Discounted Cash Flow (DCF) Analysis Unlevered
BankFinancial Corporation (BFIN)
$8.64
-0.04 (-0.46%)
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 | 66.77 | 58.44 | 51.25 | 49.46 | 56.79 | 54.88 | 53.04 | 51.25 | 49.53 | 47.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 38.87 | 15.96 | 12.79 | 11.83 | 19.58 | 18.54 | 17.91 | 17.31 | 16.73 | 16.17 |
| EBITDA (%) | ||||||||||
| EBIT | 35.27 | 14.20 | 11.01 | 9.76 | 18.32 | 16.53 | 15.97 | 15.43 | 14.92 | 14.41 |
| EBIT (%) | ||||||||||
| Depreciation | 3.60 | 1.76 | 1.79 | 2.07 | 1.26 | 2.01 | 1.94 | 1.88 | 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 | 374.64 | 362.04 | 349.86 | 338.10 | 326.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.95 | 4.56 | 3.94 | 4.65 | 7.34 | 4.96 | 4.80 | 4.64 | 4.48 | 4.33 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 14.11 | 18.60 | 17.70 | 22.20 | 20.22 | 18.44 | 17.82 | 17.22 | 16.64 | 16.08 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.61 | -0.80 | -2.01 | -2.33 | -1.94 | -1.74 | -1.68 | -1.62 | -1.57 | -1.52 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.64 |
|---|---|
| Beta | 0.437 |
| 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 | 6.689 |
| Total Debt | 19.63 |
| Total Equity | 112.94 |
| Total Capital | 132.57 |
| Debt Weighting | 14.81 |
| Equity Weighting | 85.19 |
| 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 | 66.77 | 58.44 | 51.25 | 49.46 | 56.79 | 54.88 | 53.04 | 51.25 | 49.53 | 47.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 38.87 | 15.96 | 12.79 | 11.83 | 19.58 | 18.54 | 17.91 | 17.31 | 16.73 | 16.17 |
| EBIT | 35.27 | 14.20 | 11.01 | 9.76 | 18.32 | 16.53 | 15.97 | 15.43 | 14.92 | 14.41 |
| 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 | 10.43 | 7.91 | 7.41 | 13.89 | 12.27 | 11.86 | 11.46 | 11.08 | 10.70 |
| Depreciation | 3.60 | 1.76 | 1.79 | 2.07 | 1.26 | 2.01 | 1.94 | 1.88 | 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 | -1.78 | -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 | -1.52 |
| UFCF | 28.18 | 16.27 | 7.40 | 10.94 | 8.54 | 13.13 | 11.67 | 11.28 | 10.90 | 10.53 |
| WACC | ||||||||||
| PV UFCF | 12.13 | 9.96 | 8.89 | 7.93 | 7.08 | |||||
| SUM PV UFCF | 45.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.26 |
| Free cash flow (t + 1) | 10.74 |
| Terminal Value | 171.57 |
| Present Value of Terminal Value | 115.37 |
Intrinsic Value
| Enterprise Value | 161.36 |
|---|---|
| Net Debt | -47.14 |
| Equity Value | 208.49 |
| Shares Outstanding | 13.07 |
| Equity Value Per Share | 15.95 |