Discounted Cash Flow (DCF) Analysis Unlevered

Bank First Corporation (BFC)

$97.06

+0.77 (+0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 357.40 | 97.06 | 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 51.5569.6777.65103.15108.48131.42159.22192.90233.70283.13
Revenue (%)
EBITDA 33.1348.7756.1366.9171.4688.66107.41130.13157.65190.99
EBITDA (%)
EBIT 31.8746.9053.7963.7468.2784.93102.90124.66151.03182.98
EBIT (%)
Depreciation 1.261.872.343.173.183.724.515.466.628.02
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 175.87185.10238.70207.24241.86351.71426.11516.23625.43757.71
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -2.83-7.93-7.27-8.37-8.72-11.14-13.49-16.35-19.80-23.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 97.06
Beta 0.351
Diluted Shares Outstanding 7.48
Cost of Debt
Tax Rate 24.22
After-tax Cost of Debt 78.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.191
Total Debt 8.01
Total Equity 726.11
Total Capital 734.12
Debt Weighting 1.09
Equity Weighting 98.91
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 51.5569.6777.65103.15108.48131.42159.22192.90233.70283.13
EBITDA 33.1348.7756.1366.9171.4688.66107.41130.13157.65190.99
EBIT 31.8746.9053.7963.7468.2784.93102.90124.66151.03182.98
Tax Rate 36.56%20.58%22.15%23.72%24.22%25.45%25.45%25.45%25.45%25.45%
EBIAT 20.2237.2541.8748.6251.7463.3276.7292.94112.60136.42
Depreciation 1.261.872.343.173.183.724.515.466.628.02
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -2.83-7.93-7.27-8.37-8.72-11.14-13.49-16.35-19.80-23.99
UFCF 18.6531.1936.9543.4246.2055.9167.7382.0699.41120.44
WACC
PV UFCF 52.7560.2968.9278.7790.04
SUM PV UFCF 350.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.99
Free cash flow (t + 1) 122.85
Terminal Value 3,078.90
Present Value of Terminal Value 2,301.82

Intrinsic Value

Enterprise Value 2,652.59
Net Debt -21.16
Equity Value 2,673.75
Shares Outstanding 7.48
Equity Value Per Share 357.40