Discounted Cash Flow (DCF) Analysis Levered

Virginia National Bankshares Corpor... (VABK)

$39.14

-0.26 (-0.66%)

All numbers are in Millions, Currency in USD

Stock DCF: 389.30 | 39.14 | 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	26.97	28.22	27.28	30.26	55.45	68.69	85.08	105.38	130.53	161.68
Revenue (%)
Operating Cash Flow	8.80	11.76	9.35	9.25	13.07	22.34	27.68	34.28	42.46	52.60
Operating Cash Flow (%)
Capital Expenditure	-0.46	-0.85	-0.19	-0.20	-0.84	-1.04	-1.29	-1.60	-1.98	-2.45
Capital Expenditure (%)
Free Cash Flow	8.33	10.91	9.16	9.05	12.22	21.30	26.39	32.68	40.48	50.14

Weighted Average Cost Of Capital

Share price	$ 39.14
Beta	0.570
Diluted Shares Outstanding	2.71
Cost of Debt
Tax Rate	16.01
After-tax Cost of Debt	26.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.224
Total Debt	10.47
Total Equity	106.01
Total Capital	116.49
Debt Weighting	8.99
Equity Weighting	91.01
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	26.97	28.22	27.28	30.26	55.45	68.69	85.08	105.38	130.53	161.68
Operating Cash Flow	8.80	11.76	9.35	9.25	13.07	22.34	27.68	34.28	42.46	52.60
Capital Expenditure	-0.46	-0.85	-0.19	-0.20	-0.84	-1.04	-1.29	-1.60	-1.98	-2.45
Free Cash Flow	8.33	10.91	9.16	9.05	12.22	21.30	26.39	32.68	40.48	50.14
WACC
PV LFCF						19.72	22.61	25.92	29.72	34.08
SUM PV LFCF										132.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.03
Free cash flow (t + 1)	51.15
Terminal Value	848.21
Present Value of Terminal Value	576.48

Intrinsic Value

Enterprise Value	708.53
Net Debt	-345.90
Equity Value	1,054.43
Shares Outstanding	2.71
Equity Value Per Share	389.30