Discounted Cash Flow (DCF) Analysis Levered

Timberland Bancorp, Inc. (TSBK)

$24.05

+0.39 (+1.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 96.25 | 24.05 | 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 48.7762.1865.1065.5264.6569.7475.2481.1687.5594.45
Revenue (%)
Operating Cash Flow 21.4518.1133.8629.6326.5029.4831.8034.303739.92
Operating Cash Flow (%)
Capital Expenditure -2.19-2.15-1.99-0.90-0.91-1.92-2.07-2.23-2.41-2.60
Capital Expenditure (%)
Free Cash Flow 19.2615.9631.8728.7425.5927.5629.7332.0734.5937.32

Weighted Average Cost Of Capital

Share price $ 24.05
Beta 0.928
Diluted Shares Outstanding 8.44
Cost of Debt
Tax Rate 20.17
After-tax Cost of Debt 103.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.072
Total Debt 2.07
Total Equity 203.09
Total Capital 205.15
Debt Weighting 1.01
Equity Weighting 98.99
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 48.7762.1865.1065.5264.6569.7475.2481.1687.5594.45
Operating Cash Flow 21.4518.1133.8629.6326.5029.4831.8034.303739.92
Capital Expenditure -2.19-2.15-1.99-0.90-0.91-1.92-2.07-2.23-2.41-2.60
Free Cash Flow 19.2615.9631.8728.7425.5927.5629.7332.0734.5937.32
WACC
PV LFCF 23.1822.9422.6922.4522.22
SUM PV LFCF 123.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.03
Free cash flow (t + 1) 38.06
Terminal Value 541.46
Present Value of Terminal Value 351.43

Intrinsic Value

Enterprise Value 475.16
Net Debt -337.58
Equity Value 812.74
Shares Outstanding 8.44
Equity Value Per Share 96.25