Discounted Cash Flow (DCF) Analysis Levered

The Community Financial Corporation (TCFC)

$40.7

-0.02 (-0.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 137.55 | 40.7 | 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 47.4754.9559.3069.3374.3483.2393.17104.31116.78130.74
Revenue (%)
Operating Cash Flow 10.1019.4015.6928.0833.222831.3535.1039.2943.99
Operating Cash Flow (%)
Capital Expenditure -0.78-1.78-0.81-0.25-2.65-1.69-1.89-2.12-2.37-2.66
Capital Expenditure (%)
Free Cash Flow 9.3217.6214.8827.8330.5726.3129.4532.9836.9241.33

Weighted Average Cost Of Capital

Share price $ 40.7
Beta 0.763
Diluted Shares Outstanding 5.89
Cost of Debt
Tax Rate 25.19
After-tax Cost of Debt 6.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.293
Total Debt 50.08
Total Equity 239.87
Total Capital 289.95
Debt Weighting 17.27
Equity Weighting 82.73
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 47.4754.9559.3069.3374.3483.2393.17104.31116.78130.74
Operating Cash Flow 10.1019.4015.6928.0833.222831.3535.1039.2943.99
Capital Expenditure -0.78-1.78-0.81-0.25-2.65-1.69-1.89-2.12-2.37-2.66
Free Cash Flow 9.3217.6214.8827.8330.5726.3129.4532.9836.9241.33
WACC
PV LFCF 17.4318.2219.0519.9120.81
SUM PV LFCF 134.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.10
Free cash flow (t + 1) 42.16
Terminal Value 826.58
Present Value of Terminal Value 586.60

Intrinsic Value

Enterprise Value 721.07
Net Debt -89.57
Equity Value 810.64
Shares Outstanding 5.89
Equity Value Per Share 137.55