Discounted Cash Flow (DCF) Analysis Levered

Southern Missouri Bancorp, Inc. (SMBC)

$55.1

-0.49 (-0.88%)

All numbers are in Millions, Currency in USD

Stock DCF: 138.79 | 55.1 | 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	74.67	85.83	94.89	112.73	124.77	141.92	161.42	183.61	208.84	237.54
Revenue (%)
Operating Cash Flow	30.64	38.60	40.30	51.76	54.40	61.88	70.38	80.05	91.05	103.57
Operating Cash Flow (%)
Capital Expenditure	-2.14	-7.70	-4.30	-2.86	-5.89	-6.71	-7.63	-8.67	-9.87	-11.22
Capital Expenditure (%)
Free Cash Flow	28.51	30.91	36	48.91	48.50	55.17	62.75	71.38	81.19	92.35

Weighted Average Cost Of Capital

Share price	$ 55.1
Beta	0.974
Diluted Shares Outstanding	9.01
Cost of Debt
Tax Rate	21.26
After-tax Cost of Debt	17.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.571
Total Debt	61.01
Total Equity	496.53
Total Capital	557.55
Debt Weighting	10.94
Equity Weighting	89.06
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	74.67	85.83	94.89	112.73	124.77	141.92	161.42	183.61	208.84	237.54
Operating Cash Flow	30.64	38.60	40.30	51.76	54.40	61.88	70.38	80.05	91.05	103.57
Capital Expenditure	-2.14	-7.70	-4.30	-2.86	-5.89	-6.71	-7.63	-8.67	-9.87	-11.22
Free Cash Flow	28.51	30.91	36	48.91	48.50	55.17	62.75	71.38	81.19	92.35
WACC
PV LFCF						43.05	45.08	47.21	49.43	51.77
SUM PV LFCF										279.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.62
Free cash flow (t + 1)	94.19
Terminal Value	1,422.85
Present Value of Terminal Value	941.04

Intrinsic Value

Enterprise Value	1,220.12
Net Debt	-30.57
Equity Value	1,250.68
Shares Outstanding	9.01
Equity Value Per Share	138.79