Discounted Cash Flow (DCF) Analysis Unlevered

Bridgewater Bancshares, Inc. (BWB)

$18.75

-0.51 (-2.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 67.16 | 18.75 | undervalue

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 56.7167.2877.9693.80114.82136.99163.44195232.66277.58
Revenue (%)
EBITDA 40.1053.5869.1763.9383.50104.10124.20148.18176.80210.94
EBITDA (%)
EBIT 39.2152.6367.9762.5380.94101.84121.51144.97172.97206.37
EBIT (%)
Depreciation 0.890.951.201.402.562.262.693.213.834.57
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 256.29285.13324.47554.16584.71655.34781.89932.871,113.011,327.94
Total Cash (%)
Account Receivables 5.346.596.789.179.1912.5214.9317.8221.2625.36
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.411.811.981.611.412.923.484.164.965.92
Accounts Payable (%)
Capital Expenditure -1.24-3.72-15.57-24.69-0.78-14.98-17.87-21.32-25.44-30.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.75
Beta 0.703
Diluted Shares Outstanding 29.17
Cost of Debt
Tax Rate 25.80
After-tax Cost of Debt 10.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.919
Total Debt 134.74
Total Equity 546.94
Total Capital 681.68
Debt Weighting 19.77
Equity Weighting 80.23
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 56.7167.2877.9693.80114.82136.99163.44195232.66277.58
EBITDA 40.1053.5869.1763.9383.50104.10124.20148.18176.80210.94
EBIT 39.2152.6367.9762.5380.94101.84121.51144.97172.97206.37
Tax Rate 37.54%16.25%18.06%23.75%25.80%24.28%24.28%24.28%24.28%24.28%
EBIAT 24.4944.0855.6947.6860.0677.1192.01109.77130.97156.26
Depreciation 0.890.951.201.402.562.262.693.213.834.57
Accounts Receivable --1.25-0.19-2.40-0.01-3.33-2.42-2.88-3.44-4.10
Inventories ----------
Accounts Payable -0.400.18-0.37-0.211.510.560.670.800.96
Capital Expenditure -1.24-3.72-15.57-24.69-0.78-14.98-17.87-21.32-25.44-30.36
UFCF 24.1440.4641.3121.6261.6262.5774.9789.45106.72127.33
WACC
PV UFCF 58.1264.6871.6879.4488.03
SUM PV UFCF 361.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.66
Free cash flow (t + 1) 129.87
Terminal Value 2,294.57
Present Value of Terminal Value 1,586.46

Intrinsic Value

Enterprise Value 1,948.41
Net Debt -10.61
Equity Value 1,959.02
Shares Outstanding 29.17
Equity Value Per Share 67.16