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Discounted Cash Flow (DCF) Analysis Unlevered


Home Federal Bancorp Inc. of Louisiana

Home Federal Bancorp Inc. of Louisiana (HFBL)

Financial Services

Operating Data

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 (%)
EBITDA 4.984.385.405.465.916.326.566.416.696.977.27
EBITDA (%)
EBIT 4.764.085.025.025.415.826.035.946.206.466.74
EBIT (%)
Depreciation 0.220.300.380.440.510.500.540.470.490.510.53
Depreciation (%)

Balance Sheet Data

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
Total Cash ---21.174.7611.9115.8714.4815.1015.7516.42
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
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 (%)

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

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
EBITDA 4.984.385.405.465.916.326.566.416.696.977.27
EBIT 4.764.085.025.025.415.826.035.946.206.466.74
Tax Rate 34.22%32.68%33.11%32.74%32.50%38.69%21.29%32.18%32.18%32.18%32.18%
EBIAT 3.132.743.353.383.653.574.744.034.204.384.57
Depreciation 0.220.300.380.440.510.500.540.470.490.510.53
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -0.72-0.520.50-1.95-0.161.550.080.090.100.10
UFCF 3.353.773.224.322.213.926.834.584.784.995.20
WACC
PV UFCF 3.963.853.743.62
SUM PV UFCF 30.24

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 82.39