Discounted Cash Flow (DCF) Analysis Levered

Landmark Bancorp, Inc. (LARK)

$19.6

+0.45 (+2.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 165.25 | 19.6 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 46.1663.8460.5852.5864.6871.6479.3487.8797.31107.77
Revenue (%)
Operating Cash Flow 9.2814.8131.1624.7842.5329.7532.9436.4940.4144.75
Operating Cash Flow (%)
Capital Expenditure -1.04-0.36-1.32-0.88-1.08-1.19-1.32-1.46-1.62-1.80
Capital Expenditure (%)
Free Cash Flow 8.2414.4529.8323.9041.4528.5531.6235.0238.7942.96

Weighted Average Cost Of Capital

Share price $ 19.6
Beta 0.457
Diluted Shares Outstanding 5.48
Cost of Debt
Tax Rate 13.77
After-tax Cost of Debt 5.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.489
Total Debt 68.25
Total Equity 107.42
Total Capital 175.68
Debt Weighting 38.85
Equity Weighting 61.15
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 46.1663.8460.5852.5864.6871.6479.3487.8797.31107.77
Operating Cash Flow 9.2814.8131.1624.7842.5329.7532.9436.4940.4144.75
Capital Expenditure -1.04-0.36-1.32-0.88-1.08-1.19-1.32-1.46-1.62-1.80
Free Cash Flow 8.2414.4529.8323.9041.4528.5531.6235.0238.7942.96
WACC
PV LFCF 26.9128.0929.3230.6131.95
SUM PV LFCF 146.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.10
Free cash flow (t + 1) 43.82
Terminal Value 1,068.69
Present Value of Terminal Value 794.83

Intrinsic Value

Enterprise Value 941.71
Net Debt 36.01
Equity Value 905.70
Shares Outstanding 5.48
Equity Value Per Share 165.25