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
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 | 60.26 | 56.45 | 57.64 | 58.87 | 60.11 | 61.38 | 62.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 11.50 | 27.48 | 18.37 | 27.94 | 23.79 | 22.13 | 22.60 | 23.08 | 23.57 | 24.07 |
| EBITDA (%) | ||||||||||
| EBIT | 10.17 | 26.11 | 17.04 | 26.74 | 22.36 | 20.76 | 21.20 | 21.65 | 22.11 | 22.58 |
| EBIT (%) | ||||||||||
| Depreciation | 1.33 | 1.37 | 1.33 | 1.20 | 1.44 | 1.37 | 1.40 | 1.43 | 1.46 | 1.49 |
| 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 | 184.43 | 280.01 | 466.83 | 540.27 | 504.72 | 400.41 | 408.89 | 417.55 | 426.39 | 435.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 52.28 | 56.52 | 55.96 | 60.26 | 56.45 | 57.64 | 58.87 | 60.11 | 61.38 | 62.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 11.50 | 27.48 | 18.37 | 27.94 | 23.79 | 22.13 | 22.60 | 23.08 | 23.57 | 24.07 |
| EBIT | 10.17 | 26.11 | 17.04 | 26.74 | 22.36 | 20.76 | 21.20 | 21.65 | 22.11 | 22.58 |
| Tax Rate | -2.77% | 15.16% | 1.98% | 14.76% | 14.62% | 8.75% | 8.75% | 8.75% | 8.75% | 8.75% |
| EBIAT | 10.46 | 22.15 | 16.70 | 22.79 | 19.09 | 18.94 | 19.34 | 19.75 | 20.17 | 20.60 |
| Depreciation | 1.33 | 1.37 | 1.33 | 1.20 | 1.44 | 1.37 | 1.40 | 1.43 | 1.46 | 1.49 |
| 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 | 10.62 | 21.87 | 17.55 | 15.18 | 8.31 | 15.44 | 15.77 | 16.10 | 16.44 | 16.79 |
| WACC | ||||||||||
| PV UFCF | 14.22 | 13.37 | 12.57 | 11.82 | 11.11 | |||||
| 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 |