Discounted Cash Flow (DCF) Analysis Unlevered

ArrowMark Financial Corp. (BANX)

$17.11

-0.08 (-0.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 69.95 | 17.11 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 14.0711.8414.459.8514.2414.9215.6216.3617.1417.95
Revenue (%)
EBITDA 13.7911.9414.028.5513.9314.3315.0115.7216.4717.25
EBITDA (%)
EBIT -----14.3315.0115.7216.4717.25
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.032.830.042.280.081.441.501.571.651.73
Total Cash (%)
Account Receivables 2.443.481.786.972.494.404.614.825.055.29
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.294.352.533.043.403.954.144.334.544.75
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.11
Beta 0.575
Diluted Shares Outstanding 6.76
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.414
Total Debt 60
Total Equity 115.61
Total Capital 175.61
Debt Weighting 34.17
Equity Weighting 65.83
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 14.0711.8414.459.8514.2414.9215.6216.3617.1417.95
EBITDA 13.7911.9414.028.5513.9314.3315.0115.7216.4717.25
EBIT -----14.3315.0115.7216.4717.25
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----14.3315.0115.7216.4717.25
Depreciation ----------
Accounts Receivable --1.051.70-5.194.48-1.90-0.21-0.22-0.23-0.24
Inventories ----------
Accounts Payable -1.06-1.820.510.360.550.190.200.210.21
Capital Expenditure ----------
UFCF -----12.9814.9915.7016.4417.22
WACC
PV UFCF 12.3713.6113.5813.5513.52
SUM PV UFCF 66.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.96
Free cash flow (t + 1) 17.57
Terminal Value 593.50
Present Value of Terminal Value 465.91

Intrinsic Value

Enterprise Value 532.54
Net Debt 59.92
Equity Value 472.62
Shares Outstanding 6.76
Equity Value Per Share 69.95