Discounted Cash Flow (DCF) Analysis Unlevered
Hanmi Financial Corporation (HAFC)
$16.77
-0.30 (-1.76%)
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 | 222.59 | 235.18 | 271.85 | 291.99 | 313.63 | 336.87 | 361.84 | 388.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 148.46 | 127.78 | 113.41 | 173.21 | 176.89 | 189.63 | 203.69 | 218.78 | 234.99 | 252.41 |
| EBITDA (%) | ||||||||||
| EBIT | 137.35 | 118.25 | 102.46 | 157.12 | 161.84 | 173.64 | 186.50 | 200.33 | 215.17 | 231.12 |
| EBIT (%) | ||||||||||
| Depreciation | 11.11 | 9.53 | 10.95 | 16.09 | 15.06 | 16 | 17.18 | 18.46 | 19.82 | 21.29 |
| 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 | 1,361.65 | 1,462.56 | 1,570.94 | 1,687.36 | 1,812.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 21.65 | 11.74 | 465.19 | 532.09 | 613.32 | 395.45 | 424.75 | 456.23 | 490.04 | 526.36 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.38 | 11.21 | 4.56 | 1.16 | 7.79 | 9.61 | 10.32 | 11.09 | 11.91 | 12.79 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.70 | -1.58 | -4.39 | -2.72 | -3.88 | -4.17 | -4.47 | -4.81 | -5.16 | -5.54 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 16.77 |
|---|---|
| Beta | 0.936 |
| Diluted Shares Outstanding | 30.39 |
| Cost of Debt | |
| Tax Rate | 27.95 |
| After-tax Cost of Debt | 5.43% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.132 |
| Total Debt | 479.41 |
| Total Equity | 509.67 |
| Total Capital | 989.08 |
| Debt Weighting | 48.47 |
| Equity Weighting | 51.53 |
| 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 | 222.59 | 235.18 | 271.85 | 291.99 | 313.63 | 336.87 | 361.84 | 388.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 148.46 | 127.78 | 113.41 | 173.21 | 176.89 | 189.63 | 203.69 | 218.78 | 234.99 | 252.41 |
| EBIT | 137.35 | 118.25 | 102.46 | 157.12 | 161.84 | 173.64 | 186.50 | 200.33 | 215.17 | 231.12 |
| 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 | 81.89 | 72.67 | 114.43 | 116.60 | 122.92 | 132.03 | 141.82 | 152.33 | 163.61 |
| Depreciation | 11.11 | 9.53 | 10.95 | 16.09 | 15.06 | 16 | 17.18 | 18.46 | 19.82 | 21.29 |
| Accounts Receivable | - | 9.90 | -453.45 | -66.90 | -81.24 | 217.88 | -29.31 | -31.48 | -33.81 | -36.32 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.16 | -6.65 | -3.40 | 6.63 | 1.82 | 0.71 | 0.77 | 0.82 | 0.88 |
| Capital Expenditure | -3.70 | -1.58 | -4.39 | -2.72 | -3.88 | -4.17 | -4.47 | -4.81 | -5.16 | -5.54 |
| UFCF | 102.07 | 99.58 | -380.87 | 57.49 | 53.17 | 354.45 | 116.15 | 124.75 | 134 | 143.93 |
| WACC | ||||||||||
| PV UFCF | 331.82 | 101.79 | 102.35 | 102.92 | 103.49 | |||||
| SUM PV UFCF | 742.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.82 |
| Free cash flow (t + 1) | 146.81 |
| Terminal Value | 3,045.81 |
| Present Value of Terminal Value | 2,189.98 |
Intrinsic Value
| Enterprise Value | 2,932.35 |
|---|---|
| Net Debt | 126.99 |
| Equity Value | 2,805.36 |
| Shares Outstanding | 30.39 |
| Equity Value Per Share | 92.31 |