Discounted Cash Flow (DCF) Analysis Unlevered

FFBW, Inc. (FFBW)

$12.06

-0.02 (-0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.78 | 12.06 | overvalue

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 8.339.209.4910.6511.6112.6213.7214.9116.2117.62
Revenue (%)
EBITDA 2.093.835.194.313.914.945.375.836.346.89
EBITDA (%)
EBIT 1.633.494.854.023.624.484.875.295.756.25
EBIT (%)
Depreciation 0.460.340.350.300.290.460.500.540.590.64
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 61.3045.5052.28105.70115.4095.10103.38112.38122.16132.79
Total Cash (%)
Account Receivables 0.780.770.730.990.811.051.141.241.351.47
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.040.070.050.020.060.060.070.070.080.08
Accounts Payable (%)
Capital Expenditure -0.36-0.11-0.10-0.06-0.20-0.22-0.24-0.26-0.28-0.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.06
Beta 0.412
Diluted Shares Outstanding 7.02
Cost of Debt
Tax Rate 24.57
After-tax Cost of Debt 11.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.826
Total Debt 6.50
Total Equity 84.64
Total Capital 91.14
Debt Weighting 7.13
Equity Weighting 92.87
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 8.339.209.4910.6511.6112.6213.7214.9116.2117.62
EBITDA 2.093.835.194.313.914.945.375.836.346.89
EBIT 1.633.494.854.023.624.484.875.295.756.25
Tax Rate 338.46%23.11%24.39%23.61%24.57%86.83%86.83%86.83%86.83%86.83%
EBIAT -3.892.683.663.072.730.590.640.700.760.82
Depreciation 0.460.340.350.300.290.460.500.540.590.64
Accounts Receivable -0.010.04-0.270.18-0.24-0.09-0.10-0.11-0.12
Inventories ----------
Accounts Payable -0.03-0.02-0.030.0400.010.010.010.01
Capital Expenditure -0.36-0.11-0.10-0.06-0.20-0.22-0.24-0.26-0.28-0.31
UFCF -3.792.963.9433.040.590.810.880.961.05
WACC
PV UFCF 0.560.720.740.760.77
SUM PV UFCF 3.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.23
Free cash flow (t + 1) 1.07
Terminal Value 25.21
Present Value of Terminal Value 18.63

Intrinsic Value

Enterprise Value 22.18
Net Debt -60.50
Equity Value 82.68
Shares Outstanding 7.02
Equity Value Per Share 11.78