Discounted Cash Flow (DCF) Analysis Unlevered

Northfield Bancorp, Inc. (Staten Is... (NFBK)

$14.77

+0.01 (+0.07%)
All numbers are in Millions, Currency in USD
Stock DCF: 63.53 | 14.77 | 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 120.53119.37126.59141.28170.10185.87203.11221.94242.52265
Revenue (%)
EBITDA 79.3489.11115.2897.06122.26138.33151.15165.17180.48197.22
EBITDA (%)
EBIT 75.7285.76106.3888.36113.78129.42141.42154.53168.85184.51
EBIT (%)
Depreciation 3.623.358.908.698.488.919.7410.6411.6312.71
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 572.96885.791,286.171,352.351,299.311,470.051,606.351,755.291,918.032,095.87
Total Cash (%)
Account Receivables 10.7112.9614.6114.6914.5718.6820.4122.3024.3726.63
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -2.06-2.88-3.62-3.06-1.64-3.76-4.11-4.49-4.91-5.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.77
Beta 0.682
Diluted Shares Outstanding 48.49
Cost of Debt
Tax Rate 27.26
After-tax Cost of Debt 2.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.099
Total Debt 411.61
Total Equity 716.14
Total Capital 1,127.75
Debt Weighting 36.50
Equity Weighting 63.50
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 120.53119.37126.59141.28170.10185.87203.11221.94242.52265
EBITDA 79.3489.11115.2897.06122.26138.33151.15165.17180.48197.22
EBIT 75.7285.76106.3888.36113.78129.42141.42154.53168.85184.51
Tax Rate 52.14%19.38%24.12%26.06%27.26%29.79%29.79%29.79%29.79%29.79%
EBIAT 36.2469.1480.7265.3382.7790.8699.29108.50118.55129.55
Depreciation 3.623.358.908.698.488.919.7410.6411.6312.71
Accounts Receivable --2.25-1.65-0.080.12-4.11-1.73-1.89-2.07-2.26
Inventories ----------
Accounts Payable ----------
Capital Expenditure -2.06-2.88-3.62-3.06-1.64-3.76-4.11-4.49-4.91-5.36
UFCF 37.7967.3684.3570.8989.7391.91103.19112.75123.21134.63
WACC
PV UFCF 87.0592.5795.8199.16102.62
SUM PV UFCF 477.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.58
Free cash flow (t + 1) 137.33
Terminal Value 3,835.91
Present Value of Terminal Value 2,923.88

Intrinsic Value

Enterprise Value 3,401.09
Net Debt 320.54
Equity Value 3,080.55
Shares Outstanding 48.49
Equity Value Per Share 63.53