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	34.57	34.74	34.55	42.75	45.68	49.17	52.92	56.96	61.31	65.98
Revenue (%)
Operating Cash Flow	10.62	12.17	11.95	14.04	17.49	16.86	18.15	19.53	21.02	22.63
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	7.71	11.83	10.90	12.02	14.89	14.62	15.73	16.93	18.22	19.61

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	34.57	34.74	34.55	42.75	45.68	49.17	52.92	56.96	61.31	65.98
Operating Cash Flow	10.62	12.17	11.95	14.04	17.49	16.86	18.15	19.53	21.02	22.63
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	7.71	11.83	10.90	12.02	14.89	14.62	15.73	16.93	18.22	19.61
WACC
PV LFCF						13.76	13.94	14.12	14.30	14.49
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