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
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 | 52.28 | 56.52 | 55.96 | 61.08 | 65.41 | 69.23 | 73.27 | 77.54 | 82.07 | 86.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 11.50 | 27.48 | 18.37 | 27.12 | 23.79 | 25.51 | 26.99 | 28.57 | 30.24 | 32 |
| EBITDA (%) | ||||||||||
| EBIT | 10.17 | 26.11 | 17.04 | 25.92 | 22.36 | 23.91 | 25.31 | 26.78 | 28.35 | 30 |
| EBIT (%) | ||||||||||
| Depreciation | 1.33 | 1.37 | 1.33 | 1.20 | 1.44 | 1.59 | 1.69 | 1.78 | 1.89 | 2 |
| 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 | 184.43 | 280.01 | 466.83 | 715.45 | 565.71 | 514.86 | 544.91 | 576.71 | 610.37 | 646 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 52.28 | 56.52 | 55.96 | 61.08 | 65.41 | 69.23 | 73.27 | 77.54 | 82.07 | 86.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 11.50 | 27.48 | 18.37 | 27.12 | 23.79 | 25.51 | 26.99 | 28.57 | 30.24 | 32 |
| EBIT | 10.17 | 26.11 | 17.04 | 25.92 | 22.36 | 23.91 | 25.31 | 26.78 | 28.35 | 30 |
| Tax Rate | -2.77% | 15.16% | 1.98% | 14.76% | 14.62% | 8.75% | 8.75% | 8.75% | 8.75% | 8.75% |
| EBIAT | 10.46 | 22.15 | 16.70 | 22.09 | 19.09 | 21.82 | 23.09 | 24.44 | 25.87 | 27.38 |
| Depreciation | 1.33 | 1.37 | 1.33 | 1.20 | 1.44 | 1.59 | 1.69 | 1.78 | 1.89 | 2 |
| 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 | 10.62 | 21.87 | 17.55 | 14.48 | 8.31 | 18 | 19.05 | 20.16 | 21.34 | 22.58 |
| WACC | ||||||||||
| PV UFCF | 16.68 | 16.36 | 16.04 | 15.73 | 15.43 | |||||
| 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 |