Discounted Cash Flow (DCF) Analysis Levered

The Community Financial Corporation (TCFC)

$40.66

-0.26 (-0.64%)
All numbers are in Millions, Currency in USD
Stock DCF: 158.24 | 40.66 | 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 54.9559.3069.3374.3482.7191.66101.58112.58124.77138.27
Revenue (%)
Operating Cash Flow 19.4015.6928.0833.2230.3833.6737.3241.3645.8450.80
Operating Cash Flow (%)
Capital Expenditure -1.78-0.81-0.25-2.65-1.76-1.95-2.16-2.40-2.66-2.95
Capital Expenditure (%)
Free Cash Flow 17.6214.8827.8330.5728.6231.7235.1538.9643.1847.85

Weighted Average Cost Of Capital

Share price $ 40.66
Beta 0.766
Diluted Shares Outstanding 5.89
Cost of Debt
Tax Rate 25.29
After-tax Cost of Debt 6.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.257
Total Debt 50.08
Total Equity 239.63
Total Capital 289.72
Debt Weighting 17.29
Equity Weighting 82.71
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 54.9559.3069.3374.3482.7191.66101.58112.58124.77138.27
Operating Cash Flow 19.4015.6928.0833.2230.3833.6737.3241.3645.8450.80
Capital Expenditure -1.78-0.81-0.25-2.65-1.76-1.95-2.16-2.40-2.66-2.95
Free Cash Flow 17.6214.8827.8330.5728.6231.7235.1538.9643.1847.85
WACC
PV LFCF 29.6330.6631.7432.8534.01
SUM PV LFCF 158.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.07
Free cash flow (t + 1) 48.81
Terminal Value 962.70
Present Value of Terminal Value 684.15

Intrinsic Value

Enterprise Value 843.04
Net Debt -89.57
Equity Value 932.61
Shares Outstanding 5.89
Equity Value Per Share 158.24