Discounted Cash Flow (DCF) Analysis Unlevered
ArrowMark Financial Corp. (BANX)
$17.37
+0.21 (+1.22%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 11.84 | 14.45 | 9.85 | 14.42 | 7.86 | 7.68 | 7.51 | 7.35 | 7.18 | 7.02 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 11.94 | 12.61 | 7.78 | 12.63 | 7.70 | 6.96 | 6.80 | 6.65 | 6.50 | 6.36 |
EBITDA (%) | ||||||||||
EBIT | - | - | - | - | - | 6.96 | 6.80 | 6.65 | 6.50 | 6.36 |
EBIT (%) | ||||||||||
Depreciation | - | - | - | - | - | - | - | - | - | - |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 2.83 | 0.04 | 0.36 | 0.07 | 0.37 | 0.51 | 0.50 | 0.48 | 0.47 | 0.46 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 3.48 | 1.78 | 6.97 | 2.49 | 3.25 | 2.63 | 2.57 | 2.52 | 2.46 | 2.40 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 3.48 | 2.53 | 3.04 | 3.40 | 3.53 | 2.25 | 2.20 | 2.15 | 2.10 | 2.05 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 17.37 |
---|---|
Beta | 0.566 |
Diluted Shares Outstanding | 7.15 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 4.19% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.267 |
Total Debt | 55.60 |
Total Equity | 124.28 |
Total Capital | 179.88 |
Debt Weighting | 30.91 |
Equity Weighting | 69.09 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 11.84 | 14.45 | 9.85 | 14.42 | 7.86 | 7.68 | 7.51 | 7.35 | 7.18 | 7.02 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 11.94 | 12.61 | 7.78 | 12.63 | 7.70 | 6.96 | 6.80 | 6.65 | 6.50 | 6.36 |
EBIT | - | - | - | - | - | 6.96 | 6.80 | 6.65 | 6.50 | 6.36 |
Tax Rate | 0.00% | 0.00% | 0.00% | 1.35% | 0.00% | 0.27% | 0.27% | 0.27% | 0.27% | 0.27% |
EBIAT | - | - | - | - | - | 6.94 | 6.78 | 6.63 | 6.48 | 6.34 |
Depreciation | - | - | - | - | - | - | - | - | - | - |
Accounts Receivable | - | 1.70 | -5.19 | 4.48 | -0.75 | 0.62 | 0.06 | 0.06 | 0.06 | 0.05 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -0.95 | 0.51 | 0.36 | 0.12 | -1.28 | -0.05 | -0.05 | -0.05 | -0.05 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
UFCF | - | - | - | - | - | 6.28 | 6.79 | 6.64 | 6.49 | 6.35 |
WACC | ||||||||||
PV UFCF | 5.90 | 6.01 | 5.53 | 5.08 | 4.67 | |||||
SUM PV UFCF | 27.19 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.32 |
Free cash flow (t + 1) | 6.48 |
Terminal Value | 149.89 |
Present Value of Terminal Value | 110.33 |
Intrinsic Value
Enterprise Value | 137.52 |
---|---|
Net Debt | 55.23 |
Equity Value | 82.29 |
Shares Outstanding | 7.15 |
Equity Value Per Share | 11.50 |