Discounted Cash Flow (DCF) Analysis Unlevered
BankFinancial Corporation (BFIN)
$7.79
0.00 (0.00%)
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 | 66.85 | 58.36 | 51.25 | 49.46 | 56.79 | 54.87 | 53.01 | 51.21 | 49.47 | 47.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 38.87 | 30.87 | 21.53 | 14.62 | 19.58 | 23.82 | 23.01 | 22.23 | 21.48 | 20.75 |
| EBITDA (%) | ||||||||||
| EBIT | 35.27 | 29.11 | 19.75 | 12.55 | 18.32 | 21.81 | 21.07 | 20.36 | 19.67 | 19 |
| EBIT (%) | ||||||||||
| Depreciation | 3.60 | 1.76 | 1.79 | 2.07 | 1.26 | 2.01 | 1.94 | 1.87 | 1.81 | 1.75 |
| 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 | 186.38 | 250.52 | 527.32 | 587.86 | 277.11 | 374.55 | 361.86 | 349.59 | 337.74 | 326.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.95 | 4.56 | 3.94 | 4.65 | 7.34 | 4.96 | 4.80 | 4.63 | 4.48 | 4.32 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 14.11 | 18.60 | 17.70 | 22.20 | 20.22 | 18.44 | 17.81 | 17.21 | 16.62 | 16.06 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.61 | -0.80 | -2.01 | -2.33 | -1.94 | -1.74 | -1.68 | -1.62 | -1.57 | -1.51 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.79 |
|---|---|
| Beta | 0.381 |
| Diluted Shares Outstanding | 13.07 |
| Cost of Debt | |
| Tax Rate | 24.15 |
| After-tax Cost of Debt | 17.31% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.487 |
| Total Debt | 19.63 |
| Total Equity | 101.83 |
| Total Capital | 121.46 |
| Debt Weighting | 16.16 |
| Equity Weighting | 83.84 |
| 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 | 66.85 | 58.36 | 51.25 | 49.46 | 56.79 | 54.87 | 53.01 | 51.21 | 49.47 | 47.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 38.87 | 30.87 | 21.53 | 14.62 | 19.58 | 23.82 | 23.01 | 22.23 | 21.48 | 20.75 |
| EBIT | 35.27 | 29.11 | 19.75 | 12.55 | 18.32 | 21.81 | 21.07 | 20.36 | 19.67 | 19 |
| Tax Rate | 25.74% | 26.58% | 28.19% | 24.06% | 24.15% | 25.74% | 25.74% | 25.74% | 25.74% | 25.74% |
| EBIAT | 26.19 | 21.38 | 14.18 | 9.53 | 13.89 | 16.20 | 15.65 | 15.12 | 14.61 | 14.11 |
| Depreciation | 3.60 | 1.76 | 1.79 | 2.07 | 1.26 | 2.01 | 1.94 | 1.87 | 1.81 | 1.75 |
| Accounts Receivable | - | 0.39 | 0.62 | -0.71 | -2.69 | 2.37 | 0.17 | 0.16 | 0.16 | 0.15 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 4.49 | -0.91 | 4.50 | -1.98 | -1.79 | -0.62 | -0.60 | -0.58 | -0.56 |
| Capital Expenditure | -1.61 | -0.80 | -2.01 | -2.33 | -1.94 | -1.74 | -1.68 | -1.62 | -1.57 | -1.51 |
| UFCF | 28.18 | 27.22 | 13.68 | 13.07 | 8.54 | 17.05 | 15.45 | 14.93 | 14.42 | 13.93 |
| WACC | ||||||||||
| PV UFCF | 15.88 | 13.40 | 12.05 | 10.84 | 9.75 | |||||
| SUM PV UFCF | 61.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.40 |
| Free cash flow (t + 1) | 14.21 |
| Terminal Value | 263.20 |
| Present Value of Terminal Value | 184.19 |
Intrinsic Value
| Enterprise Value | 246.11 |
|---|---|
| Net Debt | -47.14 |
| Equity Value | 293.25 |
| Shares Outstanding | 13.07 |
| Equity Value Per Share | 22.43 |