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	75.85	80.90	77.93	95.57	104.13	113.13	122.91	133.54	145.09	157.63
Revenue (%)
Operating Cash Flow	35.08	30.12	17.09	-1.62	57.27	35.91	39.02	42.39	46.05	50.04
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	33.94	29.41	15.31	-2.05	51.81	33.57	36.47	39.62	43.05	46.77

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	75.85	80.90	77.93	95.57	104.13	113.13	122.91	133.54	145.09	157.63
Operating Cash Flow	35.08	30.12	17.09	-1.62	57.27	35.91	39.02	42.39	46.05	50.04
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	33.94	29.41	15.31	-2.05	51.81	33.57	36.47	39.62	43.05	46.77
WACC
PV LFCF						27.61	27.21	26.81	26.42	26.03
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