Discounted Cash Flow (DCF) Analysis Unlevered

Hanmi Financial Corporation (HAFC)

$16.77

-0.30 (-1.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 92.31 | 16.77 | 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 205.53203.42222.59235.18271.85291.99313.63336.87361.84388.65
Revenue (%)
EBITDA 148.46127.78113.41173.21176.89189.63203.69218.78234.99252.41
EBITDA (%)
EBIT 137.35118.25102.46157.12161.84173.64186.50200.33215.17231.12
EBIT (%)
Depreciation 11.119.5310.9516.0915.061617.1818.4619.8221.29
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 730.28756.161,145.631,519.751,206.261,361.651,462.561,570.941,687.361,812.41
Total Cash (%)
Account Receivables 21.6511.74465.19532.09613.32395.45424.75456.23490.04526.36
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 11.3811.214.561.167.799.6110.3211.0911.9112.79
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 205.53203.42222.59235.18271.85291.99313.63336.87361.84388.65
EBITDA 148.46127.78113.41173.21176.89189.63203.69218.78234.99252.41
EBIT 137.35118.25102.46157.12161.84173.64186.50200.33215.17231.12
Tax Rate 31.08%30.75%29.08%27.17%27.95%29.21%29.21%29.21%29.21%29.21%
EBIAT 94.6681.8972.67114.43116.60122.92132.03141.82152.33163.61
Depreciation 11.119.5310.9516.0915.061617.1818.4619.8221.29
Accounts Receivable -9.90-453.45-66.90-81.24217.88-29.31-31.48-33.81-36.32
Inventories ----------
Accounts Payable --0.16-6.65-3.406.631.820.710.770.820.88
Capital Expenditure -3.70-1.58-4.39-2.72-3.88-4.17-4.47-4.81-5.16-5.54
UFCF 102.0799.58-380.8757.4953.17354.45116.15124.75134143.93
WACC
PV UFCF 331.82101.79102.35102.92103.49
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