82 | 185.48 | 211.76 | 229.39 | 248.48 | 269.17 | 291.57 | 315.84 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 57.45 | 49.90 | 77.42 | 55.07 | 78.79 | 79.99 | 86.64 | 93.86 | 101.67 | 110.13 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2.01 | -1.10 | -3.91 | -2.48 | -2.84 | -3.07 | -3.33 | -3.61 | -3.91 | -4.23 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 55.43 | 48.80 | 73.52 | 52.58 | 75.95 | 76.91 | 83.32 | 90.25 | 97.76 | 105.90 |
Weighted Average Cost Of Capital
Share price | $ 36.98 |
---|---|
Beta | 0.567 |
Diluted Shares Outstanding | 13.72 |
Cost of Debt | |
Tax Rate | 18.97 |
After-tax Cost of Debt | 18.38% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 5.994 |
Total Debt | 80.46 |
Total Equity | 507.22 |
Total Capital | 587.68 |
Debt Weighting | 13.69 |
Equity Weighting | 86.31 |
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 | 154.78 | 170.10 | 188.82 | 185.48 | 211.76 | 229.39 | 248.48 | 269.17 | 291.57 | 315.84 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 57.45 | 49.90 | 77.42 | 55.07 | 78.79 | 79.99 | 86.64 | 93.86 | 101.67 | 110.13 |
Capital Expenditure | -2.01 | -1.10 | -3.91 | -2.48 | -2.84 | -3.07 | -3.33 | -3.61 | -3.91 | -4.23 |
Free Cash Flow | 55.43 | 48.80 | 73.52 | 52.58 | 75.95 | 76.91 | 83.32 | 90.25 | 97.76 | 105.90 |
WACC | ||||||||||
PV LFCF | 71.42 | 71.84 | 72.27 | 72.69 | 73.12 | |||||
SUM PV LFCF | 361.34 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.69 |
Free cash flow (t + 1) | 108.02 |
Terminal Value | 1,898.44 |
Present Value of Terminal Value | 1,310.75 |
Intrinsic Value
Enterprise Value | 1,672.09 |
---|---|
Net Debt | -139.57 |
Equity Value | 1,811.67 |
Shares Outstanding | 13.72 |
Equity Value Per Share | 132.08 |