Discounted Cash Flow (DCF) Analysis Unlevered
Capitol Federal Financial, Inc. (CFFN)
$8.585
-0.05 (-0.52%)
All numbers are in Millions, Currency in USD
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 | 215.19 | 225.87 | 206.04 | 200.33 | 212.63 | 212.39 | 212.15 | 211.91 | 211.68 | 211.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 255.72 | 255.68 | 207.37 | 190.16 | 204.89 | 222.57 | 222.32 | 222.07 | 221.82 | 221.57 |
| EBITDA (%) | ||||||||||
| EBIT | 247.03 | 244.22 | 196.27 | 179.21 | 194.15 | 211.94 | 211.70 | 211.47 | 211.23 | 210.99 |
| EBIT (%) | ||||||||||
| Depreciation | 8.69 | 11.46 | 11.10 | 10.95 | 10.74 | 10.63 | 10.61 | 10.60 | 10.59 | 10.58 |
| 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 | 853.67 | 1,425.23 | 1,746.10 | 2,056.87 | 1,612.50 | 1,554.81 | 1,553.07 | 1,551.33 | 1,549.59 | 1,547.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.18 | 0 | 1.04 | 1.01 | 1.08 | 1.08 | 1.07 | 1.07 | 1.07 | 1.07 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 83.02 | 101.87 | 146.94 | 129.27 | 116.69 | 116.56 | 116.43 | 116.30 | 116.17 | 116.04 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -11.76 | -11.73 | -14.74 | -9.41 | -5.56 | -10.67 | -10.66 | -10.65 | -10.64 | -10.62 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.585 |
|---|---|
| Beta | 0.387 |
| Diluted Shares Outstanding | 135.57 |
| Cost of Debt | |
| Tax Rate | 21.22 |
| After-tax Cost of Debt | 3.21% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.467 |
| Total Debt | 2,132.15 |
| Total Equity | 1,163.88 |
| Total Capital | 3,296.03 |
| Debt Weighting | 64.69 |
| Equity Weighting | 35.31 |
| 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 | 215.19 | 225.87 | 206.04 | 200.33 | 212.63 | 212.39 | 212.15 | 211.91 | 211.68 | 211.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 255.72 | 255.68 | 207.37 | 190.16 | 204.89 | 222.57 | 222.32 | 222.07 | 221.82 | 221.57 |
| EBIT | 247.03 | 244.22 | 196.27 | 179.21 | 194.15 | 211.94 | 211.70 | 211.47 | 211.23 | 210.99 |
| Tax Rate | 20.16% | 21.89% | 19.96% | 20.77% | 21.22% | 20.80% | 20.80% | 20.80% | 20.80% | 20.80% |
| EBIAT | 197.23 | 190.76 | 157.11 | 141.98 | 152.95 | 167.86 | 167.67 | 167.48 | 167.30 | 167.11 |
| Depreciation | 8.69 | 11.46 | 11.10 | 10.95 | 10.74 | 10.63 | 10.61 | 10.60 | 10.59 | 10.58 |
| Accounts Receivable | - | 2.18 | -1.04 | 0.03 | -0.06 | 0 | 0 | 0 | 0 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 18.85 | 45.07 | -17.67 | -12.58 | -0.13 | -0.13 | -0.13 | -0.13 | -0.13 |
| Capital Expenditure | -11.76 | -11.73 | -14.74 | -9.41 | -5.56 | -10.67 | -10.66 | -10.65 | -10.64 | -10.62 |
| UFCF | 194.16 | 211.51 | 197.49 | 125.88 | 145.49 | 167.68 | 167.49 | 167.31 | 167.12 | 166.93 |
| WACC | ||||||||||
| PV UFCF | 161.22 | 154.83 | 148.69 | 142.80 | 137.14 | |||||
| SUM PV UFCF | 744.68 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.01 |
| Free cash flow (t + 1) | 170.27 |
| Terminal Value | 8,471.17 |
| Present Value of Terminal Value | 6,959.34 |
Intrinsic Value
| Enterprise Value | 7,704.02 |
|---|---|
| Net Debt | 2,082.96 |
| Equity Value | 5,621.06 |
| Shares Outstanding | 135.57 |
| Equity Value Per Share | 41.46 |