DCF Tool

AX

Axos Financial Inc. – Savings Institutions
Axos Financial, Inc. is the holding company for Axos Bank, a nationwide bank that provides consumer and business banking products through its low-cost distribution channels and affinity partners. With approximately $14.4 billion in assets, Axos Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. Axos Clearing LLC and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.'s common stock is listed on the NYSE under the symbol 'AX' and is a component of the Russell 2000® Index, the KBW Nasdaq Financial Technology Index, and the S&P SmallCap 600® Index.
Analysis Results
Intrinsic Value $174.26
Latest Price $34.23
Relative Value 80% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 14.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.2%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 433 402
2024 495 425
2025 565 450
2026 645 477
2027 737 505
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 12900 million. This corresponds to a present value of 8190 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2260 million. Adding in the terminal value gives a total present value of 10500 million.

There are presently 60.0 million outstanding shares, so the intrinsic value per share is 174.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 16,722,712,000
Current Cash 0
Current Liabilities 15,758,192,000
Current Debt 0
Non-Cash Working Capital (NCWC) 964,520,000
Change in NCWC 136,280,000
EBIT 339,959,000
Tax Provision 99,243,000
Depreciation and Amortization 35,495,000
Capital Expenditure -21,504,000
Unlevered Free Cash Flow 390,987,000
Current Assets 13,692,869,000
Current Cash 0
Current Liabilities 12,864,629,000
Current Debt 0
Non-Cash Working Capital (NCWC) 828,240,000
Change in NCWC 119,890,000
EBIT 305,743,000
Tax Provision 90,036,000
Depreciation and Amortization 34,722,000
Capital Expenditure -10,437,000
Unlevered Free Cash Flow 359,882,000
Current Assets 13,329,404,000
Current Cash 0
Current Liabilities 12,621,054,000
Current Debt 0
Non-Cash Working Capital (NCWC) 708,350,000
Change in NCWC -17,701,000
EBIT 262,632,000
Tax Provision 79,194,000
Depreciation and Amortization 34,986,000
Capital Expenditure -12,333,000
Unlevered Free Cash Flow 188,390,000
Current Assets 10,873,239,000
Current Cash 0
Current Liabilities 10,147,188,000
Current Debt 0
Non-Cash Working Capital (NCWC) 726,051,000
Change in NCWC 5,106,000
EBIT 212,806,000
Tax Provision 57,675,000
Depreciation and Amortization 16,471,000
Capital Expenditure -20,082,000
Unlevered Free Cash Flow 156,626,000
Current Assets 9,299,936,000
Current Cash 0
Current Liabilities 8,578,991,000
Current Debt 0
Non-Cash Working Capital (NCWC) 720,945,000
Change in NCWC 51,359,000
EBIT 239,699,000
Tax Provision 87,288,000
Depreciation and Amortization 8,574,000
Capital Expenditure -11,817,000
Unlevered Free Cash Flow 200,527,000
Current Assets 8,337,019,000
Current Cash 0
Current Liabilities 7,667,433,000
Current Debt 0
Non-Cash Working Capital (NCWC) 669,586,000
Change in NCWC 193,137,000
EBIT 232,693,000
Tax Provision 97,953,000
Depreciation and Amortization 6,094,000
Capital Expenditure -8,758,000
Unlevered Free Cash Flow 325,213,000
Current Assets 7,394,213,000
Current Cash 0
Current Liabilities 6,917,764,000
Current Debt 0
Non-Cash Working Capital (NCWC) 476,449,000
Change in NCWC 94,813,000
EBIT 204,895,000
Tax Provision 85,604,000
Depreciation and Amortization 4,795,000
Capital Expenditure -10,239,000
Unlevered Free Cash Flow 208,660,000
Current Assets 5,671,829,000
Current Cash 0
Current Liabilities 5,290,193,000
Current Debt 0
Non-Cash Working Capital (NCWC) 381,636,000
Change in NCWC 105,625,000
EBIT 140,857,000
Tax Provision 58,175,000
Depreciation and Amortization 3,273,000
Capital Expenditure -5,117,000
Unlevered Free Cash Flow 186,463,000
Current Assets 4,308,232,000
Current Cash 0
Current Liabilities 4,032,221,000
Current Debt 0
Non-Cash Working Capital (NCWC) 276,011,000
Change in NCWC 84,745,000
EBIT 94,269,000
Tax Provision 38,313,000
Depreciation and Amortization 2,874,000
Capital Expenditure -3,163,000
Unlevered Free Cash Flow 140,412,000
Current Assets 3,013,775,000
Current Cash 0
Current Liabilities 2,822,509,000
Current Debt 0
Non-Cash Working Capital (NCWC) 191,266,000
Change in NCWC 45,420,000
EBIT 68,201,000
Tax Provision 27,910,000
Depreciation and Amortization 1,904,000
Capital Expenditure -3,914,000
Unlevered Free Cash Flow 83,701,000
Current Assets 2,326,071,000
Current Cash 0
Current Liabilities 2,180,225,000
Current Debt 0
Non-Cash Working Capital (NCWC) 145,846,000
Change in NCWC 55,977,000
EBIT 49,537,000
Tax Provision 20,061,000
Depreciation and Amortization 1,316,000
Capital Expenditure -2,571,000
Unlevered Free Cash Flow 84,198,000

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