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
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 | 83.12 | 101.68 | 104.76 | 105.21 | 115.08 | 125.20 | 136.21 | 148.19 | 161.22 | 175.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 33.05 | 50.02 | 53.77 | 46.57 | 51.16 | 57.34 | 62.38 | 67.87 | 73.84 | 80.33 |
| EBITDA (%) | ||||||||||
| EBIT | 30.58 | 46.95 | 50.65 | 43.57 | 48.29 | 53.76 | 58.49 | 63.63 | 69.22 | 75.31 |
| EBIT (%) | ||||||||||
| Depreciation | 2.47 | 3.06 | 3.12 | 3 | 2.88 | 3.58 | 3.90 | 4.24 | 4.61 | 5.02 |
| 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 | 536.01 | 502.88 | 617.46 | 592.92 | 1,515.31 | 903.73 | 983.20 | 1,069.65 | 1,163.71 | 1,266.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 72.62 | 75.87 | 75.71 | 80.03 | 51.36 | 88.88 | 96.70 | 105.20 | 114.45 | 124.52 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 16.72 | 20 | 18.47 | 19.53 | 29.44 | 25.43 | 27.67 | 30.10 | 32.75 | 35.63 |
| 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 | 83.12 | 101.68 | 104.76 | 105.21 | 115.08 | 125.20 | 136.21 | 148.19 | 161.22 | 175.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 33.05 | 50.02 | 53.77 | 46.57 | 51.16 | 57.34 | 62.38 | 67.87 | 73.84 | 80.33 |
| EBIT | 30.58 | 46.95 | 50.65 | 43.57 | 48.29 | 53.76 | 58.49 | 63.63 | 69.22 | 75.31 |
| Tax Rate | 44.60% | 24.86% | 25.39% | 25.49% | 25.97% | 29.26% | 29.26% | 29.26% | 29.26% | 29.26% |
| EBIAT | 16.94 | 35.28 | 37.79 | 32.46 | 35.75 | 38.03 | 41.37 | 45.01 | 48.97 | 53.27 |
| Depreciation | 2.47 | 3.06 | 3.12 | 3 | 2.88 | 3.58 | 3.90 | 4.24 | 4.61 | 5.02 |
| Accounts Receivable | - | -3.25 | 0.16 | -4.32 | 28.67 | -37.52 | -7.82 | -8.50 | -9.25 | -10.06 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 3.28 | -1.54 | 1.06 | 9.92 | -4.01 | 2.24 | 2.43 | 2.65 | 2.88 |
| Capital Expenditure | -1.43 | -0.91 | -0.54 | -0.98 | -1.04 | -1.25 | -1.36 | -1.47 | -1.60 | -1.74 |
| UFCF | 17.98 | 37.47 | 38.98 | 31.22 | 76.17 | -1.17 | 38.33 | 41.71 | 45.37 | 49.36 |
| WACC | ||||||||||
| PV UFCF | -1.09 | 33.66 | 34.32 | 34.99 | 35.68 | |||||
| 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 |