Discounted Cash Flow (DCF) Analysis Unlevered

Territorial Bancorp Inc. (TBNK)

$19.47

-0.48 (-2.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 90.38 | 19.47 | 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 62.5962.9466.3764.3760.5060.0459.5959.1458.6958.25
Revenue (%)
EBITDA 36.7840.1149.2742.0230.0837.4337.1536.8736.5936.31
EBITDA (%)
EBIT 35.6538.8545.3337.5127.5534.9234.6634.3934.1333.88
EBIT (%)
Depreciation 1.131.253.934.512.532.512.492.472.462.44
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 34.9449.6253.43367.1099.86114.14113.28112.42111.58110.73
Total Cash (%)
Account Receivables 6.715.275.416.515.795.645.595.555.515.47
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 26.3923.3523.0429.2222.6423.6323.4523.2723.1022.92
Accounts Payable (%)
Capital Expenditure -2.55-0.36-0.72-1.76-1.28-1.27-1.26-1.25-1.24-1.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.47
Beta 0.499
Diluted Shares Outstanding 9.20
Cost of Debt
Tax Rate 26.77
After-tax Cost of Debt 3.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.050
Total Debt 151.74
Total Equity 179.06
Total Capital 330.80
Debt Weighting 45.87
Equity Weighting 54.13
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 62.5962.9466.3764.3760.5060.0459.5959.1458.6958.25
EBITDA 36.7840.1149.2742.0230.0837.4337.1536.8736.5936.31
EBIT 35.6538.8545.3337.5127.5534.9234.6634.3934.1333.88
Tax Rate 42.60%24.13%22.30%26.52%26.77%28.46%28.46%28.46%28.46%28.46%
EBIAT 20.4729.4835.2327.5620.1724.9824.7924.6024.4224.23
Depreciation 1.131.253.934.512.532.512.492.472.462.44
Accounts Receivable -1.44-0.13-1.110.730.150.040.040.040.04
Inventories ----------
Accounts Payable --3.04-0.316.18-6.580.99-0.18-0.18-0.18-0.17
Capital Expenditure -2.55-0.36-0.72-1.76-1.28-1.27-1.26-1.25-1.24-1.23
UFCF 19.0528.763835.3915.5727.3625.8925.6925.5025.31
WACC
PV UFCF 26.1423.6322.4021.2420.14
SUM PV UFCF 113.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.67
Free cash flow (t + 1) 25.81
Terminal Value 966.73
Present Value of Terminal Value 769.48

Intrinsic Value

Enterprise Value 883.04
Net Debt 51.88
Equity Value 831.15
Shares Outstanding 9.20
Equity Value Per Share 90.38