Discounted Cash Flow (DCF) Analysis Unlevered

Esquire Financial Holdings, Inc. (ESQ)

$39.8

+1.47 (+3.84%)
All numbers are in Millions, Currency in USD
Stock DCF: 132.27 | 39.8 | 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 25.3735.5945.9252.0964.7382.04103.99131.80167.06211.74
Revenue (%)
EBITDA 7.9813.5622.5719.9825.7732.3140.9551.9065.7883.38
EBITDA (%)
EBIT 7.5713.1421.6918.3623.5430.4538.5948.926278.59
EBIT (%)
Depreciation 0.410.420.891.622.241.862.352.983.784.79
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 171.83176.26208.22182.84297.54399.80506.75642.30814.111,031.87
Total Cash (%)
Account Receivables 2.843.853.244.534.207.269.2011.6614.7818.74
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.19-0.57-0.65-3.14-2.94-2.35-2.98-3.78-4.79-6.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.8
Beta 0.902
Diluted Shares Outstanding 7.45
Cost of Debt
Tax Rate 21.06
After-tax Cost of Debt 3.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.108
Total Debt -
Total Equity 296.65
Total Capital 296.65
Debt Weighting 0.00
Equity Weighting 100.00
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 25.3735.5945.9252.0964.7382.04103.99131.80167.06211.74
EBITDA 7.9813.5622.5719.9825.7732.3140.9551.9065.7883.38
EBIT 7.5713.1421.6918.3623.5430.4538.5948.926278.59
Tax Rate 48.19%26.75%26.10%26.50%21.06%29.72%29.72%29.72%29.72%29.72%
EBIAT 3.929.6216.0313.4918.5821.4027.1234.3843.5855.23
Depreciation 0.410.420.891.622.241.862.352.983.784.79
Accounts Receivable --1.020.61-1.290.33-3.06-1.94-2.46-3.12-3.95
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.19-0.57-0.65-3.14-2.94-2.35-2.98-3.78-4.79-6.07
UFCF 4.148.4516.8810.6918.2017.8424.5531.1239.4550
WACC
PV UFCF 16.6621.4025.3329.9735.47
SUM PV UFCF 128.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.11
Free cash flow (t + 1) 51
Terminal Value 998.02
Present Value of Terminal Value 707.93

Intrinsic Value

Enterprise Value 836.75
Net Debt -149.16
Equity Value 985.91
Shares Outstanding 7.45
Equity Value Per Share 132.27