Discounted Cash Flow (DCF) Analysis Unlevered

Central Pacific Financial Corp. (CPF)

$21.13

+0.09 (+0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.32 | 21.13 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 203.60207.56221.77238.47254.11268.64284.01300.25317.43335.59
Revenue (%)
EBITDA 101.32113.69118.8376.16123.82128.30135.64143.39151.60160.27
EBITDA (%)
EBIT 89.92103.54110.2463.77113.37115.58122.19129.18136.56144.38
EBIT (%)
Depreciation 11.4010.158.6012.3910.4512.7213.4514.2215.0315.89
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1,387.181,307.661,229.961,286.681,960.611,7071,804.641,907.872,0172,132.37
Total Cash (%)
Account Receivables 16.581716.5020.2216.7120.8622.0623.3224.6526.06
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -6.53-3.22-7.20-26-22.16-14.84-15.69-16.59-17.54-18.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.13
Beta 1.111
Diluted Shares Outstanding 28.05
Cost of Debt
Tax Rate 24.38
After-tax Cost of Debt 3.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.935
Total Debt 146.35
Total Equity 592.61
Total Capital 738.96
Debt Weighting 19.80
Equity Weighting 80.20
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 203.60207.56221.77238.47254.11268.64284.01300.25317.43335.59
EBITDA 101.32113.69118.8376.16123.82128.30135.64143.39151.60160.27
EBIT 89.92103.54110.2463.77113.37115.58122.19129.18136.56144.38
Tax Rate 45.10%23.97%25.16%23.98%24.38%28.52%28.52%28.52%28.52%28.52%
EBIAT 49.3678.7282.5048.4785.7382.6187.3492.3397.62103.20
Depreciation 11.4010.158.6012.3910.4512.7213.4514.2215.0315.89
Accounts Receivable --0.420.50-3.723.52-4.15-1.19-1.26-1.33-1.41
Inventories ----------
Accounts Payable ----------
Capital Expenditure -6.53-3.23-7.20-26-22.16-14.84-15.69-16.59-17.54-18.54
UFCF 54.2385.2384.4031.1477.5376.3483.9088.7093.7799.14
WACC
PV UFCF 70.717270.5169.0567.63
SUM PV UFCF 349.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.95
Free cash flow (t + 1) 101.12
Terminal Value 1,699.51
Present Value of Terminal Value 1,159.34

Intrinsic Value

Enterprise Value 1,509.25
Net Debt -182.56
Equity Value 1,691.81
Shares Outstanding 28.05
Equity Value Per Share 60.32