Discounted Cash Flow (DCF) Analysis Levered
Timberland Bancorp, Inc. (TSBK)
$24.05
+0.39 (+1.65%)
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 | 48.77 | 62.18 | 65.10 | 65.52 | 64.65 | 69.74 | 75.24 | 81.16 | 87.55 | 94.45 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 21.45 | 18.11 | 33.86 | 29.63 | 26.50 | 29.48 | 31.80 | 34.30 | 37 | 39.92 |
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 | 19.26 | 15.96 | 31.87 | 28.74 | 25.59 | 27.56 | 29.73 | 32.07 | 34.59 | 37.32 |
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 | 48.77 | 62.18 | 65.10 | 65.52 | 64.65 | 69.74 | 75.24 | 81.16 | 87.55 | 94.45 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 21.45 | 18.11 | 33.86 | 29.63 | 26.50 | 29.48 | 31.80 | 34.30 | 37 | 39.92 |
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 | 19.26 | 15.96 | 31.87 | 28.74 | 25.59 | 27.56 | 29.73 | 32.07 | 34.59 | 37.32 |
WACC | ||||||||||
PV LFCF | 23.18 | 22.94 | 22.69 | 22.45 | 22.22 | |||||
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 |