Discounted Cash Flow (DCF) Analysis Unlevered

Triumph Financial, Inc. (TBKCP)

$25.2

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 52.46 | 25.2 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 287.47335.36423.63484.56417.51462.94513.31569.16631.09699.76
Revenue (%)
EBITDA 84.5893.04155.83167.6737.88127.42141.29156.66173.71192.61
EBITDA (%)
EBIT 67.3173.99132.92142.4512.62101.17112.18124.39137.92152.93
EBIT (%)
Depreciation 17.2719.0522.9125.2225.2626.2529.1032.2735.7839.68
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 446.70538.70565.60662.69392.72629.93698.47774.47858.74952.18
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -21.34-17.57-14.36-10.91-26.96-22.93-25.42-28.19-31.26-34.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.2
Beta 1.132
Diluted Shares Outstanding 23.56
Cost of Debt
Tax Rate 22.22
After-tax Cost of Debt 10.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.594
Total Debt 405.42
Total Equity 593.77
Total Capital 999.19
Debt Weighting 40.57
Equity Weighting 59.43
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 287.47335.36423.63484.56417.51462.94513.31569.16631.09699.76
EBITDA 84.5893.04155.83167.6737.88127.42141.29156.66173.71192.61
EBIT 67.3173.99132.92142.4512.62101.17112.18124.39137.92152.93
Tax Rate 22.40%24.42%22.06%25.32%22.22%23.28%23.28%23.28%23.28%23.28%
EBIAT 52.2355.92103.59106.389.8277.6286.0695.42105.81117.32
Depreciation 17.2719.0522.9125.2225.2626.2529.1032.2735.7839.68
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -21.34-17.57-14.36-10.91-26.96-22.93-25.42-28.19-31.26-34.66
UFCF 48.1657.40112.14120.698.1180.9489.7499.51110.34122.34
WACC
PV UFCF 73.6374.2674.9075.5576.21
SUM PV UFCF 374.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.93
Free cash flow (t + 1) 124.79
Terminal Value 1,573.62
Present Value of Terminal Value 980.21

Intrinsic Value

Enterprise Value 1,354.76
Net Debt 118.78
Equity Value 1,235.98
Shares Outstanding 23.56
Equity Value Per Share 52.46