Discounted Cash Flow (DCF) Analysis Levered

Southern States Bancshares, Inc. (SSBK)

$20.12

+0.10 (+0.50%)

All numbers are in Millions, Currency in USD

Stock DCF: 124.67 | 20.12 | undervalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	41.56	50.12	63.72	80.02	99.57	123.90	154.17	191.85	238.73
Revenue (%)
Operating Cash Flow	11.02	11.45	2.37	38.87	25.31	31.49	39.18	48.76	60.67
Operating Cash Flow (%)
Capital Expenditure	-1.39	-6.65	-5.29	-6.65	-8.27	-10.30	-12.81	-15.94	-19.84
Capital Expenditure (%)
Free Cash Flow	9.63	4.81	-2.93	32.22	17.03	21.19	26.37	32.82	40.84

Weighted Average Cost Of Capital

Share price	$ 20.12
Beta	0.000
Diluted Shares Outstanding	8.71
Cost of Debt
Tax Rate	22.20
After-tax Cost of Debt	7.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.700
Total Debt	117.30
Total Equity	175.30
Total Capital	292.60
Debt Weighting	40.09
Equity Weighting	59.91
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	41.56	50.12	63.72	80.02	99.57	123.90	154.17	191.85	238.73
Operating Cash Flow	11.02	11.45	2.37	38.87	25.31	31.49	39.18	48.76	60.67
Capital Expenditure	-1.39	-6.65	-5.29	-6.65	-8.27	-10.30	-12.81	-15.94	-19.84
Free Cash Flow	9.63	4.81	-2.93	32.22	17.03	21.19	26.37	32.82	40.84
WACC
PV LFCF					17.03	20.13	23.79	28.12	33.24
SUM PV LFCF									116.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.28
Free cash flow (t + 1)	41.65
Terminal Value	1,269.93
Present Value of Terminal Value	981.86

Intrinsic Value

Enterprise Value	1,098.05
Net Debt	11.84
Equity Value	1,086.21
Shares Outstanding	8.71
Equity Value Per Share	124.67