Discounted Cash Flow (DCF) Analysis Unlevered

Bank of Marin Bancorp (BMRC)

$31.78

+0.09 (+0.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 90.47 | 31.78 | 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 83.12101.68104.76105.21115.08125.20136.21148.19161.22175.40
Revenue (%)
EBITDA 33.0550.0253.7746.5751.1657.3462.3867.8773.8480.33
EBITDA (%)
EBIT 30.5846.9550.6543.5748.2953.7658.4963.6369.2275.31
EBIT (%)
Depreciation 2.473.063.1232.883.583.904.244.615.02
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 536.01502.88617.46592.921,515.31903.73983.201,069.651,163.711,266.03
Total Cash (%)
Account Receivables 72.6275.8775.7180.0351.3688.8896.70105.20114.45124.52
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 16.722018.4719.5329.4425.4327.6730.1032.7535.63
Accounts Payable (%)
Capital Expenditure -1.43-0.91-0.54-0.98-1.04-1.25-1.36-1.47-1.60-1.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31.78
Beta 0.755
Diluted Shares Outstanding 13.62
Cost of Debt
Tax Rate 25.97
After-tax Cost of Debt 9.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.533
Total Debt 25.85
Total Equity 432.75
Total Capital 458.60
Debt Weighting 5.64
Equity Weighting 94.36
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 83.12101.68104.76105.21115.08125.20136.21148.19161.22175.40
EBITDA 33.0550.0253.7746.5751.1657.3462.3867.8773.8480.33
EBIT 30.5846.9550.6543.5748.2953.7658.4963.6369.2275.31
Tax Rate 44.60%24.86%25.39%25.49%25.97%29.26%29.26%29.26%29.26%29.26%
EBIAT 16.9435.2837.7932.4635.7538.0341.3745.0148.9753.27
Depreciation 2.473.063.1232.883.583.904.244.615.02
Accounts Receivable --3.250.16-4.3228.67-37.52-7.82-8.50-9.25-10.06
Inventories ----------
Accounts Payable -3.28-1.541.069.92-4.012.242.432.652.88
Capital Expenditure -1.43-0.91-0.54-0.98-1.04-1.25-1.36-1.47-1.60-1.74
UFCF 17.9837.4738.9831.2276.17-1.1738.3341.7145.3749.36
WACC
PV UFCF -1.0933.6634.3234.9935.68
SUM PV UFCF 137.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.71
Free cash flow (t + 1) 50.35
Terminal Value 1,068.98
Present Value of Terminal Value 772.58

Intrinsic Value

Enterprise Value 910.14
Net Debt -321.79
Equity Value 1,231.94
Shares Outstanding 13.62
Equity Value Per Share 90.47