Discounted Cash Flow (DCF) Analysis Unlevered

CF Bankshares Inc. (CFBK)

$21.5

-0.28 (-1.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 197.55 | 21.5 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 20.4933.1987.5053.3351.3174.75108.91158.67231.17336.81
Revenue (%)
EBITDA 12.5312.3636.6623.2542.0639.7557.9284.38122.94179.11
EBITDA (%)
EBIT 12.3312.1437.7925.3242.4540.3958.8485.73124.90181.98
EBIT (%)
Depreciation 0.210.22-1.13-2.07-0.39-0.64-0.93-1.35-1.96-2.86
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 77.5254.15230.40183.04162.33218.94318.98464.73677.09986.48
Total Cash (%)
Account Receivables 6.8612.2534.6424.5639.3634.8050.7073.86107.62156.79
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.596.8521.8814.5123.6721.1430.7944.8665.3695.23
Accounts Payable (%)
Capital Expenditure -0.61-0.44-0.38-2.96-0.90-1.81-2.63-3.83-5.59-8.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.5
Beta 0.530
Diluted Shares Outstanding 6.59
Cost of Debt
Tax Rate 19.60
After-tax Cost of Debt 12.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.787
Total Debt 125.82
Total Equity 141.59
Total Capital 267.41
Debt Weighting 47.05
Equity Weighting 52.95
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 20.4933.1987.5053.3351.3174.75108.91158.67231.17336.81
EBITDA 12.5312.3636.6623.2542.0639.7557.9284.38122.94179.11
EBIT 12.3312.1437.7925.3242.4540.3958.8485.73124.90181.98
Tax Rate 19.83%20.26%18.40%19.13%19.60%19.44%19.44%19.44%19.44%19.44%
EBIAT 9.889.6830.8420.4834.1332.5347.4069.06100.62146.59
Depreciation 0.210.22-1.13-2.07-0.39-0.64-0.93-1.35-1.96-2.86
Accounts Receivable --5.40-22.3810.07-14.804.56-15.90-23.17-33.75-49.17
Inventories ----------
Accounts Payable -2.2615.04-7.379.16-2.539.6614.0720.5029.87
Capital Expenditure -0.61-0.44-0.39-2.96-0.91-1.81-2.63-3.83-5.59-8.14
UFCF 9.486.3221.9818.1527.1932.1237.6054.7879.81116.28
WACC
PV UFCF 29.3931.4741.9555.9274.55
SUM PV UFCF 233.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.30
Free cash flow (t + 1) 118.61
Terminal Value 1,624.79
Present Value of Terminal Value 1,041.59

Intrinsic Value

Enterprise Value 1,274.88
Net Debt -26.07
Equity Value 1,300.94
Shares Outstanding 6.59
Equity Value Per Share 197.55