Discounted Cash Flow (DCF) Analysis Levered

First Financial Corporation (THFF)

$36.98

-0.63 (-1.68%)
All numbers are in Millions, Currency in USD
Stock DCF: 132.08 | 36.98 | 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 154.78170.10188.82185.48211.76229.39248.48269.17291.57315.84
Revenue (%)
Operating Cash Flow 57.4549.9077.4255.0778.7979.9986.6493.86101.67110.13
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 55.4348.8073.5252.5875.9576.9183.3290.2597.76105.90

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 154.78170.10188.82185.48211.76229.39248.48269.17291.57315.84
Operating Cash Flow 57.4549.9077.4255.0778.7979.9986.6493.86101.67110.13
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 55.4348.8073.5252.5875.9576.9183.3290.2597.76105.90
WACC
PV LFCF 71.4271.8472.2772.6973.12
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