Discounted Cash Flow (DCF) Analysis Unlevered

Allegiance Bancshares, Inc. (ABTX)

$46.13

+0.70 (+1.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 199.01 | 46.13 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 109.53136.29192.96210.84237.13289.14352.57429.91524.22639.22
Revenue (%)
EBITDA 44.5778.85127.66102.69132.06155.62189.75231.38282.13344.03
EBITDA (%)
EBIT 42.1574.90119.7695.05124.51146.36178.47217.62265.35323.56
EBIT (%)
Depreciation 2.423.957.907.647.559.2611.2913.7616.7820.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 491.72606.24718.791,195.662,531.271,677.512,045.502,494.223,041.363,708.54
Total Cash (%)
Account Receivables 12.1917.0115.4740.0533.3937.4245.6355.6467.8482.73
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.612.814.332.701.753.984.855.927.228.80
Accounts Payable (%)
Capital Expenditure -2.13-3.42-13.39-7.18-2.93-9.27-11.31-13.79-16.81-20.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 46.13
Beta 0.958
Diluted Shares Outstanding 20.55
Cost of Debt
Tax Rate 18.36
After-tax Cost of Debt 10.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.371
Total Debt 198.80
Total Equity 947.79
Total Capital 1,146.59
Debt Weighting 17.34
Equity Weighting 82.66
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 109.53136.29192.96210.84237.13289.14352.57429.91524.22639.22
EBITDA 44.5778.85127.66102.69132.06155.62189.75231.38282.13344.03
EBIT 42.1574.90119.7695.05124.51146.36178.47217.62265.35323.56
Tax Rate 33.16%17.56%20.23%18.65%18.36%21.59%21.59%21.59%21.59%21.59%
EBIAT 28.1761.7595.5377.33101.65114.76139.93170.63208.06253.70
Depreciation 2.423.957.907.647.559.2611.2913.7616.7820.46
Accounts Receivable --4.821.54-24.596.66-4.03-8.21-10.01-12.21-14.88
Inventories ----------
Accounts Payable -2.201.51-1.62-0.952.230.871.061.301.58
Capital Expenditure -2.13-3.42-13.38-7.18-2.93-9.27-11.31-13.79-16.81-20.50
UFCF 28.4659.6693.1151.57111.98112.94132.58161.66197.12240.37
WACC
PV UFCF 104.72113.98128.87145.70164.73
SUM PV UFCF 658

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.85
Free cash flow (t + 1) 245.17
Terminal Value 4,190.99
Present Value of Terminal Value 2,872.21

Intrinsic Value

Enterprise Value 3,530.20
Net Debt -558.71
Equity Value 4,088.91
Shares Outstanding 20.55
Equity Value Per Share 199.01