Discounted Cash Flow (DCF) Analysis Unlevered
First Financial Corporation (THFF)
$36.72
+1.31 (+3.70%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 154.78 | 170.10 | 188.82 | 185.48 | 211.76 | 229.39 | 248.48 | 269.17 | 291.57 | 315.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 71.54 | 83.29 | 85.77 | 82.84 | 118.68 | 110.71 | 119.92 | 129.91 | 140.72 | 152.44 |
| EBITDA (%) | ||||||||||
| EBIT | 67.37 | 78.47 | 79.68 | 74.41 | 106.02 | 101.86 | 110.34 | 119.53 | 129.48 | 140.26 |
| EBIT (%) | ||||||||||
| Depreciation | 4.16 | 4.83 | 6.09 | 8.43 | 12.66 | 8.84 | 9.58 | 10.38 | 11.24 | 12.18 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 859.30 | 1,054.14 | 1,678.21 | 2,047.54 | 1,552.99 | 1,789.63 | 1,938.60 | 2,099.98 | 2,274.80 | 2,464.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 13.97 | 18.52 | 16.96 | 16.95 | 21.29 | 22.06 | 23.90 | 25.89 | 28.04 | 30.37 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.01 | -1.10 | -3.91 | -2.48 | -2.84 | -3.07 | -3.33 | -3.61 | -3.91 | -4.23 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 36.72 |
|---|---|
| Beta | 0.538 |
| Diluted Shares Outstanding | 13.72 |
| Cost of Debt | |
| Tax Rate | 18.97 |
| After-tax Cost of Debt | 18.38% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.322 |
| Total Debt | 80.46 |
| Total Equity | 503.65 |
| Total Capital | 584.12 |
| Debt Weighting | 13.78 |
| Equity Weighting | 86.22 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 154.78 | 170.10 | 188.82 | 185.48 | 211.76 | 229.39 | 248.48 | 269.17 | 291.57 | 315.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 71.54 | 83.29 | 85.77 | 82.84 | 118.68 | 110.71 | 119.92 | 129.91 | 140.72 | 152.44 |
| EBIT | 67.37 | 78.47 | 79.68 | 74.41 | 106.02 | 101.86 | 110.34 | 119.53 | 129.48 | 140.26 |
| Tax Rate | 19.31% | 19.88% | 17.84% | 19.24% | 18.97% | 19.05% | 19.05% | 19.05% | 19.05% | 19.05% |
| EBIAT | 54.37 | 62.87 | 65.46 | 60.09 | 85.90 | 82.46 | 89.32 | 96.76 | 104.81 | 113.54 |
| Depreciation | 4.16 | 4.83 | 6.09 | 8.43 | 12.66 | 8.84 | 9.58 | 10.38 | 11.24 | 12.18 |
| Accounts Receivable | - | -4.55 | 1.57 | 0.01 | -4.34 | -0.77 | -1.84 | -1.99 | -2.15 | -2.33 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -2.01 | -1.10 | -3.91 | -2.48 | -2.84 | -3.07 | -3.33 | -3.61 | -3.91 | -4.23 |
| UFCF | 56.52 | 62.04 | 69.21 | 66.05 | 91.39 | 87.46 | 93.74 | 101.54 | 110 | 119.15 |
| WACC | ||||||||||
| PV UFCF | 81 | 80.40 | 80.65 | 80.91 | 81.17 | |||||
| SUM PV UFCF | 404.13 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.98 |
| Free cash flow (t + 1) | 121.54 |
| Terminal Value | 2,032.38 |
| Present Value of Terminal Value | 1,384.49 |
Intrinsic Value
| Enterprise Value | 1,788.61 |
|---|---|
| Net Debt | -139.57 |
| Equity Value | 1,928.19 |
| Shares Outstanding | 13.72 |
| Equity Value Per Share | 140.58 |