Discounted Cash Flow (DCF) Analysis Levered

First Community Corporation (FCCO)

$18.25

+0.07 (+0.39%)

All numbers are in Millions, Currency in USD

Stock DCF: 26.83 | 18.25 | 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	37.84	43.82	45.79	50.40	59.01	66.01	73.84	82.60	92.40	103.37
Revenue (%)
Operating Cash Flow	18.35	20.16	4.99	-17.05	3.22	10.17	11.38	12.73	14.24	15.93
Operating Cash Flow (%)
Capital Expenditure	-3.07	-1.47	-2.79	-1.09	-2.91	-3.25	-3.64	-4.07	-4.56	-5.10
Capital Expenditure (%)
Free Cash Flow	15.28	18.69	2.20	-18.13	0.31	6.92	7.74	8.65	9.68	10.83

Weighted Average Cost Of Capital

Share price	$ 18.25
Beta	0.548
Diluted Shares Outstanding	7.56
Cost of Debt
Tax Rate	21.29
After-tax Cost of Debt	11,788,209.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.480
Total Debt	0
Total Equity	138.06
Total Capital	138.06
Debt Weighting	0.00
Equity Weighting	100.00
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	37.84	43.82	45.79	50.40	59.01	66.01	73.84	82.60	92.40	103.37
Operating Cash Flow	18.35	20.16	4.99	-17.05	3.22	10.17	11.38	12.73	14.24	15.93
Capital Expenditure	-3.07	-1.47	-2.79	-1.09	-2.91	-3.25	-3.64	-4.07	-4.56	-5.10
Free Cash Flow	15.28	18.69	2.20	-18.13	0.31	6.92	7.74	8.65	9.68	10.83
WACC
PV LFCF						6.48	6.79	7.11	7.45	7.81
SUM PV LFCF										35.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.76
Free cash flow (t + 1)	11.05
Terminal Value	232.06
Present Value of Terminal Value	167.33

Intrinsic Value

Enterprise Value	202.97
Net Debt	-0
Equity Value	202.97
Shares Outstanding	7.56
Equity Value Per Share	26.83