Discounted Cash Flow (DCF) Analysis Levered

PCB Bancorp (PCB)

$15.4

-0.05 (-0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 41.32 | 15.4 | 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 75.8580.9077.9395.57104.13113.13122.91133.54145.09157.63
Revenue (%)
Operating Cash Flow 35.0830.1217.09-1.6257.2735.9139.0242.3946.0550.04
Operating Cash Flow (%)
Capital Expenditure -1.14-0.71-1.78-0.43-5.45-2.34-2.55-2.77-3.01-3.26
Capital Expenditure (%)
Free Cash Flow 33.9429.4115.31-2.0551.8133.5736.4739.6243.0546.77

Weighted Average Cost Of Capital

Share price $ 15.4
Beta 0.666
Diluted Shares Outstanding 15.07
Cost of Debt
Tax Rate 29.18
After-tax Cost of Debt 32.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.742
Total Debt 26.81
Total Equity 232
Total Capital 258.81
Debt Weighting 10.36
Equity Weighting 89.64
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 75.8580.9077.9395.57104.13113.13122.91133.54145.09157.63
Operating Cash Flow 35.0830.1217.09-1.6257.2735.9139.0242.3946.0550.04
Capital Expenditure -1.14-0.71-1.78-0.43-5.45-2.34-2.55-2.77-3.01-3.26
Free Cash Flow 33.9429.4115.31-2.0551.8133.5736.4739.6243.0546.77
WACC
PV LFCF 27.6127.2126.8126.4226.03
SUM PV LFCF 147.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.26
Free cash flow (t + 1) 47.71
Terminal Value 577.57
Present Value of Terminal Value 354.41

Intrinsic Value

Enterprise Value 502.25
Net Debt -120.22
Equity Value 622.47
Shares Outstanding 15.07
Equity Value Per Share 41.32