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 26.9728.2227.2830.2655.4568.6985.08105.38130.53161.68
Revenue (%)
Operating Cash Flow 8.8011.769.359.2513.0722.3427.6834.2842.4652.60
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 8.3310.919.169.0512.2221.3026.3932.6840.4850.14

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 26.9728.2227.2830.2655.4568.6985.08105.38130.53161.68
Operating Cash Flow 8.8011.769.359.2513.0722.3427.6834.2842.4652.60
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 8.3310.919.169.0512.2221.3026.3932.6840.4850.14
WACC
PV LFCF 19.7222.6125.9229.7234.08
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