Discounted Cash Flow (DCF) Analysis Unlevered
Bank7 Corp. (BSVN)
$22.18
-0.17 (-0.76%)
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 | 39.57 | 40.96 | 43.50 | 48.83 | 5.68 | 4.74 | 3.95 | 3.30 | 2.75 | 2.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 29.62 | 34.06 | 25.43 | 33.13 | 1.03 | 2.87 | 2.39 | 1.99 | 1.66 | 1.39 |
| EBITDA (%) | ||||||||||
| EBIT | 28.53 | 32.97 | 24.58 | 32.04 | - | 2.60 | 2.17 | 1.81 | 1.51 | 1.26 |
| EBIT (%) | ||||||||||
| Depreciation | 1.09 | 1.10 | 0.85 | 1.09 | 1.03 | 0.26 | 0.22 | 0.18 | 0.15 | 0.13 |
| 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 | 130.22 | 159.85 | 147.28 | 170.31 | 280.17 | 60.07 | 50.10 | 41.78 | 34.85 | 29.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.69 | 7.16 | 6.11 | 7.15 | 10.52 | 2.31 | 1.92 | 1.60 | 1.34 | 1.12 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.99 | 4.23 | 8.43 | 3.83 | 0.64 | 0.53 | 0.45 | 0.37 | 0.31 | 0.26 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.97 | -0.38 | -3.10 | -0.44 | -0.27 | -0.22 | -0.19 | -0.16 | -0.13 | -0.11 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 22.18 |
|---|---|
| Beta | 1.699 |
| Diluted Shares Outstanding | 9.38 |
| Cost of Debt | |
| Tax Rate | 18.52 |
| After-tax Cost of Debt | 0.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.825 |
| Total Debt | 84.81 |
| Total Equity | 208.03 |
| Total Capital | 292.84 |
| Debt Weighting | 28.96 |
| Equity Weighting | 71.04 |
| 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 | 39.57 | 40.96 | 43.50 | 48.83 | 5.68 | 4.74 | 3.95 | 3.30 | 2.75 | 2.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 29.62 | 34.06 | 25.43 | 33.13 | 1.03 | 2.87 | 2.39 | 1.99 | 1.66 | 1.39 |
| EBIT | 28.53 | 32.97 | 24.58 | 32.04 | - | 2.60 | 2.17 | 1.81 | 1.51 | 1.26 |
| Tax Rate | 0.00% | 3.09% | 45.42% | 25.57% | 18.52% | 18.52% | 18.52% | 18.52% | 18.52% | 18.52% |
| EBIAT | 28.53 | 31.95 | 13.42 | 23.85 | - | 2.12 | 1.77 | 1.48 | 1.23 | 1.03 |
| Depreciation | 1.09 | 1.10 | 0.85 | 1.09 | 1.03 | 0.26 | 0.22 | 0.18 | 0.15 | 0.13 |
| Accounts Receivable | - | -2.47 | 1.04 | -1.04 | -3.37 | 8.22 | 0.38 | 0.32 | 0.27 | 0.22 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.24 | 4.20 | -4.60 | -3.19 | -0.11 | -0.09 | -0.07 | -0.06 | -0.05 |
| Capital Expenditure | -3.97 | -0.38 | -3.10 | -0.44 | -0.27 | -0.22 | -0.19 | -0.16 | -0.13 | -0.11 |
| UFCF | 25.65 | 31.43 | 16.41 | 18.86 | -5.80 | 10.27 | 2.10 | 1.75 | 1.46 | 1.22 |
| WACC | ||||||||||
| PV UFCF | 9.47 | 1.78 | 1.37 | 1.05 | 0.81 | |||||
| SUM PV UFCF | 14.48 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.50 |
| Free cash flow (t + 1) | 1.24 |
| Terminal Value | 19.08 |
| Present Value of Terminal Value | 12.69 |
Intrinsic Value
| Enterprise Value | 27.16 |
|---|---|
| Net Debt | -110.55 |
| Equity Value | 137.72 |
| Shares Outstanding | 9.38 |
| Equity Value Per Share | 14.68 |