Discounted Cash Flow (DCF) Analysis Levered

United Bancshares, Inc. (UBOH)

$18.98

-0.02 (-0.11%)

All numbers are in Millions, Currency in USD

Stock DCF: 67.36 | 18.98 | 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	37.63	43.94	60.04	53.08	45.64	48.81	52.20	55.82	59.70	63.85
Revenue (%)
Operating Cash Flow	5.15	3.62	17.22	26.44	16.78	13.39	14.32	15.31	16.38	17.52
Operating Cash Flow (%)
Capital Expenditure	-0.52	-0.75	-1.58	-3.96	-3.58	-2.05	-2.20	-2.35	-2.51	-2.69
Capital Expenditure (%)
Free Cash Flow	4.62	2.87	15.64	22.48	13.20	11.34	12.12	12.97	13.87	14.83

Weighted Average Cost Of Capital

Share price	$ 18.98
Beta	0.403
Diluted Shares Outstanding	3.27
Cost of Debt
Tax Rate	9.69
After-tax Cost of Debt	14.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.383
Total Debt	20.51
Total Equity	62.08
Total Capital	82.59
Debt Weighting	24.83
Equity Weighting	75.17
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	37.63	43.94	60.04	53.08	45.64	48.81	52.20	55.82	59.70	63.85
Operating Cash Flow	5.15	3.62	17.22	26.44	16.78	13.39	14.32	15.31	16.38	17.52
Capital Expenditure	-0.52	-0.75	-1.58	-3.96	-3.58	-2.05	-2.20	-2.35	-2.51	-2.69
Free Cash Flow	4.62	2.87	15.64	22.48	13.20	11.34	12.12	12.97	13.87	14.83
WACC
PV LFCF						9.65	9.53	9.40	9.28	9.16
SUM PV LFCF										50.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.36
Free cash flow (t + 1)	15.13
Terminal Value	237.83
Present Value of Terminal Value	159.19

Intrinsic Value

Enterprise Value	210.16
Net Debt	-10.17
Equity Value	220.33
Shares Outstanding	3.27
Equity Value Per Share	67.36