Discounted Cash Flow (DCF) Analysis Unlevered
Bank of the James Financial Group, ... (BOTJ)
$10.5
+0.10 (+0.00%)
All numbers are in Millions, Currency in USD
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 | 27.88 | 31.09 | 35.01 | 37.19 | 42.02 | 46.58 | 51.62 | 57.22 | 63.41 | 70.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 11.36 | 8.60 | 8.21 | 11.51 | 13.82 | 14.50 | 16.07 | 17.81 | 19.74 | 21.88 |
| EBITDA (%) | ||||||||||
| EBIT | 10.43 | 6.93 | 6.18 | 9.45 | 11.21 | 12.06 | 13.36 | 14.81 | 16.42 | 18.20 |
| EBIT (%) | ||||||||||
| Depreciation | 0.93 | 1.67 | 2.03 | 2.06 | 2.61 | 2.44 | 2.71 | 3 | 3.33 | 3.69 |
| 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 | 79.45 | 90.45 | 121.87 | 191.17 | 215.81 | 181.80 | 201.50 | 223.33 | 247.53 | 274.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.84 | 1.87 | 2.35 | 2.14 | 2.74 | 3.28 | 3.63 | 4.03 | 4.46 | 4.95 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.13 | 0.17 | 0.09 | 0.05 | 0.09 | 0.15 | 0.16 | 0.18 | 0.20 | 0.22 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.30 | -4.40 | -1.75 | -2.91 | -1.19 | -3.55 | -3.93 | -4.36 | -4.83 | -5.35 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.5 |
|---|---|
| Beta | 0.740 |
| Diluted Shares Outstanding | 4.75 |
| Cost of Debt | |
| Tax Rate | 19.36 |
| After-tax Cost of Debt | 8.46% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.019 |
| Total Debt | 20.49 |
| Total Equity | 49.85 |
| Total Capital | 70.35 |
| Debt Weighting | 29.13 |
| Equity Weighting | 70.87 |
| 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 | 27.88 | 31.09 | 35.01 | 37.19 | 42.02 | 46.58 | 51.62 | 57.22 | 63.41 | 70.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 11.36 | 8.60 | 8.21 | 11.51 | 13.82 | 14.50 | 16.07 | 17.81 | 19.74 | 21.88 |
| EBIT | 10.43 | 6.93 | 6.18 | 9.45 | 11.21 | 12.06 | 13.36 | 14.81 | 16.42 | 18.20 |
| Tax Rate | 20.04% | 19.17% | 19.40% | 19.70% | 19.36% | 19.54% | 19.54% | 19.54% | 19.54% | 19.54% |
| EBIAT | 8.34 | 5.61 | 4.98 | 7.59 | 9.04 | 9.70 | 10.75 | 11.92 | 13.21 | 14.64 |
| Depreciation | 0.93 | 1.67 | 2.03 | 2.06 | 2.61 | 2.44 | 2.71 | 3 | 3.33 | 3.69 |
| Accounts Receivable | - | 0.98 | -0.48 | 0.21 | -0.59 | -0.54 | -0.36 | -0.39 | -0.44 | -0.48 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.05 | -0.09 | -0.04 | 0.04 | 0.06 | 0.02 | 0.02 | 0.02 | 0.02 |
| Capital Expenditure | -2.30 | -4.40 | -1.75 | -2.91 | -1.19 | -3.55 | -3.93 | -4.36 | -4.83 | -5.35 |
| UFCF | 6.97 | 3.90 | 4.69 | 6.91 | 9.91 | 8.12 | 9.19 | 10.19 | 11.29 | 12.52 |
| WACC | ||||||||||
| PV UFCF | 7.51 | 7.86 | 8.06 | 8.26 | 8.46 | |||||
| SUM PV UFCF | 40.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.15 |
| Free cash flow (t + 1) | 12.77 |
| Terminal Value | 207.61 |
| Present Value of Terminal Value | 140.32 |
Intrinsic Value
| Enterprise Value | 180.45 |
|---|---|
| Net Debt | -9.53 |
| Equity Value | 189.99 |
| Shares Outstanding | 4.75 |
| Equity Value Per Share | 40.02 |