Discounted Cash Flow (DCF) Analysis Unlevered

Home Bancorp, Inc. (HBCP)

$36.7

+0.21 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 140.38 | 36.7 | 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 105.45100.41106.52117.26131.90139.77148.11156.94166.31176.23
Revenue (%)
EBITDA 51.2535.3832.1761.6053.8857.9861.4465.1068.9973.10
EBITDA (%)
EBIT 48.5932.3928.9458.5250.4254.1357.3660.7864.4168.25
EBIT (%)
Depreciation 2.652.993.223.083.463.854.084.324.584.86
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 320.69297.62443.05929.42574.27627.40664.84704.50746.54791.09
Total Cash (%)
Account Receivables 43.8741.8540.3740.7673.5859.1862.7266.4670.4274.62
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 12.171721.8218.9129.3824.4225.8827.4229.0630.79
Accounts Payable (%)
Capital Expenditure -5.01-3.84-2.15-2.47-2.71-4.12-4.37-4.63-4.91-5.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.7
Beta 0.695
Diluted Shares Outstanding 8.43
Cost of Debt
Tax Rate 19.83
After-tax Cost of Debt 3.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.565
Total Debt 390.76
Total Equity 309.32
Total Capital 700.08
Debt Weighting 55.82
Equity Weighting 44.18
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 105.45100.41106.52117.26131.90139.77148.11156.94166.31176.23
EBITDA 51.2535.3832.1761.6053.8857.9861.4465.1068.9973.10
EBIT 48.5932.3928.9458.5250.4254.1357.3660.7864.4168.25
Tax Rate 17.49%17.34%19.61%19.55%19.83%18.77%18.77%18.77%18.77%18.77%
EBIAT 40.0926.7723.2747.0840.4243.9746.5949.3752.3255.44
Depreciation 2.652.993.223.083.463.854.084.324.584.86
Accounts Receivable -2.011.48-0.39-32.8214.40-3.53-3.74-3.97-4.20
Inventories ----------
Accounts Payable -4.844.82-2.9210.47-4.961.461.541.641.73
Capital Expenditure -5.01-3.84-2.15-2.47-2.71-4.12-4.37-4.63-4.91-5.20
UFCF 37.7432.7730.6544.3818.8353.1344.2346.8749.6752.63
WACC
PV UFCF 50.4839.9240.1940.4640.73
SUM PV UFCF 211.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.26
Free cash flow (t + 1) 53.68
Terminal Value 1,646.69
Present Value of Terminal Value 1,274.37

Intrinsic Value

Enterprise Value 1,486.14
Net Debt 303.01
Equity Value 1,183.12
Shares Outstanding 8.43
Equity Value Per Share 140.38