Discounted Cash Flow (DCF) Analysis Levered

Salisbury Bancorp, Inc. (SAL)

$24.02

-0.06 (-0.25%)
All numbers are in Millions, Currency in USD
Stock DCF: 67.67 | 24.02 | 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 39.5242.1043.3648.4752.1255.8859.9164.2368.8773.83
Revenue (%)
Operating Cash Flow 10.2113.2814.3313.802.8813.9114.9115.9817.1418.37
Operating Cash Flow (%)
Capital Expenditure -1.95-1.39-2.06-4.37-2.87-3.07-3.30-3.53-3.79-4.06
Capital Expenditure (%)
Free Cash Flow 8.2511.8812.279.440.0110.8311.6112.4513.3514.31

Weighted Average Cost Of Capital

Share price $ 24.02
Beta 0.713
Diluted Shares Outstanding 5.67
Cost of Debt
Tax Rate 20.57
After-tax Cost of Debt 7.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.244
Total Debt 36.41
Total Equity 136.19
Total Capital 172.60
Debt Weighting 21.09
Equity Weighting 78.91
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 39.5242.1043.3648.4752.1255.8859.9164.2368.8773.83
Operating Cash Flow 10.2113.2814.3313.802.8813.9114.9115.9817.1418.37
Capital Expenditure -1.95-1.39-2.06-4.37-2.87-3.07-3.30-3.53-3.79-4.06
Free Cash Flow 8.2511.8812.279.440.0110.8311.6112.4513.3514.31
WACC
PV LFCF 10.0910.0910.0810.0710.06
SUM PV LFCF 50.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.30
Free cash flow (t + 1) 14.60
Terminal Value 275.42
Present Value of Terminal Value 193.64

Intrinsic Value

Enterprise Value 244.03
Net Debt -139.68
Equity Value 383.71
Shares Outstanding 5.67
Equity Value Per Share 67.67