Discounted Cash Flow (DCF) Analysis Unlevered

BankFinancial Corporation (BFIN)

$7.79

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.43 | 7.79 | undervalue

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 66.8558.3651.2549.4656.7954.8753.0151.2149.4747.80
Revenue (%)
EBITDA 38.8730.8721.5314.6219.5823.8223.0122.2321.4820.75
EBITDA (%)
EBIT 35.2729.1119.7512.5518.3221.8121.0720.3619.6719
EBIT (%)
Depreciation 3.601.761.792.071.262.011.941.871.811.75
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 186.38250.52527.32587.86277.11374.55361.86349.59337.74326.29
Total Cash (%)
Account Receivables 4.954.563.944.657.344.964.804.634.484.32
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 14.1118.6017.7022.2020.2218.4417.8117.2116.6216.06
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 66.8558.3651.2549.4656.7954.8753.0151.2149.4747.80
EBITDA 38.8730.8721.5314.6219.5823.8223.0122.2321.4820.75
EBIT 35.2729.1119.7512.5518.3221.8121.0720.3619.6719
Tax Rate 25.74%26.58%28.19%24.06%24.15%25.74%25.74%25.74%25.74%25.74%
EBIAT 26.1921.3814.189.5313.8916.2015.6515.1214.6114.11
Depreciation 3.601.761.792.071.262.011.941.871.811.75
Accounts Receivable -0.390.62-0.71-2.692.370.170.160.160.15
Inventories ----------
Accounts Payable -4.49-0.914.50-1.98-1.79-0.62-0.60-0.58-0.56
Capital Expenditure -1.61-0.80-2.01-2.33-1.94-1.74-1.68-1.62-1.57-1.51
UFCF 28.1827.2213.6813.078.5417.0515.4514.9314.4213.93
WACC
PV UFCF 15.8813.4012.0510.849.75
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