Discounted Cash Flow (DCF) Analysis Unlevered
CF Bankshares Inc. (CFBK)
$20.86
+0.41 (+2.00%)
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 | 14.25 | 20.49 | 33.19 | 87.50 | 53.33 | 84.04 | 132.45 | 208.74 | 328.96 | 518.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 7.11 | 12.53 | 25.66 | 49.73 | 33.56 | 51.80 | 81.64 | 128.66 | 202.77 | 319.56 |
| EBITDA (%) | ||||||||||
| EBIT | 6.99 | 12.33 | 25.44 | 50.86 | 33.40 | 51.55 | 81.24 | 128.04 | 201.79 | 318.01 |
| EBIT (%) | ||||||||||
| Depreciation | 0.12 | 0.21 | 0.22 | -1.13 | 0.16 | 0.25 | 0.40 | 0.62 | 0.98 | 1.55 |
| 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 | 57.37 | 77.52 | 54.15 | 230.39 | 183.04 | 260.66 | 410.80 | 647.40 | 1,020.29 | 1,607.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.70 | 6.86 | 12.25 | 34.64 | 24.56 | 31.77 | 50.07 | 78.91 | 124.36 | 195.99 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.99 | 4.59 | 6.85 | 21.88 | 14.51 | 19.54 | 30.79 | 48.53 | 76.48 | 120.53 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.31 | -0.61 | -0.44 | -0.38 | -0.93 | -1.46 | -2.30 | -3.63 | -5.72 | -9.01 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.86 |
|---|---|
| Beta | 0.655 |
| Diluted Shares Outstanding | 6.59 |
| Cost of Debt | |
| Tax Rate | 19.13 |
| After-tax Cost of Debt | 7.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.625 |
| Total Debt | 106.64 |
| Total Equity | 137.37 |
| Total Capital | 244.02 |
| Debt Weighting | 43.70 |
| Equity Weighting | 56.30 |
| 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 | 14.25 | 20.49 | 33.19 | 87.50 | 53.33 | 84.04 | 132.45 | 208.74 | 328.96 | 518.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 7.11 | 12.53 | 25.66 | 49.73 | 33.56 | 51.80 | 81.64 | 128.66 | 202.77 | 319.56 |
| EBIT | 6.99 | 12.33 | 25.44 | 50.86 | 33.40 | 51.55 | 81.24 | 128.04 | 201.79 | 318.01 |
| Tax Rate | 61.11% | 19.83% | 20.26% | 18.40% | 19.13% | 27.75% | 27.75% | 27.75% | 27.75% | 27.75% |
| EBIAT | 2.72 | 9.88 | 20.29 | 41.50 | 27.01 | 37.25 | 58.70 | 92.51 | 145.80 | 229.77 |
| Depreciation | 0.12 | 0.21 | 0.22 | -1.13 | 0.16 | 0.25 | 0.40 | 0.62 | 0.98 | 1.55 |
| Accounts Receivable | - | -2.16 | -5.40 | -22.38 | 10.07 | -7.21 | -18.30 | -28.84 | -45.45 | -71.63 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.59 | 2.26 | 15.04 | -7.37 | 5.02 | 11.25 | 17.74 | 27.95 | 44.05 |
| Capital Expenditure | -0.31 | -0.61 | -0.44 | -0.39 | -0.93 | -1.46 | -2.30 | -3.63 | -5.72 | -9.01 |
| UFCF | 2.52 | 8.91 | 16.93 | 32.65 | 28.95 | 33.85 | 49.75 | 78.40 | 123.56 | 194.73 |
| WACC | ||||||||||
| PV UFCF | 31.59 | 43.33 | 63.73 | 93.74 | 137.87 | |||||
| SUM PV UFCF | 370.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.15 |
| Free cash flow (t + 1) | 198.63 |
| Terminal Value | 3,856.84 |
| Present Value of Terminal Value | 2,730.68 |
Intrinsic Value
| Enterprise Value | 3,100.95 |
|---|---|
| Net Debt | -60.05 |
| Equity Value | 3,161 |
| Shares Outstanding | 6.59 |
| Equity Value Per Share | 479.99 |