Discounted Cash Flow (DCF) Analysis Unlevered

Bank First Corporation (BFC)

$85.92

+1.32 (+1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 397.61 | 85.92 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 77.64103.15108.48118.32186.47235.28296.85374.55472.57596.26
Revenue (%)
EBITDA 36.6353.0563.1576.06-9.40101.67128.28161.85204.21257.65
EBITDA (%)
EBIT 34.2949.8859.9772.08-15.7394.24118.91150.03189.30238.84
EBIT (%)
Depreciation 2.343.173.183.976.327.429.3711.8214.9118.81
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 238.70207.24509.55424.38247.47691.45872.421,100.751,388.841,752.33
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -7.27-8.37-8.72-6.87-14.60-18.42-23.24-29.33-37-46.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 85.92
Beta 0.295
Diluted Shares Outstanding 10.20
Cost of Debt
Tax Rate 24.58
After-tax Cost of Debt 3.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.677
Total Debt 127.14
Total Equity 876.30
Total Capital 1,003.44
Debt Weighting 12.67
Equity Weighting 87.33
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 77.64103.15108.48118.32186.47235.28296.85374.55472.57596.26
EBITDA 36.6353.0563.1576.06-9.40101.67128.28161.85204.21257.65
EBIT 34.2949.8859.9772.08-15.7394.24118.91150.03189.30238.84
Tax Rate 22.15%23.72%24.22%24.18%24.58%23.77%23.77%23.77%23.77%23.77%
EBIAT 26.6938.0545.4454.65-11.8671.8490.65114.37144.30182.07
Depreciation 2.343.173.183.976.327.429.3711.8214.9118.81
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -7.27-8.37-8.72-6.87-14.60-18.42-23.24-29.33-37-46.69
UFCF 21.7732.8539.9151.75-20.1460.8476.7796.86122.21154.20
WACC
PV UFCF 57.7169.0582.6398.88118.32
SUM PV UFCF 426.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.44
Free cash flow (t + 1) 157.28
Terminal Value 4,572.14
Present Value of Terminal Value 3,508.27

Intrinsic Value

Enterprise Value 3,934.85
Net Debt -120.33
Equity Value 4,055.17
Shares Outstanding 10.20
Equity Value Per Share 397.61