Discounted Cash Flow (DCF) Analysis Unlevered

OP Bancorp (OPBK)

$11.7

+0.15 (+1.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 83.14 | 11.7 | 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 44.7050.2955.7056.1477.0488.85102.47118.17136.28157.16
Revenue (%)
EBITDA 24.6431.6539.8129.5643.7953.1461.2970.6881.5194
EBITDA (%)
EBIT 21.7028.5736.5826.5339.1847.8355.1663.6173.3684.60
EBIT (%)
Depreciation 2.943.083.233.044.615.316.137.078.159.40
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 104.72133.06142.58198.20265.90258.22297.79343.42396.05456.75
Total Cash (%)
Account Receivables 2.463.073.173.994.585.396.227.178.279.54
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.421.722.691.020.562.082.402.773.203.68
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 44.7050.2955.7056.1477.0488.85102.47118.17136.28157.16
EBITDA 24.6431.6539.8129.5643.7953.1461.2970.6881.5194
EBIT 21.7028.5736.5826.5339.1847.8355.1663.6173.3684.60
Tax Rate 46.08%26.75%24.09%28.01%29.03%30.79%30.79%30.79%30.79%30.79%
EBIAT 11.7020.9327.7719.1027.8133.1038.1744.0250.7758.55
Depreciation 2.943.083.233.044.615.316.137.078.159.40
Accounts Receivable --0.60-0.10-0.82-0.59-0.81-0.83-0.95-1.10-1.27
Inventories ----------
Accounts Payable -1.290.97-1.66-0.461.530.320.370.420.49
Capital Expenditure -0.42-1.20-1.74-0.62-1.45-1.68-1.93-2.23-2.57-2.96
UFCF 14.2223.5030.1319.0329.9137.4541.8648.2855.6864.21
WACC
PV UFCF 35.0336.6339.5142.6245.98
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