Discounted Cash Flow (DCF) Analysis Levered
Allegiance Bancshares, Inc. (ABTX)
$46.13
+0.70 (+1.54%)
All numbers are in Millions, Currency in USD
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 | 109.53 | 136.29 | 192.96 | 210.84 | 237.13 | 289.14 | 352.57 | 429.91 | 524.22 | 639.22 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 33.43 | 46.06 | 66.87 | 61.06 | 107.38 | 100.17 | 122.14 | 148.94 | 181.61 | 221.45 |
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 | 31.30 | 42.64 | 53.48 | 53.88 | 104.45 | 90.90 | 110.84 | 135.15 | 164.80 | 200.95 |
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 | 109.53 | 136.29 | 192.96 | 210.84 | 237.13 | 289.14 | 352.57 | 429.91 | 524.22 | 639.22 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 33.43 | 46.06 | 66.87 | 61.06 | 107.38 | 100.17 | 122.14 | 148.94 | 181.61 | 221.45 |
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 | 31.30 | 42.64 | 53.48 | 53.88 | 104.45 | 90.90 | 110.84 | 135.15 | 164.80 | 200.95 |
WACC | ||||||||||
PV LFCF | 84.28 | 95.29 | 107.73 | 121.81 | 137.72 | |||||
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 |