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
Stock DCF: 41.46 | 8.585 | 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 215.19225.87206.04200.33212.63212.39212.15211.91211.68211.44
Revenue (%)
EBITDA 255.72255.68207.37190.16204.89222.57222.32222.07221.82221.57
EBITDA (%)
EBIT 247.03244.22196.27179.21194.15211.94211.70211.47211.23210.99
EBIT (%)
Depreciation 8.6911.4611.1010.9510.7410.6310.6110.6010.5910.58
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 853.671,425.231,746.102,056.871,612.501,554.811,553.071,551.331,549.591,547.86
Total Cash (%)
Account Receivables 2.1801.041.011.081.081.071.071.071.07
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 83.02101.87146.94129.27116.69116.56116.43116.30116.17116.04
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 215.19225.87206.04200.33212.63212.39212.15211.91211.68211.44
EBITDA 255.72255.68207.37190.16204.89222.57222.32222.07221.82221.57
EBIT 247.03244.22196.27179.21194.15211.94211.70211.47211.23210.99
Tax Rate 20.16%21.89%19.96%20.77%21.22%20.80%20.80%20.80%20.80%20.80%
EBIAT 197.23190.76157.11141.98152.95167.86167.67167.48167.30167.11
Depreciation 8.6911.4611.1010.9510.7410.6310.6110.6010.5910.58
Accounts Receivable -2.18-1.040.03-0.0600000
Inventories ----------
Accounts Payable -18.8545.07-17.67-12.58-0.13-0.13-0.13-0.13-0.13
Capital Expenditure -11.76-11.73-14.74-9.41-5.56-10.67-10.66-10.65-10.64-10.62
UFCF 194.16211.51197.49125.88145.49167.68167.49167.31167.12166.93
WACC
PV UFCF 161.22154.83148.69142.80137.14
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