Discounted Cash Flow (DCF) Analysis Unlevered
Hanmi Financial Corporation (HAFC)
$16.32
+0.04 (+0.25%)
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 | 205.53 | 203.42 | 224 | 235.55 | 271.85 | 292 | 313.65 | 336.90 | 361.88 | 388.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 148.46 | 56.88 | 70.45 | 151.58 | 176.89 | 152.46 | 163.77 | 175.91 | 188.95 | 202.96 |
| EBITDA (%) | ||||||||||
| EBIT | 137.35 | 47.35 | 59.50 | 135.49 | 161.84 | 136.49 | 146.61 | 157.48 | 169.16 | 181.70 |
| EBIT (%) | ||||||||||
| Depreciation | 11.11 | 9.53 | 10.95 | 16.09 | 15.06 | 15.97 | 17.16 | 18.43 | 19.79 | 21.26 |
| 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 | 730.28 | 756.16 | 1,145.63 | 1,519.75 | 1,206.26 | 1,359.20 | 1,459.97 | 1,568.21 | 1,684.47 | 1,809.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 412.19 | 495.62 | 439.63 | 499.28 | 613.33 | 629.57 | 676.24 | 726.38 | 780.23 | 838.07 |
| Account Receivables (%) | ||||||||||
| Inventories | -390.54 | -386.54 | -425.64 | -447.57 | -516.55 | -554.85 | -595.98 | -640.16 | -687.62 | -738.60 |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.38 | 11.21 | 4.56 | 1.16 | 7.79 | 9.60 | 10.32 | 11.08 | 11.90 | 12.79 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.70 | -1.58 | -4.39 | -2.72 | -1.93 | -3.74 | -4.01 | -4.31 | -4.63 | -4.98 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 16.32 |
|---|---|
| Beta | 0.982 |
| Diluted Shares Outstanding | 30.39 |
| Cost of Debt | |
| Tax Rate | 27.95 |
| After-tax Cost of Debt | 3.34% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.263 |
| Total Debt | 779.41 |
| Total Equity | 496 |
| Total Capital | 1,275.41 |
| Debt Weighting | 61.11 |
| Equity Weighting | 38.89 |
| 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 | 205.53 | 203.42 | 224 | 235.55 | 271.85 | 292 | 313.65 | 336.90 | 361.88 | 388.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 148.46 | 56.88 | 70.45 | 151.58 | 176.89 | 152.46 | 163.77 | 175.91 | 188.95 | 202.96 |
| EBIT | 137.35 | 47.35 | 59.50 | 135.49 | 161.84 | 136.49 | 146.61 | 157.48 | 169.16 | 181.70 |
| Tax Rate | 31.08% | 30.75% | 29.08% | 27.17% | 27.95% | 29.21% | 29.21% | 29.21% | 29.21% | 29.21% |
| EBIAT | 94.66 | 32.79 | 42.20 | 98.68 | 116.60 | 96.63 | 103.79 | 111.49 | 119.75 | 128.63 |
| Depreciation | 11.11 | 9.53 | 10.95 | 16.09 | 15.06 | 15.97 | 17.16 | 18.43 | 19.79 | 21.26 |
| Accounts Receivable | - | -83.43 | 55.99 | -59.65 | -114.05 | -16.24 | -46.67 | -50.13 | -53.85 | -57.84 |
| Inventories | - | -4.01 | 39.10 | 21.94 | 68.98 | 38.30 | 41.13 | 44.18 | 47.46 | 50.98 |
| Accounts Payable | - | -0.16 | -6.65 | -3.40 | 6.63 | 1.81 | 0.71 | 0.76 | 0.82 | 0.88 |
| Capital Expenditure | -3.70 | -1.58 | -4.39 | -2.72 | -1.93 | -3.74 | -4.01 | -4.31 | -4.63 | -4.98 |
| UFCF | 102.07 | -46.86 | 137.20 | 70.93 | 91.29 | 132.73 | 112.11 | 120.42 | 129.34 | 138.93 |
| WACC | ||||||||||
| PV UFCF | 125.63 | 100.44 | 102.11 | 103.82 | 105.55 | |||||
| SUM PV UFCF | 537.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.65 |
| Free cash flow (t + 1) | 141.71 |
| Terminal Value | 3,882.50 |
| Present Value of Terminal Value | 2,949.60 |
Intrinsic Value
| Enterprise Value | 3,487.14 |
|---|---|
| Net Debt | 426.99 |
| Equity Value | 3,060.16 |
| Shares Outstanding | 30.39 |
| Equity Value Per Share | 100.69 |