Discounted Cash Flow (DCF) Analysis Levered

Citizens Holding Company (CIZN)

$17.42

+0.15 (+0.87%)
All numbers are in Millions, Currency in USD
Stock DCF: 71.98 | 17.42 | 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 34.5734.7434.5542.7545.6849.1752.9256.9661.3165.98
Revenue (%)
Operating Cash Flow 10.6212.1711.9514.0417.4916.8618.1519.5321.0222.63
Operating Cash Flow (%)
Capital Expenditure -2.91-0.35-1.04-2.02-2.60-2.25-2.42-2.60-2.80-3.01
Capital Expenditure (%)
Free Cash Flow 7.7111.8310.9012.0214.8914.6215.7316.9318.2219.61

Weighted Average Cost Of Capital

Share price $ 17.42
Beta 0.062
Diluted Shares Outstanding 5.57
Cost of Debt
Tax Rate 16.03
After-tax Cost of Debt 23.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.058
Total Debt 18
Total Equity 97.10
Total Capital 115.10
Debt Weighting 15.64
Equity Weighting 84.36
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 34.5734.7434.5542.7545.6849.1752.9256.9661.3165.98
Operating Cash Flow 10.6212.1711.9514.0417.4916.8618.1519.5321.0222.63
Capital Expenditure -2.91-0.35-1.04-2.02-2.60-2.25-2.42-2.60-2.80-3.01
Free Cash Flow 7.7111.8310.9012.0214.8914.6215.7316.9318.2219.61
WACC
PV LFCF 13.7613.9414.1214.3014.49
SUM PV LFCF 70.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.24
Free cash flow (t + 1) 20.01
Terminal Value 471.84
Present Value of Terminal Value 348.62

Intrinsic Value

Enterprise Value 419.23
Net Debt 18
Equity Value 401.23
Shares Outstanding 5.57
Equity Value Per Share 71.98