Discounted Cash Flow (DCF) Analysis Unlevered
Howard Bancorp, Inc. (HBMD)
$23.3
0.00 (-%)
All numbers are in Millions, Currency in USD
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 | 46.02 | 53.65 | 81.30 | 87.71 | 84.83 | 100.25 | 118.47 | 140.02 | 165.47 | 195.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 14.70 | 17.31 | 14.09 | 49.56 | 4.57 | 28.75 | 33.98 | 40.16 | 47.46 | 56.09 |
| EBITDA (%) | ||||||||||
| EBIT | 12.80 | 15.52 | 9.05 | 44.20 | -0.59 | 23.57 | 27.86 | 32.92 | 38.91 | 45.98 |
| EBIT (%) | ||||||||||
| Depreciation | 1.90 | 1.79 | 5.04 | 5.36 | 5.15 | 5.18 | 6.13 | 7.24 | 8.55 | 10.11 |
| 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 | 87.92 | 103.11 | 324.83 | 325.48 | 450.02 | 337.71 | 399.11 | 471.68 | 557.43 | 658.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5.20 | 6.66 | 17.84 | 29.33 | 35.31 | 24.20 | 28.60 | 33.80 | 39.95 | 47.21 |
| 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 | 46.02 | 53.65 | 81.30 | 87.71 | 84.83 | 100.25 | 118.47 | 140.02 | 165.47 | 195.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 14.70 | 17.31 | 14.09 | 49.56 | 4.57 | 28.75 | 33.98 | 40.16 | 47.46 | 56.09 |
| EBIT | 12.80 | 15.52 | 9.05 | 44.20 | -0.59 | 23.57 | 27.86 | 32.92 | 38.91 | 45.98 |
| Tax Rate | 35.64% | 30.45% | 18.98% | 23.52% | -27.31% | 16.26% | 16.26% | 16.26% | 16.26% | 16.26% |
| EBIAT | 8.24 | 10.79 | 7.33 | 33.80 | -0.74 | 19.74 | 23.33 | 27.57 | 32.58 | 38.51 |
| Depreciation | 1.90 | 1.79 | 5.04 | 5.36 | 5.15 | 5.18 | 6.13 | 7.24 | 8.55 | 10.11 |
| Accounts Receivable | - | -1.47 | -11.17 | -11.50 | -5.98 | 11.11 | -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 | 9.51 | 10.71 | -0.74 | 26.24 | -2.72 | 34.52 | 23.28 | 27.51 | 32.51 | 38.42 |
| WACC | ||||||||||
| PV UFCF | 32.28 | 20.35 | 22.48 | 24.84 | 27.44 | |||||
| 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 |