Discounted Cash Flow (DCF) Analysis Unlevered

ArrowMark Financial Corp. (BANX)

$17.37

+0.21 (+1.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.50 | 17.37 | overvalue

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 11.8414.459.8514.427.867.687.517.357.187.02
Revenue (%)
EBITDA 11.9412.617.7812.637.706.966.806.656.506.36
EBITDA (%)
EBIT -----6.966.806.656.506.36
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 2.830.040.360.070.370.510.500.480.470.46
Total Cash (%)
Account Receivables 3.481.786.972.493.252.632.572.522.462.40
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.482.533.043.403.532.252.202.152.102.05
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 11.8414.459.8514.427.867.687.517.357.187.02
EBITDA 11.9412.617.7812.637.706.966.806.656.506.36
EBIT -----6.966.806.656.506.36
Tax Rate 0.00%0.00%0.00%1.35%0.00%0.27%0.27%0.27%0.27%0.27%
EBIAT -----6.946.786.636.486.34
Depreciation ----------
Accounts Receivable -1.70-5.194.48-0.750.620.060.060.060.05
Inventories ----------
Accounts Payable --0.950.510.360.12-1.28-0.05-0.05-0.05-0.05
Capital Expenditure ----------
UFCF -----6.286.796.646.496.35
WACC
PV UFCF 5.906.015.535.084.67
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