Discounted Cash Flow (DCF) Analysis Levered

Investar Holding Corporation (ISTR)

$11.47

-0.15 (-1.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 171.56 | 11.47 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 61.5971.0485.6796.26108.39124.90143.91165.82191.07220.16
Revenue (%)
Operating Cash Flow 16.4118.5717.7533.4842.7536.9042.5248.9956.4565.04
Operating Cash Flow (%)
Capital Expenditure -4.94-7.92-7.59-3.32-1.06-8.10-9.34-10.76-12.40-14.28
Capital Expenditure (%)
Free Cash Flow 11.4810.6510.1630.1641.6928.8033.1838.2344.0550.76

Weighted Average Cost Of Capital

Share price $ 11.47
Beta 0.648
Diluted Shares Outstanding 10.18
Cost of Debt
Tax Rate 19.48
After-tax Cost of Debt 3.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.196
Total Debt 439.74
Total Equity 116.77
Total Capital 556.51
Debt Weighting 79.02
Equity Weighting 20.98
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 61.5971.0485.6796.26108.39124.90143.91165.82191.07220.16
Operating Cash Flow 16.4118.5717.7533.4842.7536.9042.5248.9956.4565.04
Capital Expenditure -4.94-7.92-7.59-3.32-1.06-8.10-9.34-10.76-12.40-14.28
Free Cash Flow 11.4810.6510.1630.1641.6928.8033.1838.2344.0550.76
WACC
PV LFCF 22.5724.9827.6430.5833.83
SUM PV LFCF 170.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.14
Free cash flow (t + 1) 51.78
Terminal Value 2,419.41
Present Value of Terminal Value 1,975.25

Intrinsic Value

Enterprise Value 2,146.24
Net Debt 399.67
Equity Value 1,746.57
Shares Outstanding 10.18
Equity Value Per Share 171.56