Discounted Cash Flow (DCF) Analysis Unlevered

Franklin Financial Services Corpora... (FRAF)

$27.925

+0.33 (+1.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 91.60 | 27.925 | 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 52.2856.5255.9661.0865.4169.2373.2777.5482.0786.86
Revenue (%)
EBITDA 11.5027.4818.3727.1223.7925.5126.9928.5730.2432
EBITDA (%)
EBIT 10.1726.1117.0425.9222.3623.9125.3126.7828.3530
EBIT (%)
Depreciation 1.331.371.331.201.441.591.691.781.892
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 184.43280.01466.83715.45565.71514.86544.91576.71610.37646
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.16-1.65-0.48-8.81-12.22-5.42-5.73-6.07-6.42-6.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27.925
Beta 0.517
Diluted Shares Outstanding 4.36
Cost of Debt
Tax Rate 14.62
After-tax Cost of Debt 16.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.183
Total Debt 25.77
Total Equity 121.67
Total Capital 147.44
Debt Weighting 17.48
Equity Weighting 82.52
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 52.2856.5255.9661.0865.4169.2373.2777.5482.0786.86
EBITDA 11.5027.4818.3727.1223.7925.5126.9928.5730.2432
EBIT 10.1726.1117.0425.9222.3623.9125.3126.7828.3530
Tax Rate -2.77%15.16%1.98%14.76%14.62%8.75%8.75%8.75%8.75%8.75%
EBIAT 10.4622.1516.7022.0919.0921.8223.0924.4425.8727.38
Depreciation 1.331.371.331.201.441.591.691.781.892
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1.16-1.65-0.48-8.81-12.22-5.42-5.73-6.07-6.42-6.79
UFCF 10.6221.8717.5514.488.311819.0520.1621.3422.58
WACC
PV UFCF 16.6816.3616.0415.7315.43
SUM PV UFCF 80.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.92
Free cash flow (t + 1) 23.03
Terminal Value 389.09
Present Value of Terminal Value 265.79

Intrinsic Value

Enterprise Value 346.02
Net Debt -53.11
Equity Value 399.12
Shares Outstanding 4.36
Equity Value Per Share 91.60