Discounted Cash Flow (DCF) Analysis Unlevered
Bar Harbor Bankshares (BHB)
$27.4
+1.43 (+5.51%)
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 | 118.82 | 118.88 | 142.14 | 137.83 | 149 | 158.20 | 167.96 | 178.33 | 189.34 | 201.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 81.60 | 27.69 | 42.67 | 49.57 | 72.86 | 65.45 | 69.49 | 73.78 | 78.33 | 83.17 |
| EBITDA (%) | ||||||||||
| EBIT | 77.07 | 22.69 | 36.88 | 44.03 | 67.69 | 59.25 | 62.91 | 66.79 | 70.92 | 75.29 |
| EBIT (%) | ||||||||||
| Depreciation | 4.53 | 5 | 5.80 | 5.54 | 5.18 | 6.20 | 6.58 | 6.99 | 7.42 | 7.87 |
| 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 | 824.59 | 720.14 | 811.05 | 868.66 | 651.81 | 929.60 | 986.98 | 1,047.90 | 1,112.59 | 1,181.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.79 | -9.19 | -6.78 | -1.72 | -2.52 | -6.16 | -6.54 | -6.94 | -7.37 | -7.82 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 27.4 |
|---|---|
| Beta | 0.790 |
| Diluted Shares Outstanding | 15.11 |
| Cost of Debt | |
| Tax Rate | 20.58 |
| After-tax Cost of Debt | 3.30% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.885 |
| Total Debt | 725.62 |
| Total Equity | 414.07 |
| Total Capital | 1,139.68 |
| Debt Weighting | 63.67 |
| Equity Weighting | 36.33 |
| 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 | 118.82 | 118.88 | 142.14 | 137.83 | 149 | 158.20 | 167.96 | 178.33 | 189.34 | 201.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 81.60 | 27.69 | 42.67 | 49.57 | 72.86 | 65.45 | 69.49 | 73.78 | 78.33 | 83.17 |
| EBIT | 77.07 | 22.69 | 36.88 | 44.03 | 67.69 | 59.25 | 62.91 | 66.79 | 70.92 | 75.29 |
| Tax Rate | 18.67% | 15.69% | 20.18% | 19.18% | 20.58% | 18.86% | 18.86% | 18.86% | 18.86% | 18.86% |
| EBIAT | 62.68 | 19.13 | 29.44 | 35.58 | 53.76 | 48.08 | 51.04 | 54.19 | 57.54 | 61.09 |
| Depreciation | 4.53 | 5 | 5.80 | 5.54 | 5.18 | 6.20 | 6.58 | 6.99 | 7.42 | 7.87 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -4.79 | -9.19 | -6.78 | -1.72 | -2.52 | -6.16 | -6.54 | -6.94 | -7.37 | -7.82 |
| UFCF | 62.42 | 14.94 | 28.46 | 39.40 | 56.42 | 48.11 | 51.08 | 54.24 | 57.59 | 61.14 |
| WACC | ||||||||||
| PV UFCF | 45.84 | 46.36 | 46.89 | 47.43 | 47.97 | |||||
| SUM PV UFCF | 234.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.97 |
| Free cash flow (t + 1) | 62.36 |
| Terminal Value | 2,099.79 |
| Present Value of Terminal Value | 1,647.59 |
Intrinsic Value
| Enterprise Value | 1,882.09 |
|---|---|
| Net Debt | 633.32 |
| Equity Value | 1,248.77 |
| Shares Outstanding | 15.11 |
| Equity Value Per Share | 82.63 |