Discounted Cash Flow (DCF) Analysis Unlevered

FinWise Bancorp (FINW)

$8.79

+0.13 (+1.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 892.92 | 8.79 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 33.8142.0779.82125.39196.96309.39486763.43
Revenue (%)
EBITDA 14.7617.9144.2859.2293.02146.12229.54360.56
EBITDA (%)
EBIT 14.3016.9043.5457.2689.94141.28221.93348.61
EBIT (%)
Depreciation 0.461.010.741.963.084.847.6111.95
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 34.7847.3885.75134.97212.01333.03523.14821.76
Total Cash (%)
Account Receivables 0.941.631.553.595.658.8713.9321.89
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 0.060.190.050.300.470.741.151.81
Accounts Payable (%)
Capital Expenditure -0.54-0.59-2.33-2.48-3.89-6.11-9.60-15.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.79
Beta 0.000
Diluted Shares Outstanding 9.11
Cost of Debt
Tax Rate 25.29
After-tax Cost of Debt 90.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.567
Total Debt 1.05
Total Equity 80.06
Total Capital 81.11
Debt Weighting 1.29
Equity Weighting 98.71
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 33.8142.0779.82125.39196.96309.39486763.43
EBITDA 14.7617.9144.2859.2293.02146.12229.54360.56
EBIT 14.3016.9043.5457.2689.94141.28221.93348.61
Tax Rate 24.75%26.04%25.29%25.36%25.36%25.36%25.36%25.36%
EBIAT 10.7612.5032.5342.7467.13105.45165.65260.21
Depreciation 0.461.010.741.963.084.847.6111.95
Accounts Receivable --0.690.08-2.05-2.05-3.22-5.06-7.95
Inventories --------
Accounts Payable -0.13-0.150.250.170.270.420.66
Capital Expenditure -0.54-0.59-2.33-2.48-3.89-6.11-9.60-15.09
UFCF 10.6812.3630.8740.4364.44101.23159.01249.78
WACC
PV UFCF 42.3264.4496.69145.08217.69
SUM PV UFCF 516.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.69
Free cash flow (t + 1) 254.78
Terminal Value 9,471.30
Present Value of Terminal Value 7,531.54

Intrinsic Value

Enterprise Value 8,048.18
Net Debt -84.70
Equity Value 8,132.88
Shares Outstanding 9.11
Equity Value Per Share 892.92