Discounted Cash Flow (DCF) Analysis Unlevered
Bank of Hawaii Corporation (BOH)
$85.07
+0.85 (+1.01%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 638.60 | 650.03 | 675.33 | 676.47 | 668.64 | 676.49 | 684.43 | 692.46 | 700.58 | 708.80 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 327.67 | 348.44 | 405.39 | 271.71 | 387.56 | 355.93 | 360.10 | 364.33 | 368.60 | 372.93 |
EBITDA (%) | ||||||||||
EBIT | 314.62 | 334.05 | 375.51 | 239.23 | 354.98 | 331.09 | 334.98 | 338.91 | 342.88 | 346.91 |
EBIT (%) | ||||||||||
Depreciation | 13.05 | 14.39 | 29.88 | 32.49 | 32.58 | 24.84 | 25.13 | 25.42 | 25.72 | 26.02 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Total Cash | 2,499.42 | 2,335.05 | 2,923.09 | 4,072.76 | 4,474.95 | 3,321.24 | 3,360.21 | 3,399.63 | 3,439.52 | 3,479.88 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 273.54 | 245.25 | 187.77 | 167.83 | 150.35 | 210.61 | 213.08 | 215.58 | 218.11 | 220.67 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 6.95 | 8.25 | 8.04 | 5.12 | 2.50 | 6.33 | 6.40 | 6.48 | 6.55 | 6.63 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -30.47 | -35.30 | -53.90 | -33.29 | -38.62 | -39.07 | -39.53 | -40 | -40.47 | -40.94 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 85.07 |
---|---|
Beta | 1.114 |
Diluted Shares Outstanding | 39.89 |
Cost of Debt | |
Tax Rate | 22.17 |
After-tax Cost of Debt | 20.16% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.083 |
Total Debt | 113.60 |
Total Equity | 3,393.62 |
Total Capital | 3,507.22 |
Debt Weighting | 3.24 |
Equity Weighting | 96.76 |
Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 638.60 | 650.03 | 675.33 | 676.47 | 668.64 | 676.49 | 684.43 | 692.46 | 700.58 | 708.80 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 327.67 | 348.44 | 405.39 | 271.71 | 387.56 | 355.93 | 360.10 | 364.33 | 368.60 | 372.93 |
EBIT | 314.62 | 334.05 | 375.51 | 239.23 | 354.98 | 331.09 | 334.98 | 338.91 | 342.88 | 346.91 |
Tax Rate | 31.11% | 18.73% | 20.96% | 18.68% | 22.17% | 22.33% | 22.33% | 22.33% | 22.33% | 22.33% |
EBIAT | 216.74 | 271.47 | 296.80 | 194.55 | 276.27 | 257.16 | 260.17 | 263.23 | 266.32 | 269.44 |
Depreciation | 13.05 | 14.39 | 29.88 | 32.49 | 32.58 | 24.84 | 25.13 | 25.42 | 25.72 | 26.02 |
Accounts Receivable | - | 28.28 | 57.49 | 19.93 | 17.48 | -60.26 | -2.47 | -2.50 | -2.53 | -2.56 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 1.31 | -0.21 | -2.92 | -2.62 | 3.83 | 0.07 | 0.08 | 0.08 | 0.08 |
Capital Expenditure | -30.47 | -35.30 | -53.90 | -33.29 | -38.62 | -39.07 | -39.53 | -40 | -40.47 | -40.94 |
UFCF | 199.32 | 280.15 | 330.06 | 210.76 | 285.10 | 186.49 | 243.37 | 246.23 | 249.12 | 252.04 |
WACC | ||||||||||
PV UFCF | 171.93 | 206.85 | 192.93 | 179.96 | 167.85 | |||||
SUM PV UFCF | 919.52 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.47 |
Free cash flow (t + 1) | 257.08 |
Terminal Value | 3,973.43 |
Present Value of Terminal Value | 2,646.17 |
Intrinsic Value
Enterprise Value | 3,565.69 |
---|---|
Net Debt | -85.30 |
Equity Value | 3,650.98 |
Shares Outstanding | 39.89 |
Equity Value Per Share | 91.52 |