Discounted Cash Flow (DCF) Analysis Levered

LCNB Corp. (LCNB)

$15.28

-0.08 (-0.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 32.87 | 15.28 | undervalue

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 49.4957.0964.3169.1169.5175.7782.6090.0498.15106.99
Revenue (%)
Operating Cash Flow 18.1419.7421.9713.6814.8822.2124.2126.3928.7731.36
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 11.5219.1418.0310.8910.6117.5619.1420.8622.7424.79

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 49.4957.0964.3169.1169.5175.7782.6090.0498.15106.99
Operating Cash Flow 18.1419.7421.9713.6814.8822.2124.2126.3928.7731.36
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 11.5219.1418.0310.8910.6117.5619.1420.8622.7424.79
WACC
PV LFCF 11.3811.5411.7111.8712.04
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