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
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 | 279.54 | 302.57 | 327.50 | 354.48 | 383.68 | 415.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 255.72 | 255.68 | 207.37 | 190.16 | 208.48 | 303.89 | 328.92 | 356.02 | 385.35 | 417.10 |
| EBITDA (%) | ||||||||||
| EBIT | 247.03 | 244.22 | 196.27 | 179.21 | 194.15 | 288.71 | 312.49 | 338.23 | 366.10 | 396.26 |
| EBIT (%) | ||||||||||
| Depreciation | 8.69 | 11.46 | 11.10 | 10.95 | 14.33 | 15.18 | 16.43 | 17.79 | 19.25 | 20.84 |
| 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 | 853.67 | 1,425.23 | 1,746.10 | 2,056.87 | 1,612.50 | 2,105.13 | 2,278.56 | 2,466.29 | 2,669.47 | 2,889.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.18 | 0 | 1.04 | 1.01 | 1.42 | 1.53 | 1.66 | 1.79 | 1.94 | 2.10 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 83.02 | 101.87 | 146.94 | 129.27 | 153.42 | 166.06 | 179.74 | 194.54 | 210.57 | 227.92 |
| 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 | 215.19 | 225.87 | 206.04 | 200.33 | 279.54 | 302.57 | 327.50 | 354.48 | 383.68 | 415.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 255.72 | 255.68 | 207.37 | 190.16 | 208.48 | 303.89 | 328.92 | 356.02 | 385.35 | 417.10 |
| EBIT | 247.03 | 244.22 | 196.27 | 179.21 | 194.15 | 288.71 | 312.49 | 338.23 | 366.10 | 396.26 |
| Tax Rate | 20.16% | 21.89% | 19.96% | 20.77% | 21.22% | 20.80% | 20.80% | 20.80% | 20.80% | 20.80% |
| EBIAT | 197.23 | 190.76 | 157.11 | 141.98 | 152.95 | 228.66 | 247.49 | 267.88 | 289.95 | 313.84 |
| Depreciation | 8.69 | 11.46 | 11.10 | 10.95 | 14.33 | 15.18 | 16.43 | 17.79 | 19.25 | 20.84 |
| Accounts Receivable | - | 2.18 | -1.04 | 0.03 | -0.40 | -0.12 | -0.13 | -0.14 | -0.15 | -0.16 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 18.85 | 45.07 | -17.67 | 24.15 | 12.64 | 13.68 | 14.81 | 16.03 | 17.35 |
| Capital Expenditure | -11.76 | -11.73 | -14.74 | -9.41 | -15.73 | -17.03 | -18.43 | -19.95 | -21.59 | -23.37 |
| UFCF | 194.16 | 211.51 | 197.49 | 125.88 | 175.29 | 239.33 | 259.05 | 280.39 | 303.49 | 328.50 |
| WACC | ||||||||||
| PV UFCF | 226.88 | 232.79 | 238.86 | 245.08 | 251.46 | |||||
| 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 |