Discounted Cash Flow (DCF) Analysis Levered

Allegiance Bancshares, Inc. (ABTX)

$46.13

+0.70 (+1.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 170.68 | 46.13 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 109.53136.29192.96210.84237.13289.14352.57429.91524.22639.22
Revenue (%)
Operating Cash Flow 33.4346.0666.8761.06107.38100.17122.14148.94181.61221.45
Operating Cash Flow (%)
Capital Expenditure -2.13-3.42-13.39-7.18-2.93-9.27-11.31-13.79-16.81-20.50
Capital Expenditure (%)
Free Cash Flow 31.3042.6453.4853.88104.4590.90110.84135.15164.80200.95

Weighted Average Cost Of Capital

Share price $ 46.13
Beta 0.958
Diluted Shares Outstanding 20.55
Cost of Debt
Tax Rate 18.36
After-tax Cost of Debt 10.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.371
Total Debt 198.80
Total Equity 947.79
Total Capital 1,146.59
Debt Weighting 17.34
Equity Weighting 82.66
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 109.53136.29192.96210.84237.13289.14352.57429.91524.22639.22
Operating Cash Flow 33.4346.0666.8761.06107.38100.17122.14148.94181.61221.45
Capital Expenditure -2.13-3.42-13.39-7.18-2.93-9.27-11.31-13.79-16.81-20.50
Free Cash Flow 31.3042.6453.4853.88104.4590.90110.84135.15164.80200.95
WACC
PV LFCF 84.2895.29107.73121.81137.72
SUM PV LFCF 546.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.85
Free cash flow (t + 1) 204.97
Terminal Value 3,503.70
Present Value of Terminal Value 2,401.19

Intrinsic Value

Enterprise Value 2,948.01
Net Debt -558.71
Equity Value 3,506.71
Shares Outstanding 20.55
Equity Value Per Share 170.68