Discounted Cash Flow (DCF) Analysis Unlevered

Howard Bancorp, Inc. (HBMD)

$23.3

0.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.91 | 23.3 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 46.0253.6581.3087.7184.83100.25118.47140.02165.47195.56
Revenue (%)
EBITDA 14.7017.3114.0949.564.5728.7533.9840.1647.4656.09
EBITDA (%)
EBIT 12.8015.529.0544.20-0.5923.5727.8632.9238.9145.98
EBIT (%)
Depreciation 1.901.795.045.365.155.186.137.248.5510.11
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 87.92103.11324.83325.48450.02337.71399.11471.68557.43658.78
Total Cash (%)
Account Receivables 5.206.6617.8429.3335.3124.2028.6033.8039.9547.21
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.63-0.41-1.94-1.43-1.15-1.50-1.78-2.10-2.48-2.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 23.3
Beta 0.905
Diluted Shares Outstanding 18.77
Cost of Debt
Tax Rate -27.31
After-tax Cost of Debt 5.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.904
Total Debt 242.70
Total Equity 437.25
Total Capital 679.95
Debt Weighting 35.69
Equity Weighting 64.31
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 46.0253.6581.3087.7184.83100.25118.47140.02165.47195.56
EBITDA 14.7017.3114.0949.564.5728.7533.9840.1647.4656.09
EBIT 12.8015.529.0544.20-0.5923.5727.8632.9238.9145.98
Tax Rate 35.64%30.45%18.98%23.52%-27.31%16.26%16.26%16.26%16.26%16.26%
EBIAT 8.2410.797.3333.80-0.7419.7423.3327.5732.5838.51
Depreciation 1.901.795.045.365.155.186.137.248.5510.11
Accounts Receivable --1.47-11.17-11.50-5.9811.11-4.40-5.20-6.15-7.26
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.63-0.41-1.94-1.43-1.15-1.50-1.78-2.10-2.48-2.93
UFCF 9.5110.71-0.7426.24-2.7234.5223.2827.5132.5138.42
WACC
PV UFCF 32.2820.3522.4824.8427.44
SUM PV UFCF 127.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.96
Free cash flow (t + 1) 39.19
Terminal Value 790.09
Present Value of Terminal Value 564.38

Intrinsic Value

Enterprise Value 691.76
Net Debt 168.09
Equity Value 523.68
Shares Outstanding 18.77
Equity Value Per Share 27.91