Discounted Cash Flow (DCF) Analysis Unlevered

Home Bancorp, Inc. (HBCP)

$42.64

-0.32 (-0.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 197.68 | 42.64 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 77.81105.45100.41106.52117.26131.01146.38163.54182.72204.15
Revenue (%)
EBITDA 38.0251.2552.9945.9569.4466.1873.9582.6292.31103.13
EBITDA (%)
EBIT 35.8748.595042.7366.3562.5469.8778.0687.2297.45
EBIT (%)
Depreciation 2.162.652.993.223.083.654.084.555.095.68
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 387.83320.69297.62443.05929.42604.62675.53754.75843.26942.15
Total Cash (%)
Account Receivables 35.8543.8741.8540.3740.7652.9359.1466.0873.8382.48
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 12.2012.161721.8218.9121.1623.6426.4129.5132.97
Accounts Payable (%)
Capital Expenditure -1.92-5.01-3.84-2.15-2.47-3.97-4.44-4.96-5.54-6.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.64
Beta 0.681
Diluted Shares Outstanding 8.43
Cost of Debt
Tax Rate 19.55
After-tax Cost of Debt 15.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.906
Total Debt 31.59
Total Equity 359.38
Total Capital 390.96
Debt Weighting 8.08
Equity Weighting 91.92
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 77.81105.45100.41106.52117.26131.01146.38163.54182.72204.15
EBITDA 38.0251.2552.9945.9569.4466.1873.9582.6292.31103.13
EBIT 35.8748.595042.7366.3562.5469.8778.0687.2297.45
Tax Rate 42.61%17.49%17.34%19.61%19.55%23.32%23.32%23.32%23.32%23.32%
EBIAT 20.5840.0941.3334.3553.3847.9553.5859.8666.8874.72
Depreciation 2.162.652.993.223.083.654.084.555.095.68
Accounts Receivable --8.012.011.48-0.39-12.17-6.21-6.94-7.75-8.66
Inventories ----------
Accounts Payable --0.034.844.82-2.922.252.482.773.103.46
Capital Expenditure -1.92-5.01-3.84-2.15-2.47-3.97-4.44-4.96-5.54-6.19
UFCF 20.8329.6947.3341.7350.6837.7149.4955.2961.7769.02
WACC
PV UFCF 35.0642.7744.4346.1547.94
SUM PV UFCF 216.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.56
Free cash flow (t + 1) 70.40
Terminal Value 1,266.18
Present Value of Terminal Value 879.51

Intrinsic Value

Enterprise Value 1,095.87
Net Debt -570.21
Equity Value 1,666.08
Shares Outstanding 8.43
Equity Value Per Share 197.68