Discounted Cash Flow (DCF) Analysis Levered

Boston Omaha Corporation (BOC)

$21.84

-0.77 (-3.41%)
All numbers are in Millions, Currency in USD
Stock DCF: -82.80 | 21.84 | overvalue

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 9.0120.0241.3945.7456.9794.56156.94260.48432.34717.57
Revenue (%)
Operating Cash Flow -3.250.049.615.577.772.504.156.8911.4418.99
Operating Cash Flow (%)
Capital Expenditure -2.27-3.12-2.81-8.57-21.01-19.51-32.38-53.74-89.20-148.04
Capital Expenditure (%)
Free Cash Flow -5.51-3.086.80-3-13.24-17.01-28.23-46.85-77.76-129.06

Weighted Average Cost Of Capital

Share price $ 21.84
Beta 0.803
Diluted Shares Outstanding 29.05
Cost of Debt
Tax Rate 27.91
After-tax Cost of Debt 0.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.288
Total Debt 90.61
Total Equity 634.38
Total Capital 724.99
Debt Weighting 12.50
Equity Weighting 87.50
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 9.0120.0241.3945.7456.9794.56156.94260.48432.34717.57
Operating Cash Flow -3.250.049.615.577.772.504.156.8911.4418.99
Capital Expenditure -2.27-3.12-2.81-8.57-21.01-19.51-32.38-53.74-89.20-148.04
Free Cash Flow -5.51-3.086.80-3-13.24-17.01-28.23-46.85-77.76-129.06
WACC
PV LFCF -15.97-24.90-38.82-60.51-94.33
SUM PV LFCF -234.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.47
Free cash flow (t + 1) -131.64
Terminal Value -2,944.92
Present Value of Terminal Value -2,152.47

Intrinsic Value

Enterprise Value -2,387
Net Debt 18.10
Equity Value -2,405.11
Shares Outstanding 29.05
Equity Value Per Share -82.80