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
Stock DCF: 40.02 | 10.5 | 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 27.8831.0935.0137.1942.0246.5851.6257.2263.4170.28
Revenue (%)
EBITDA 11.368.608.2111.5113.8214.5016.0717.8119.7421.88
EBITDA (%)
EBIT 10.436.936.189.4511.2112.0613.3614.8116.4218.20
EBIT (%)
Depreciation 0.931.672.032.062.612.442.7133.333.69
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 79.4590.45121.87191.17215.81181.80201.50223.33247.53274.34
Total Cash (%)
Account Receivables 2.841.872.352.142.743.283.634.034.464.95
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.130.170.090.050.090.150.160.180.200.22
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 27.8831.0935.0137.1942.0246.5851.6257.2263.4170.28
EBITDA 11.368.608.2111.5113.8214.5016.0717.8119.7421.88
EBIT 10.436.936.189.4511.2112.0613.3614.8116.4218.20
Tax Rate 20.04%19.17%19.40%19.70%19.36%19.54%19.54%19.54%19.54%19.54%
EBIAT 8.345.614.987.599.049.7010.7511.9213.2114.64
Depreciation 0.931.672.032.062.612.442.7133.333.69
Accounts Receivable -0.98-0.480.21-0.59-0.54-0.36-0.39-0.44-0.48
Inventories ----------
Accounts Payable -0.05-0.09-0.040.040.060.020.020.020.02
Capital Expenditure -2.30-4.40-1.75-2.91-1.19-3.55-3.93-4.36-4.83-5.35
UFCF 6.973.904.696.919.918.129.1910.1911.2912.52
WACC
PV UFCF 7.517.868.068.268.46
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