Discounted Cash Flow (DCF) Analysis Levered

MVB Financial Corp. (MVBF)

$21.72

+0.10 (+0.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 80.99 | 21.72 | 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	90.69	124	160.66	139.75	150.10	172.87	199.09	229.29	264.07	304.13
Revenue (%)
Operating Cash Flow	6.69	-8.06	112.24	34.81	65.18	48.08	55.38	63.78	73.45	84.59
Operating Cash Flow (%)
Capital Expenditure	-2.69	-2.04	-6.62	-4.87	-3.04	-4.92	-5.67	-6.53	-7.52	-8.66
Capital Expenditure (%)
Free Cash Flow	4	-10.10	105.62	29.95	62.14	43.16	49.71	57.25	65.93	75.93

Weighted Average Cost Of Capital

Share price	$ 21.72
Beta	0.870
Diluted Shares Outstanding	12.87
Cost of Debt
Tax Rate	18.73
After-tax Cost of Debt	6.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.544
Total Debt	185.38
Total Equity	279.55
Total Capital	464.94
Debt Weighting	39.87
Equity Weighting	60.13
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	90.69	124	160.66	139.75	150.10	172.87	199.09	229.29	264.07	304.13
Operating Cash Flow	6.69	-8.06	112.24	34.81	65.18	48.08	55.38	63.78	73.45	84.59
Capital Expenditure	-2.69	-2.04	-6.62	-4.87	-3.04	-4.92	-5.67	-6.53	-7.52	-8.66
Free Cash Flow	4	-10.10	105.62	29.95	62.14	43.16	49.71	57.25	65.93	75.93
WACC
PV LFCF						40.11	42.92	45.94	49.17	52.62
SUM PV LFCF										230.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.61
Free cash flow (t + 1)	77.45
Terminal Value	1,380.55
Present Value of Terminal Value	956.73

Intrinsic Value

Enterprise Value	1,187.49
Net Debt	145.10
Equity Value	1,042.38
Shares Outstanding	12.87
Equity Value Per Share	80.99