Discounted Cash Flow (DCF) Analysis Unlevered
OP Bancorp (OPBK)
$11.7
+0.15 (+1.30%)
All numbers are in Millions, Currency in USD
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 | 44.70 | 50.29 | 55.70 | 56.14 | 77.04 | 88.85 | 102.47 | 118.17 | 136.28 | 157.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 24.64 | 31.65 | 39.81 | 29.56 | 43.79 | 53.14 | 61.29 | 70.68 | 81.51 | 94 |
| EBITDA (%) | ||||||||||
| EBIT | 21.70 | 28.57 | 36.58 | 26.53 | 39.18 | 47.83 | 55.16 | 63.61 | 73.36 | 84.60 |
| EBIT (%) | ||||||||||
| Depreciation | 2.94 | 3.08 | 3.23 | 3.04 | 4.61 | 5.31 | 6.13 | 7.07 | 8.15 | 9.40 |
| 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 | 104.72 | 133.06 | 142.58 | 198.20 | 265.90 | 258.22 | 297.79 | 343.42 | 396.05 | 456.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.46 | 3.07 | 3.17 | 3.99 | 4.58 | 5.39 | 6.22 | 7.17 | 8.27 | 9.54 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.42 | 1.72 | 2.69 | 1.02 | 0.56 | 2.08 | 2.40 | 2.77 | 3.20 | 3.68 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.42 | -1.20 | -1.74 | -0.62 | -1.45 | -1.68 | -1.93 | -2.23 | -2.57 | -2.96 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 11.7 |
|---|---|
| Beta | 0.536 |
| Diluted Shares Outstanding | 15.16 |
| Cost of Debt | |
| Tax Rate | 29.03 |
| After-tax Cost of Debt | 21.57% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.061 |
| Total Debt | 10.31 |
| Total Equity | 177.32 |
| Total Capital | 187.62 |
| Debt Weighting | 5.49 |
| Equity Weighting | 94.51 |
| 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 | 44.70 | 50.29 | 55.70 | 56.14 | 77.04 | 88.85 | 102.47 | 118.17 | 136.28 | 157.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 24.64 | 31.65 | 39.81 | 29.56 | 43.79 | 53.14 | 61.29 | 70.68 | 81.51 | 94 |
| EBIT | 21.70 | 28.57 | 36.58 | 26.53 | 39.18 | 47.83 | 55.16 | 63.61 | 73.36 | 84.60 |
| Tax Rate | 46.08% | 26.75% | 24.09% | 28.01% | 29.03% | 30.79% | 30.79% | 30.79% | 30.79% | 30.79% |
| EBIAT | 11.70 | 20.93 | 27.77 | 19.10 | 27.81 | 33.10 | 38.17 | 44.02 | 50.77 | 58.55 |
| Depreciation | 2.94 | 3.08 | 3.23 | 3.04 | 4.61 | 5.31 | 6.13 | 7.07 | 8.15 | 9.40 |
| Accounts Receivable | - | -0.60 | -0.10 | -0.82 | -0.59 | -0.81 | -0.83 | -0.95 | -1.10 | -1.27 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.29 | 0.97 | -1.66 | -0.46 | 1.53 | 0.32 | 0.37 | 0.42 | 0.49 |
| Capital Expenditure | -0.42 | -1.20 | -1.74 | -0.62 | -1.45 | -1.68 | -1.93 | -2.23 | -2.57 | -2.96 |
| UFCF | 14.22 | 23.50 | 30.13 | 19.03 | 29.91 | 37.45 | 41.86 | 48.28 | 55.68 | 64.21 |
| WACC | ||||||||||
| PV UFCF | 35.03 | 36.63 | 39.51 | 42.62 | 45.98 | |||||
| SUM PV UFCF | 199.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.91 |
| Free cash flow (t + 1) | 65.50 |
| Terminal Value | 1,333.93 |
| Present Value of Terminal Value | 955.09 |
Intrinsic Value
| Enterprise Value | 1,154.85 |
|---|---|
| Net Debt | -105.15 |
| Equity Value | 1,260.01 |
| Shares Outstanding | 15.16 |
| Equity Value Per Share | 83.14 |