Discounted Cash Flow (DCF) Analysis Unlevered
Blue Ridge Bankshares, Inc. (BRBS)
$9.225
+0.21 (+2.39%)
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 | 44.69 | 61.53 | 100.75 | 180.44 | 158.48 | 225.18 | 319.94 | 454.59 | 645.90 | 917.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 11.78 | 16.07 | 34.19 | 83.27 | 56.74 | 75.82 | 107.73 | 153.07 | 217.48 | 309.01 |
| EBITDA (%) | ||||||||||
| EBIT | 10.86 | 15.07 | 32.45 | 79.24 | 53.24 | 71.38 | 101.42 | 144.11 | 204.76 | 290.92 |
| EBIT (%) | ||||||||||
| Depreciation | 0.92 | 0.99 | 1.75 | 4.04 | 3.50 | 4.44 | 6.31 | 8.96 | 12.73 | 18.09 |
| 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 | 53.07 | 168.60 | 227.42 | 504.18 | 431.61 | 527.02 | 748.82 | 1,063.95 | 1,511.70 | 2,147.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | 14.98 | 13.64 | 12.39 | 22.70 | 32.26 | 45.83 | 65.12 | 92.53 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.10 | -1.74 | -3.01 | -1.26 | -0.45 | -5.17 | -7.35 | -10.44 | -14.84 | -21.09 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.225 |
|---|---|
| Beta | 0.362 |
| Diluted Shares Outstanding | 17.85 |
| Cost of Debt | |
| Tax Rate | 22.08 |
| After-tax Cost of Debt | 3.70% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.493 |
| Total Debt | 359.48 |
| Total Equity | 164.66 |
| Total Capital | 524.14 |
| Debt Weighting | 68.58 |
| Equity Weighting | 31.42 |
| 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 | 44.69 | 61.53 | 100.75 | 180.44 | 158.48 | 225.18 | 319.94 | 454.59 | 645.90 | 917.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 11.78 | 16.07 | 34.19 | 83.27 | 56.74 | 75.82 | 107.73 | 153.07 | 217.48 | 309.01 |
| EBIT | 10.86 | 15.07 | 32.45 | 79.24 | 53.24 | 71.38 | 101.42 | 144.11 | 204.76 | 290.92 |
| Tax Rate | 20.28% | 17.88% | 21.34% | 23.03% | 22.08% | 20.92% | 20.92% | 20.92% | 20.92% | 20.92% |
| EBIAT | 8.66 | 12.38 | 25.52 | 60.99 | 41.49 | 56.45 | 80.21 | 113.96 | 161.92 | 230.06 |
| Depreciation | 0.92 | 0.99 | 1.75 | 4.04 | 3.50 | 4.44 | 6.31 | 8.96 | 12.73 | 18.09 |
| Accounts Receivable | - | - | - | 1.35 | 1.24 | -10.31 | -9.55 | -13.58 | -19.29 | -27.41 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -2.10 | -1.74 | -3.01 | -1.26 | -0.46 | -5.17 | -7.35 | -10.44 | -14.84 | -21.09 |
| UFCF | 7.48 | 11.63 | 24.26 | 65.12 | 45.78 | 45.40 | 69.61 | 98.90 | 140.52 | 199.66 |
| WACC | ||||||||||
| PV UFCF | 43.55 | 64.03 | 87.26 | 118.92 | 162.07 | |||||
| SUM PV UFCF | 475.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.26 |
| Free cash flow (t + 1) | 203.65 |
| Terminal Value | 9,010.99 |
| Present Value of Terminal Value | 7,314.49 |
Intrinsic Value
| Enterprise Value | 7,790.32 |
|---|---|
| Net Debt | 282.21 |
| Equity Value | 7,508.12 |
| Shares Outstanding | 17.85 |
| Equity Value Per Share | 420.64 |