Discounted Cash Flow (DCF) Analysis Levered
LCNB Corp. (LCNB)
$15.28
-0.08 (-0.52%)
All numbers are in Millions, Currency in USD
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 | 49.49 | 57.09 | 64.31 | 69.11 | 69.51 | 75.77 | 82.60 | 90.04 | 98.15 | 106.99 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 18.14 | 19.74 | 21.97 | 13.68 | 14.88 | 22.21 | 24.21 | 26.39 | 28.77 | 31.36 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -6.62 | -0.60 | -3.93 | -2.79 | -4.27 | -4.66 | -5.07 | -5.53 | -6.03 | -6.57 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 11.52 | 19.14 | 18.03 | 10.89 | 10.61 | 17.56 | 19.14 | 20.86 | 22.74 | 24.79 |
Weighted Average Cost Of Capital
Share price | $ 15.28 |
---|---|
Beta | 0.766 |
Diluted Shares Outstanding | 12.37 |
Cost of Debt | |
Tax Rate | 18.02 |
After-tax Cost of Debt | 20.17% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.380 |
Total Debt | 16.47 |
Total Equity | 189.02 |
Total Capital | 205.50 |
Debt Weighting | 8.02 |
Equity Weighting | 91.98 |
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 | 49.49 | 57.09 | 64.31 | 69.11 | 69.51 | 75.77 | 82.60 | 90.04 | 98.15 | 106.99 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 18.14 | 19.74 | 21.97 | 13.68 | 14.88 | 22.21 | 24.21 | 26.39 | 28.77 | 31.36 |
Capital Expenditure | -6.62 | -0.60 | -3.93 | -2.79 | -4.27 | -4.66 | -5.07 | -5.53 | -6.03 | -6.57 |
Free Cash Flow | 11.52 | 19.14 | 18.03 | 10.89 | 10.61 | 17.56 | 19.14 | 20.86 | 22.74 | 24.79 |
WACC | ||||||||||
PV LFCF | 11.38 | 11.54 | 11.71 | 11.87 | 12.04 | |||||
SUM PV LFCF | 84.01 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.49 |
Free cash flow (t + 1) | 25.29 |
Terminal Value | 460.60 |
Present Value of Terminal Value | 320.98 |
Intrinsic Value
Enterprise Value | 404.99 |
---|---|
Net Debt | -1.66 |
Equity Value | 406.65 |
Shares Outstanding | 12.37 |
Equity Value Per Share | 32.87 |