Discounted Cash Flow (DCF) Analysis Levered

Guaranty Bancshares, Inc. (GNTY)

$24.51

-0.65 (-2.58%)

All numbers are in Millions, Currency in USD

Stock DCF: 153.42 | 24.51 | undervalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	94.48	111.07	117.69	128.60	142.65	158.24	175.53	194.71	215.99	239.59
Revenue (%)
Operating Cash Flow	32.05	42.52	43.54	38.85	49.72	55.15	61.18	67.86	75.28	83.50
Operating Cash Flow (%)
Capital Expenditure	-5.09	-5.90	-2.90	-5.68	-6.27	-6.96	-7.72	-8.56	-9.49	-10.53
Capital Expenditure (%)
Free Cash Flow	26.96	36.62	40.65	33.16	43.45	48.19	53.46	59.30	65.78	72.97

Weighted Average Cost Of Capital

Share price	$ 24.51
Beta	0.426
Diluted Shares Outstanding	12.09
Cost of Debt
Tax Rate	17.89
After-tax Cost of Debt	4.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.664
Total Debt	-
Total Equity	296.40
Total Capital	296.40
Debt Weighting	0.00
Equity Weighting	100.00
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	94.48	111.07	117.69	128.60	142.65	158.24	175.53	194.71	215.99	239.59
Operating Cash Flow	32.05	42.52	43.54	38.85	49.72	55.15	61.18	67.86	75.28	83.50
Capital Expenditure	-5.09	-5.90	-2.90	-5.68	-6.27	-6.96	-7.72	-8.56	-9.49	-10.53
Free Cash Flow	26.96	36.62	40.65	33.16	43.45	48.19	53.46	59.30	65.78	72.97
WACC
PV LFCF					43.45	45.61	47.89	50.27	52.78	55.41
SUM PV LFCF										251.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.66
Free cash flow (t + 1)	74.43
Terminal Value	2,033.61
Present Value of Terminal Value	1,544.24

Intrinsic Value

Enterprise Value	1,796.20
Net Debt	-59.03
Equity Value	1,855.23
Shares Outstanding	12.09
Equity Value Per Share	153.42