Discounted Cash Flow (DCF) Analysis Unlevered

Ames National Corporation (ATLO)

$18.3

+0.26 (+1.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.28 | 18.3 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 50.0253.8865.4666.5362.9366.9371.1975.7180.5285.64
Revenue (%)
EBITDA 30.5921.6524.0631.3035.4732.3334.3836.5738.8941.36
EBITDA (%)
EBIT 29.0219.8121.7929.2733.4730.1532.0734.1136.2738.58
EBIT (%)
Depreciation 1.561.852.272.0322.172.312.462.622.78
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 515.41623.41788.52937.05828.99818.92870.97926.34985.221,047.84
Total Cash (%)
Account Receivables 9.4211.7911.1410.1211.2812.1612.9413.7614.6315.56
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.63-0.78-1.25-1.87-2.86-1.60-1.71-1.81-1.93-2.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.3
Beta 0.595
Diluted Shares Outstanding 9.13
Cost of Debt
Tax Rate 23.32
After-tax Cost of Debt 16.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.111
Total Debt 39.12
Total Equity 167.03
Total Capital 206.15
Debt Weighting 18.98
Equity Weighting 81.02
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 50.0253.8865.4666.5362.9366.9371.1975.7180.5285.64
EBITDA 30.5921.6524.0631.3035.4732.3334.3836.5738.8941.36
EBIT 29.0219.8121.7929.2733.4730.1532.0734.1136.2738.58
Tax Rate 20.57%18.29%18.86%22.04%23.32%20.61%20.61%20.61%20.61%20.61%
EBIAT 23.0516.1817.6822.8225.6623.9425.4627.0828.8030.63
Depreciation 1.561.852.272.0322.172.312.462.622.78
Accounts Receivable --2.370.651.02-1.15-0.89-0.77-0.82-0.87-0.93
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.63-0.78-1.25-1.87-2.86-1.60-1.71-1.81-1.93-2.05
UFCF 23.9914.8819.3523.9923.6523.6225.2926.9028.6130.43
WACC
PV UFCF 21.7021.3520.8620.3819.91
SUM PV UFCF 104.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.85
Free cash flow (t + 1) 31.04
Terminal Value 453.08
Present Value of Terminal Value 296.51

Intrinsic Value

Enterprise Value 400.70
Net Debt -3.43
Equity Value 404.14
Shares Outstanding 9.13
Equity Value Per Share 44.28