Discounted Cash Flow (DCF) Analysis Unlevered
HarborOne Bancorp, Inc. (HONE)
$9.38
-0.10 (-1.05%)
All numbers are in Millions, Currency in USD
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 | 131.43 | 162.73 | 247.06 | 224.53 | 202.53 | 231.25 | 264.05 | 301.49 | 344.25 | 393.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 44.97 | 75.16 | 92.18 | 98.59 | 89.49 | 95.19 | 108.69 | 124.10 | 141.70 | 161.80 |
| EBITDA (%) | ||||||||||
| EBIT | 40.98 | 68.40 | 86.50 | 92.98 | 84.67 | 88.54 | 101.10 | 115.44 | 131.81 | 150.50 |
| EBIT (%) | ||||||||||
| Depreciation | 3.99 | 6.77 | 5.68 | 5.62 | 4.82 | 6.65 | 7.59 | 8.67 | 9.89 | 11.30 |
| 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 | 314.81 | 451.09 | 482.37 | 588.76 | 399.17 | 541.73 | 618.55 | 706.27 | 806.43 | 920.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10 | 9.81 | 11.87 | 10.62 | 15.14 | 14.17 | 16.18 | 18.48 | 21.10 | 24.09 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.61 | 1.67 | 1.26 | 1.08 | 2.32 | 2.03 | 2.32 | 2.65 | 3.02 | 3.45 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.54 | -4.43 | -5.74 | -6.46 | -2.26 | -6.13 | -7 | -8 | -9.13 | -10.43 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.38 |
|---|---|
| Beta | 0.678 |
| Diluted Shares Outstanding | 47.12 |
| Cost of Debt | |
| Tax Rate | 26.15 |
| After-tax Cost of Debt | 3.89% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.914 |
| Total Debt | 434.96 |
| Total Equity | 441.97 |
| Total Capital | 876.93 |
| Debt Weighting | 49.60 |
| Equity Weighting | 50.40 |
| 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 | 131.43 | 162.73 | 247.06 | 224.53 | 202.53 | 231.25 | 264.05 | 301.49 | 344.25 | 393.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 44.97 | 75.16 | 92.18 | 98.59 | 89.49 | 95.19 | 108.69 | 124.10 | 141.70 | 161.80 |
| EBIT | 40.98 | 68.40 | 86.50 | 92.98 | 84.67 | 88.54 | 101.10 | 115.44 | 131.81 | 150.50 |
| Tax Rate | 19.80% | 19.44% | 22.78% | 27.26% | 26.15% | 23.09% | 23.09% | 23.09% | 23.09% | 23.09% |
| EBIAT | 32.87 | 55.10 | 66.79 | 67.63 | 62.53 | 68.10 | 77.76 | 88.79 | 101.38 | 115.76 |
| Depreciation | 3.99 | 6.77 | 5.68 | 5.62 | 4.82 | 6.65 | 7.59 | 8.67 | 9.89 | 11.30 |
| Accounts Receivable | - | 0.19 | -2.07 | 1.25 | -4.52 | 0.97 | -2.01 | -2.30 | -2.62 | -2.99 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.06 | -0.41 | -0.18 | 1.24 | -0.29 | 0.29 | 0.33 | 0.38 | 0.43 |
| Capital Expenditure | -5.54 | -4.43 | -5.74 | -6.46 | -2.27 | -6.13 | -7 | -8 | -9.13 | -10.43 |
| UFCF | 31.31 | 57.68 | 64.25 | 67.86 | 61.81 | 69.29 | 76.62 | 87.49 | 99.90 | 114.06 |
| WACC | ||||||||||
| PV UFCF | 65.72 | 68.95 | 74.68 | 80.88 | 87.61 | |||||
| SUM PV UFCF | 377.84 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.42 |
| Free cash flow (t + 1) | 116.35 |
| Terminal Value | 3,401.90 |
| Present Value of Terminal Value | 2,612.80 |
Intrinsic Value
| Enterprise Value | 2,990.64 |
|---|---|
| Net Debt | 336.94 |
| Equity Value | 2,653.70 |
| Shares Outstanding | 47.12 |
| Equity Value Per Share | 56.32 |