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
Stock DCF: 91.52 | 85.07 | undervalue

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 638.60650.03675.33676.47668.64676.49684.43692.46700.58708.80
Revenue (%)
EBITDA 327.67348.44405.39271.71387.56355.93360.10364.33368.60372.93
EBITDA (%)
EBIT 314.62334.05375.51239.23354.98331.09334.98338.91342.88346.91
EBIT (%)
Depreciation 13.0514.3929.8832.4932.5824.8425.1325.4225.7226.02
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 2,499.422,335.052,923.094,072.764,474.953,321.243,360.213,399.633,439.523,479.88
Total Cash (%)
Account Receivables 273.54245.25187.77167.83150.35210.61213.08215.58218.11220.67
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.958.258.045.122.506.336.406.486.556.63
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 638.60650.03675.33676.47668.64676.49684.43692.46700.58708.80
EBITDA 327.67348.44405.39271.71387.56355.93360.10364.33368.60372.93
EBIT 314.62334.05375.51239.23354.98331.09334.98338.91342.88346.91
Tax Rate 31.11%18.73%20.96%18.68%22.17%22.33%22.33%22.33%22.33%22.33%
EBIAT 216.74271.47296.80194.55276.27257.16260.17263.23266.32269.44
Depreciation 13.0514.3929.8832.4932.5824.8425.1325.4225.7226.02
Accounts Receivable -28.2857.4919.9317.48-60.26-2.47-2.50-2.53-2.56
Inventories ----------
Accounts Payable -1.31-0.21-2.92-2.623.830.070.080.080.08
Capital Expenditure -30.47-35.30-53.90-33.29-38.62-39.07-39.53-40-40.47-40.94
UFCF 199.32280.15330.06210.76285.10186.49243.37246.23249.12252.04
WACC
PV UFCF 171.93206.85192.93179.96167.85
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