Discounted Cash Flow (DCF) Analysis Unlevered

Bank of Commerce Holdings (BOCH)

$15.17

-0.24 (-1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 37.11 | 15.17 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 39.8346.1951.5657.7259.5165.8572.8780.6489.2498.76
Revenue (%)
EBITDA 14.0921.1426.4728.5825.9129.7032.8736.3840.2544.55
EBITDA (%)
EBIT 11.9918.8624.5126.4923.9026.9429.8132.9936.5140.40
EBIT (%)
Depreciation 2.092.281.962.092.012.763.063.383.744.14
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 243.58334.92304.29367.55553.87460.23509.30563.60623.69690.19
Total Cash (%)
Account Receivables ---7.027.288.038.899.8310.8812.04
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure 0.642.110.220.13-1.130.650.720.790.880.97
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.17
Beta 0.700
Diluted Shares Outstanding 16.73
Cost of Debt
Tax Rate 26.54
After-tax Cost of Debt 10.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.893
Total Debt 32.91
Total Equity 253.81
Total Capital 286.72
Debt Weighting 11.48
Equity Weighting 88.52
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 39.8346.1951.5657.7259.5165.8572.8780.6489.2498.76
EBITDA 14.0921.1426.4728.5825.9129.7032.8736.3840.2544.55
EBIT 11.9918.8624.5126.4923.9026.9429.8132.9936.5140.40
Tax Rate 27.13%48.54%18.75%26.89%26.54%29.57%29.57%29.57%29.57%29.57%
EBIAT 8.749.7019.9219.3717.5618.972123.2425.7128.46
Depreciation 2.092.281.962.092.012.763.063.383.744.14
Accounts Receivable -----0.26-0.75-0.86-0.95-1.05-1.16
Inventories ----------
Accounts Payable ----------
Capital Expenditure 0.642.110.220.13-1.130.650.720.790.880.97
UFCF 11.4714.1022.0921.5918.1721.6323.9226.4729.2932.41
WACC
PV UFCF 20.1620.7821.4322.1022.80
SUM PV UFCF 107.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.29
Free cash flow (t + 1) 33.06
Terminal Value 624.92
Present Value of Terminal Value 439.57

Intrinsic Value

Enterprise Value 546.84
Net Debt -74.08
Equity Value 620.91
Shares Outstanding 16.73
Equity Value Per Share 37.11