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Discounted Cash Flow (DCF) Analysis Levered


Home Federal Bancorp Inc. of Louisiana

Home Federal Bancorp Inc. of Louisiana (HFBL)

Financial Services

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 13.4413.0114.9515.8317.0816.8717.1017.8318.5919.3920.21
Revenue (%)
Operating Cash Flow 11.47-2.40-0.727.053.3813.104.865.926.176.446.71
Operating Cash Flow (%)
Capital Expenditure -1.91-2.63-2.12-2.62-0.67-0.52-2.07-2.15-2.24-2.33-2.43
Capital Expenditure (%)
Free Cash Flow 9.56-5.03-2.834.432.7012.592.793.773.944.104.28

Weighted Average Cost Of Capital

Share price $ 37.94
Diluted Shares Outstanding 1.85
Cost of Debt
Tax Rate 21.29
After-tax Cost of Debt -1.01
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.57
Total Debt 1.35
Total Equity 70.19
Total Capital 71.54
Debt Weighting 1.89
Equity Weighting 98.11
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 13.4413.0114.9515.8317.0816.8717.1017.8318.5919.3920.21
Operating Cash Flow 11.47-2.40-0.727.053.3813.104.865.926.176.446.71
Capital Expenditure -1.91-2.63-2.12-2.62-0.67-0.52-2.07-2.15-2.24-2.33-2.43
Free Cash Flow 9.56-5.03-2.834.432.7012.592.793.773.944.104.28
WACC
PV LFCF 3.273.173.072.98
SUM PV LFCF 25.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.50
Free cash flow (t + 1) 5.41
Terminal Value 154.58
Present Value of Terminal Value 107.67

Intrinsic Value

Enterprise Value 137.91
Net Debt -14.51
Equity Value 152.42
Shares Outstanding 1.85
Equity Value Per Share 69.44