Discounted Cash Flow (DCF) Analysis Levered
Summit Financial Group, Inc. (SMMF)
$26.2175
+0.31 (+1.19%)
All numbers are in Millions, Currency in USD
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 | 80.73 | 85.74 | 94.47 | 113.34 | 127.47 | 143.03 | 160.49 | 180.09 | 202.07 | 226.74 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 24.37 | 38.52 | 40.93 | 44.68 | 61.85 | 59.04 | 66.25 | 74.33 | 83.41 | 93.59 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -6.18 | -5.55 | -9.22 | -8.64 | -4.54 | -10.03 | -11.26 | -12.63 | -14.17 | -15.90 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 18.19 | 32.98 | 31.71 | 36.04 | 57.31 | 49.01 | 54.99 | 61.70 | 69.23 | 77.69 |
Weighted Average Cost Of Capital
Share price | $ 26.2,175 |
---|---|
Beta | 0.441 |
Diluted Shares Outstanding | 12.98 |
Cost of Debt | |
Tax Rate | 20.32 |
After-tax Cost of Debt | 3.78% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 5.474 |
Total Debt | 263.16 |
Total Equity | 340.18 |
Total Capital | 603.34 |
Debt Weighting | 43.62 |
Equity Weighting | 56.38 |
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 | 80.73 | 85.74 | 94.47 | 113.34 | 127.47 | 143.03 | 160.49 | 180.09 | 202.07 | 226.74 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 24.37 | 38.52 | 40.93 | 44.68 | 61.85 | 59.04 | 66.25 | 74.33 | 83.41 | 93.59 |
Capital Expenditure | -6.18 | -5.55 | -9.22 | -8.64 | -4.54 | -10.03 | -11.26 | -12.63 | -14.17 | -15.90 |
Free Cash Flow | 18.19 | 32.98 | 31.71 | 36.04 | 57.31 | 49.01 | 54.99 | 61.70 | 69.23 | 77.69 |
WACC | ||||||||||
PV LFCF | 46.79 | 50.13 | 53.71 | 57.55 | 61.66 | |||||
SUM PV LFCF | 269.85 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.73 |
Free cash flow (t + 1) | 79.24 |
Terminal Value | 2,902.58 |
Present Value of Terminal Value | 2,303.71 |
Intrinsic Value
Enterprise Value | 2,573.56 |
---|---|
Net Debt | 184.70 |
Equity Value | 2,388.86 |
Shares Outstanding | 12.98 |
Equity Value Per Share | 184.11 |