Discounted Cash Flow (DCF) Analysis Unlevered

Hanmi Financial Corporation (HAFC)

$16.32

+0.04 (+0.25%)
All numbers are in Millions, Currency in USD
Stock DCF: 100.69 | 16.32 | 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 205.53203.42224235.55271.85292313.65336.90361.88388.71
Revenue (%)
EBITDA 148.4656.8870.45151.58176.89152.46163.77175.91188.95202.96
EBITDA (%)
EBIT 137.3547.3559.50135.49161.84136.49146.61157.48169.16181.70
EBIT (%)
Depreciation 11.119.5310.9516.0915.0615.9717.1618.4319.7921.26
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 730.28756.161,145.631,519.751,206.261,359.201,459.971,568.211,684.471,809.35
Total Cash (%)
Account Receivables 412.19495.62439.63499.28613.33629.57676.24726.38780.23838.07
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 11.3811.214.561.167.799.6010.3211.0811.9012.79
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 205.53203.42224235.55271.85292313.65336.90361.88388.71
EBITDA 148.4656.8870.45151.58176.89152.46163.77175.91188.95202.96
EBIT 137.3547.3559.50135.49161.84136.49146.61157.48169.16181.70
Tax Rate 31.08%30.75%29.08%27.17%27.95%29.21%29.21%29.21%29.21%29.21%
EBIAT 94.6632.7942.2098.68116.6096.63103.79111.49119.75128.63
Depreciation 11.119.5310.9516.0915.0615.9717.1618.4319.7921.26
Accounts Receivable --83.4355.99-59.65-114.05-16.24-46.67-50.13-53.85-57.84
Inventories --4.0139.1021.9468.9838.3041.1344.1847.4650.98
Accounts Payable --0.16-6.65-3.406.631.810.710.760.820.88
Capital Expenditure -3.70-1.58-4.39-2.72-1.93-3.74-4.01-4.31-4.63-4.98
UFCF 102.07-46.86137.2070.9391.29132.73112.11120.42129.34138.93
WACC
PV UFCF 125.63100.44102.11103.82105.55
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