Discounted Cash Flow (DCF) Analysis Unlevered

Waterstone Financial, Inc. (WSBF)

$16.35

-0.68 (-3.99%)
All numbers are in Millions, Currency in USD
Stock DCF: 240.01 | 16.35 | 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 175.15169179.66292.87254.10287.50325.29368.04416.41471.15
Revenue (%)
EBITDA 62.9562.2977.81138.71112.52119.46135.16152.92173.02195.76
EBITDA (%)
EBIT 60.7959.8075.12133.10106.47114.57129.63146.67165.95187.76
EBIT (%)
Depreciation 2.162.492.695.616.054.885.536.257.078
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 231.28246.72240.07235.54541.76405.54458.84519.15587.39664.59
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.58-3.96-3.11-1.23-0.78-3.28-3.71-4.20-4.75-5.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.35
Beta 0.474
Diluted Shares Outstanding 24.61
Cost of Debt
Tax Rate 23.14
After-tax Cost of Debt 2.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.202
Total Debt 477.13
Total Equity 402.32
Total Capital 879.45
Debt Weighting 54.25
Equity Weighting 45.75
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 175.15169179.66292.87254.10287.50325.29368.04416.41471.15
EBITDA 62.9562.2977.81138.71112.52119.46135.16152.92173.02195.76
EBIT 60.7959.8075.12133.10106.47114.57129.63146.67165.95187.76
Tax Rate 41.57%23.65%24.53%24.95%23.14%27.57%27.57%27.57%27.57%27.57%
EBIAT 35.5245.6656.6999.9081.8382.9993.90106.24120.20136
Depreciation 2.162.492.695.616.054.885.536.257.078
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1.58-3.96-3.11-1.23-0.78-3.28-3.71-4.20-4.75-5.37
UFCF 36.1044.1856.26104.2887.1084.5995.71108.29122.52138.63
WACC
PV UFCF 81.2788.3496.02104.37113.45
SUM PV UFCF 483.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.09
Free cash flow (t + 1) 141.40
Terminal Value 6,765.58
Present Value of Terminal Value 5,536.81

Intrinsic Value

Enterprise Value 6,020.26
Net Debt 114.39
Equity Value 5,905.88
Shares Outstanding 24.61
Equity Value Per Share 240.01