Discounted Cash Flow (DCF) Analysis Unlevered

Capitol Federal Financial, Inc. (CFFN)

$8.34

-0.03 (-0.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 63.39 | 8.34 | 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 215.19225.87206.04200.33279.54302.57327.50354.48383.68415.29
Revenue (%)
EBITDA 255.72255.68207.37190.16208.48303.89328.92356.02385.35417.10
EBITDA (%)
EBIT 247.03244.22196.27179.21194.15288.71312.49338.23366.10396.26
EBIT (%)
Depreciation 8.6911.4611.1010.9514.3315.1816.4317.7919.2520.84
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 853.671,425.231,746.102,056.871,612.502,105.132,278.562,466.292,669.472,889.40
Total Cash (%)
Account Receivables 2.1801.041.011.421.531.661.791.942.10
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 83.02101.87146.94129.27153.42166.06179.74194.54210.57227.92
Accounts Payable (%)
Capital Expenditure -11.76-11.73-14.74-9.41-15.73-17.03-18.43-19.95-21.59-23.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.34
Beta 0.416
Diluted Shares Outstanding 135.57
Cost of Debt
Tax Rate 21.22
After-tax Cost of Debt 3.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.494
Total Debt -
Total Equity 1,130.66
Total Capital 1,130.66
Debt Weighting 0.00
Equity Weighting 100.00
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 215.19225.87206.04200.33279.54302.57327.50354.48383.68415.29
EBITDA 255.72255.68207.37190.16208.48303.89328.92356.02385.35417.10
EBIT 247.03244.22196.27179.21194.15288.71312.49338.23366.10396.26
Tax Rate 20.16%21.89%19.96%20.77%21.22%20.80%20.80%20.80%20.80%20.80%
EBIAT 197.23190.76157.11141.98152.95228.66247.49267.88289.95313.84
Depreciation 8.6911.4611.1010.9514.3315.1816.4317.7919.2520.84
Accounts Receivable -2.18-1.040.03-0.40-0.12-0.13-0.14-0.15-0.16
Inventories ----------
Accounts Payable -18.8545.07-17.6724.1512.6413.6814.8116.0317.35
Capital Expenditure -11.76-11.73-14.74-9.41-15.73-17.03-18.43-19.95-21.59-23.37
UFCF 194.16211.51197.49125.88175.29239.33259.05280.39303.49328.50
WACC
PV UFCF 226.88232.79238.86245.08251.46
SUM PV UFCF 1,195.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.49
Free cash flow (t + 1) 335.07
Terminal Value 9,600.80
Present Value of Terminal Value 7,349.39

Intrinsic Value

Enterprise Value 8,544.45
Net Debt -49.19
Equity Value 8,593.65
Shares Outstanding 135.57
Equity Value Per Share 63.39