Discounted Cash Flow (DCF) Analysis Unlevered

First Financial Corporation (THFF)

$36.72

+1.31 (+3.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 140.58 | 36.72 | undervalue

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 154.78170.10188.82185.48211.76229.39248.48269.17291.57315.84
Revenue (%)
EBITDA 71.5483.2985.7782.84118.68110.71119.92129.91140.72152.44
EBITDA (%)
EBIT 67.3778.4779.6874.41106.02101.86110.34119.53129.48140.26
EBIT (%)
Depreciation 4.164.836.098.4312.668.849.5810.3811.2412.18
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 859.301,054.141,678.212,047.541,552.991,789.631,938.602,099.982,274.802,464.16
Total Cash (%)
Account Receivables 13.9718.5216.9616.9521.2922.0623.9025.8928.0430.37
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 154.78170.10188.82185.48211.76229.39248.48269.17291.57315.84
EBITDA 71.5483.2985.7782.84118.68110.71119.92129.91140.72152.44
EBIT 67.3778.4779.6874.41106.02101.86110.34119.53129.48140.26
Tax Rate 19.31%19.88%17.84%19.24%18.97%19.05%19.05%19.05%19.05%19.05%
EBIAT 54.3762.8765.4660.0985.9082.4689.3296.76104.81113.54
Depreciation 4.164.836.098.4312.668.849.5810.3811.2412.18
Accounts Receivable --4.551.570.01-4.34-0.77-1.84-1.99-2.15-2.33
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 56.5262.0469.2166.0591.3987.4693.74101.54110119.15
WACC
PV UFCF 8180.4080.6580.9181.17
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