Discounted Cash Flow

FS Bancorp, Inc.

FSBW · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $33.9m $10.5m $-7.0k 31.0% $3.63
2017 $41.2m (21.8%) $14.1m (34.2%) $14.1m (201071.4%) 34.1% (10.1%) $4.55 (25.3%)
2018 $26.9m (-34.9%) $24.3m (72.9%) $17.6m (25.4%) 90.7% (165.6%) $6.58 (44.6%)
2019 $23.0m (-14.2%) $22.7m (-6.7%) $6.7m (-61.9%) 98.6% (8.8%) $5.13 (-22.0%)
2020 $2.7m (-88.4%) $39.3m (72.8%) $-33.7m (-601.9%) 1473.3% (1393.9%) $9.14 (78.2%)
2021 $3.0m (12.9%) $37.4m (-4.7%) $107.0m (417.6%) 1243.3% (-15.6%) $4.42 (-51.6%)
2022 $3.2m (5.8%) $29.6m (-20.8%) $183.3m (71.3%) 930.9% (-25.1%) $3.75 (-15.2%)
2023 $4.6m (44.8%) $36.1m (21.6%) $76.0m (-58.5%) 781.7% (-16.0%) $4.63 (23.5%)
2024 $123.1m (2569.2%) $35.0m (-2.9%) $49.2m (-35.3%) 28.5% (-96.4%) $4.48 (-3.2%)
2025 $130.4m (5.9%) $33.3m (-4.8%) $51.9m (5.6%) 25.6% (-10.1%) $4.35 (-2.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model