Discounted Cash Flow (DCF) Analysis Unlevered

BankFinancial Corporation (BFIN)

$8.64

-0.04 (-0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 15.95 | 8.64 | 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 66.7758.4451.2549.4656.7954.8853.0451.2549.5347.86
Revenue (%)
EBITDA 38.8715.9612.7911.8319.5818.5417.9117.3116.7316.17
EBITDA (%)
EBIT 35.2714.2011.019.7618.3216.5315.9715.4314.9214.41
EBIT (%)
Depreciation 3.601.761.792.071.262.011.941.881.811.75
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 186.38250.52527.32587.86277.11374.64362.04349.86338.10326.73
Total Cash (%)
Account Receivables 4.954.563.944.657.344.964.804.644.484.33
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 14.1118.6017.7022.2020.2218.4417.8217.2216.6416.08
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 66.7758.4451.2549.4656.7954.8853.0451.2549.5347.86
EBITDA 38.8715.9612.7911.8319.5818.5417.9117.3116.7316.17
EBIT 35.2714.2011.019.7618.3216.5315.9715.4314.9214.41
Tax Rate 25.74%26.58%28.19%24.06%24.15%25.74%25.74%25.74%25.74%25.74%
EBIAT 26.1910.437.917.4113.8912.2711.8611.4611.0810.70
Depreciation 3.601.761.792.071.262.011.941.881.811.75
Accounts Receivable -0.390.62-0.71-2.692.370.170.160.160.15
Inventories ----------
Accounts Payable -4.49-0.914.50-1.98-1.78-0.62-0.60-0.58-0.56
Capital Expenditure -1.61-0.80-2.01-2.33-1.94-1.74-1.68-1.62-1.57-1.52
UFCF 28.1816.277.4010.948.5413.1311.6711.2810.9010.53
WACC
PV UFCF 12.139.968.897.937.08
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