Discounted Cash Flow (DCF) Analysis Unlevered

Franklin Financial Services Corpora... (FRAF)

$31.19

+0.31 (+1.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 56.60 | 31.19 | undervalue

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 52.2856.5255.9660.2656.4557.6458.8760.1161.3862.68
Revenue (%)
EBITDA 11.5027.4818.3727.9423.7922.1322.6023.0823.5724.07
EBITDA (%)
EBIT 10.1726.1117.0426.7422.3620.7621.2021.6522.1122.58
EBIT (%)
Depreciation 1.331.371.331.201.441.371.401.431.461.49
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 184.43280.01466.83540.27504.72400.41408.89417.55426.39435.42
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.16-1.65-0.48-8.81-12.22-4.87-4.98-5.08-5.19-5.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31.19
Beta 0.517
Diluted Shares Outstanding 4.36
Cost of Debt
Tax Rate 14.62
After-tax Cost of Debt 67.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.936
Total Debt 6.14
Total Equity 135.89
Total Capital 142.04
Debt Weighting 4.33
Equity Weighting 95.67
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 52.2856.5255.9660.2656.4557.6458.8760.1161.3862.68
EBITDA 11.5027.4818.3727.9423.7922.1322.6023.0823.5724.07
EBIT 10.1726.1117.0426.7422.3620.7621.2021.6522.1122.58
Tax Rate -2.77%15.16%1.98%14.76%14.62%8.75%8.75%8.75%8.75%8.75%
EBIAT 10.4622.1516.7022.7919.0918.9419.3419.7520.1720.60
Depreciation 1.331.371.331.201.441.371.401.431.461.49
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1.16-1.65-0.48-8.81-12.22-4.87-4.98-5.08-5.19-5.30
UFCF 10.6221.8717.5515.188.3115.4415.7716.1016.4416.79
WACC
PV UFCF 14.2213.3712.5711.8211.11
SUM PV UFCF 63.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.60
Free cash flow (t + 1) 17.13
Terminal Value 259.49
Present Value of Terminal Value 171.78

Intrinsic Value

Enterprise Value 234.87
Net Debt -11.74
Equity Value 246.61
Shares Outstanding 4.36
Equity Value Per Share 56.60