Discounted Cash Flow (DCF) Analysis Unlevered
Malvern Bancorp, Inc. (MLVF)
$15.45
0.00 (0.00%)
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 | 30.34 | 31.67 | 29.52 | 31.82 | 35 | 36.34 | 37.74 | 39.19 | 40.70 | 42.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 25.38 | 31.19 | 22.64 | 11.55 | 14.56 | 24.48 | 25.42 | 26.40 | 27.41 | 28.47 |
| EBITDA (%) | ||||||||||
| EBIT | 24.58 | 30.38 | 21.83 | 10.05 | 14.56 | 23.56 | 24.46 | 25.40 | 26.38 | 27.40 |
| EBIT (%) | ||||||||||
| Depreciation | 0.80 | 0.81 | 0.81 | 1.50 | 0 | 0.92 | 0.96 | 0.99 | 1.03 | 1.07 |
| 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 | 55.13 | 171.95 | 92.98 | 177.40 | 54.52 | 127.42 | 132.32 | 137.41 | 142.69 | 148.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.80 | 4.25 | 3.68 | 3.51 | 806.11 | 171.01 | 177.59 | 184.42 | 191.51 | 198.87 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.78 | 0.98 | 0.73 | 0.57 | 0.87 | 0.90 | 0.94 | 0.97 | 1.01 | 1.05 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.56 | -0.26 | -0.30 | -0.18 | -0 | -0.31 | -0.32 | -0.33 | -0.34 | -0.36 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.45 |
|---|---|
| Beta | 0.659 |
| Diluted Shares Outstanding | 7.56 |
| Cost of Debt | |
| Tax Rate | 21.68 |
| After-tax Cost of Debt | 3.92% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.921 |
| Total Debt | - |
| Total Equity | 116.87 |
| Total Capital | 116.87 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 30.34 | 31.67 | 29.52 | 31.82 | 35 | 36.34 | 37.74 | 39.19 | 40.70 | 42.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 25.38 | 31.19 | 22.64 | 11.55 | 14.56 | 24.48 | 25.42 | 26.40 | 27.41 | 28.47 |
| EBIT | 24.58 | 30.38 | 21.83 | 10.05 | 14.56 | 23.56 | 24.46 | 25.40 | 26.38 | 27.40 |
| Tax Rate | 36.92% | 20.92% | 21.00% | 69.74% | 21.68% | 34.05% | 34.05% | 34.05% | 34.05% | 34.05% |
| EBIAT | 15.50 | 24.02 | 17.25 | 3.04 | 11.40 | 15.54 | 16.13 | 16.75 | 17.40 | 18.07 |
| Depreciation | 0.80 | 0.81 | 0.81 | 1.50 | 0 | 0.92 | 0.96 | 0.99 | 1.03 | 1.07 |
| Accounts Receivable | - | -0.45 | 0.58 | 0.17 | -802.59 | 635.09 | -6.58 | -6.83 | -7.09 | -7.36 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.19 | -0.25 | -0.16 | 0.30 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 |
| Capital Expenditure | -0.56 | -0.26 | -0.30 | -0.17 | -0 | -0.31 | -0.32 | -0.33 | -0.34 | -0.36 |
| UFCF | 15.75 | 24.31 | 18.09 | 4.38 | -790.89 | 651.27 | 10.23 | 10.62 | 11.03 | 11.46 |
| WACC | ||||||||||
| PV UFCF | 609.12 | 8.95 | 8.69 | 8.44 | 8.20 | |||||
| SUM PV UFCF | 643.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.92 |
| Free cash flow (t + 1) | 11.68 |
| Terminal Value | 237.49 |
| Present Value of Terminal Value | 169.96 |
Intrinsic Value
| Enterprise Value | 813.36 |
|---|---|
| Net Debt | -4.68 |
| Equity Value | 818.04 |
| Shares Outstanding | 7.56 |
| Equity Value Per Share | 108.15 |