Discounted Cash Flow (DCF) Analysis Levered

First Guaranty Bancshares, Inc. (FGBI)

$21.88

+0.57 (+2.67%)
All numbers are in Millions, Currency in USD
Stock DCF: 58.12 | 21.88 | 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 60.3361.0968.7697.11100.38115.04131.83151.08173.15198.43
Revenue (%)
Operating Cash Flow 12.2726.8929.0823.7626.5236.2441.5447.6054.5562.52
Operating Cash Flow (%)
Capital Expenditure -6.81-3.79-11.93-6.31-2.20-10.02-11.48-13.16-15.08-17.28
Capital Expenditure (%)
Free Cash Flow 5.4623.1017.1517.4524.3226.2330.0634.4439.4745.24

Weighted Average Cost Of Capital

Share price $ 21.88
Beta 0.493
Diluted Shares Outstanding 10.72
Cost of Debt
Tax Rate 20.77
After-tax Cost of Debt 40.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.129
Total Debt 43.20
Total Equity 234.48
Total Capital 277.68
Debt Weighting 15.56
Equity Weighting 84.44
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 60.3361.0968.7697.11100.38115.04131.83151.08173.15198.43
Operating Cash Flow 12.2726.8929.0823.7626.5236.2441.5447.6054.5562.52
Capital Expenditure -6.81-3.79-11.93-6.31-2.20-10.02-11.48-13.16-15.08-17.28
Free Cash Flow 5.4623.1017.1517.4524.3226.2330.0634.4439.4745.24
WACC
PV LFCF 23.5124.1624.8225.5026.20
SUM PV LFCF 124.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.54
Free cash flow (t + 1) 46.14
Terminal Value 483.68
Present Value of Terminal Value 280.16

Intrinsic Value

Enterprise Value 404.36
Net Debt -218.55
Equity Value 622.91
Shares Outstanding 10.72
Equity Value Per Share 58.12