Discounted Cash Flow (DCF) Analysis Unlevered

CF Bankshares Inc. (CFBK)

$20.86

+0.41 (+2.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 479.99 | 20.86 | 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 14.2520.4933.1987.5053.3384.04132.45208.74328.96518.43
Revenue (%)
EBITDA 7.1112.5325.6649.7333.5651.8081.64128.66202.77319.56
EBITDA (%)
EBIT 6.9912.3325.4450.8633.4051.5581.24128.04201.79318.01
EBIT (%)
Depreciation 0.120.210.22-1.130.160.250.400.620.981.55
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 57.3777.5254.15230.39183.04260.66410.80647.401,020.291,607.96
Total Cash (%)
Account Receivables 4.706.8612.2534.6424.5631.7750.0778.91124.36195.99
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.994.596.8521.8814.5119.5430.7948.5376.48120.53
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 14.2520.4933.1987.5053.3384.04132.45208.74328.96518.43
EBITDA 7.1112.5325.6649.7333.5651.8081.64128.66202.77319.56
EBIT 6.9912.3325.4450.8633.4051.5581.24128.04201.79318.01
Tax Rate 61.11%19.83%20.26%18.40%19.13%27.75%27.75%27.75%27.75%27.75%
EBIAT 2.729.8820.2941.5027.0137.2558.7092.51145.80229.77
Depreciation 0.120.210.22-1.130.160.250.400.620.981.55
Accounts Receivable --2.16-5.40-22.3810.07-7.21-18.30-28.84-45.45-71.63
Inventories ----------
Accounts Payable -1.592.2615.04-7.375.0211.2517.7427.9544.05
Capital Expenditure -0.31-0.61-0.44-0.39-0.93-1.46-2.30-3.63-5.72-9.01
UFCF 2.528.9116.9332.6528.9533.8549.7578.40123.56194.73
WACC
PV UFCF 31.5943.3363.7393.74137.87
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