Discounted Cash Flow (DCF) Analysis Unlevered
Bank of Hawaii Corporation (BOH)
$75.27
-1.74 (-2.26%)
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 | $ 75.27 |
|---|---|
| Beta | 1.101 |
| 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 | 9.159 |
| Total Debt | 113.60 |
| Total Equity | 3,002.68 |
| Total Capital | 3,116.28 |
| Debt Weighting | 3.65 |
| Equity Weighting | 96.35 |
| 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 | 170.22 | 202.75 | 187.23 | 172.90 | 159.67 | |||||
| SUM PV UFCF | 892.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.56 |
| Free cash flow (t + 1) | 257.08 |
| Terminal Value | 3,400.54 |
| Present Value of Terminal Value | 2,154.21 |
Intrinsic Value
| Enterprise Value | 3,046.98 |
|---|---|
| Net Debt | -85.30 |
| Equity Value | 3,132.28 |
| Shares Outstanding | 39.89 |
| Equity Value Per Share | 78.52 |