Discounted Cash Flow (DCF) Analysis Levered
LCNB Corp. (LCNB)
$14.62
-0.17 (-1.15%)
All numbers are in Millions, Currency in USD
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 | 57.67 | 64.89 | 70.14 | 69.51 | 71.46 | 75.48 | 79.73 | 84.21 | 88.95 | 93.96 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 19.74 | 21.97 | 13.68 | 17.82 | 25.24 | 22.42 | 23.69 | 25.02 | 26.43 | 27.91 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -0.60 | -3.93 | -2.79 | -1.94 | -0.88 | -2.28 | -2.41 | -2.54 | -2.69 | -2.84 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 19.14 | 18.03 | 10.89 | 15.88 | 24.36 | 20.14 | 21.28 | 22.47 | 23.74 | 25.07 |
Weighted Average Cost Of Capital
Share price | $ 14.62 |
---|---|
Beta | 0.755 |
Diluted Shares Outstanding | 11.41 |
Cost of Debt | |
Tax Rate | 17.88 |
After-tax Cost of Debt | 3.99% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.001 |
Total Debt | 96.90 |
Total Equity | 166.83 |
Total Capital | 263.73 |
Debt Weighting | 36.74 |
Equity Weighting | 63.26 |
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 | 57.67 | 64.89 | 70.14 | 69.51 | 71.46 | 75.48 | 79.73 | 84.21 | 88.95 | 93.96 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 19.74 | 21.97 | 13.68 | 17.82 | 25.24 | 22.42 | 23.69 | 25.02 | 26.43 | 27.91 |
Capital Expenditure | -0.60 | -3.93 | -2.79 | -1.94 | -0.88 | -2.28 | -2.41 | -2.54 | -2.69 | -2.84 |
Free Cash Flow | 19.14 | 18.03 | 10.89 | 15.88 | 24.36 | 20.14 | 21.28 | 22.47 | 23.74 | 25.07 |
WACC | ||||||||||
PV LFCF | 13.78 | 13.66 | 13.55 | 13.43 | 13.32 | |||||
SUM PV LFCF | 92.96 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.53 |
Free cash flow (t + 1) | 25.58 |
Terminal Value | 564.60 |
Present Value of Terminal Value | 411.51 |
Intrinsic Value
Enterprise Value | 504.47 |
---|---|
Net Debt | 74.20 |
Equity Value | 430.27 |
Shares Outstanding | 11.41 |
Equity Value Per Share | 37.71 |