Discounted Cash Flow (DCF) Analysis Unlevered

Carter Bankshares, Inc. (CARE)

$16.09

-0.18 (-1.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.43 | 16.09 | 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 112.25119.90121.73127.95133.66139.65145.90152.44159.27166.40
Revenue (%)
EBITDA 22.0556.1079.89-3.1258.4148.4150.5852.8455.2157.68
EBITDA (%)
EBIT 18.9052.4274.56-9.2653.3843.1545.0847.1049.2151.42
EBIT (%)
Depreciation 3.153.685.336.145.035.265.495.7466.26
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 1,215.811,076.32868.431,020.621,200.201,226.061,280.961,338.331,398.261,460.88
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -3.11-14.61-8.45-10.12-9.96-10.41-10.88-11.36-11.87-12.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.09
Beta 1.029
Diluted Shares Outstanding 26.34
Cost of Debt
Tax Rate 11.51
After-tax Cost of Debt 287.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.373
Total Debt 7
Total Equity 423.85
Total Capital 430.85
Debt Weighting 1.62
Equity Weighting 98.38
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 112.25119.90121.73127.95133.66139.65145.90152.44159.27166.40
EBITDA 22.0556.1079.89-3.1258.4148.4150.5852.8455.2157.68
EBIT 18.9052.4274.56-9.2653.3843.1545.0847.1049.2151.42
Tax Rate 96.26%16.79%4.35%-1.71%11.51%25.44%25.44%25.44%25.44%25.44%
EBIAT 0.7143.6271.31-9.4247.2432.1733.6135.1236.6938.34
Depreciation 3.153.685.336.145.035.265.495.7466.26
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -3.11-14.61-8.45-10.12-9.96-10.41-10.88-11.36-11.87-12.40
UFCF 0.7432.6968.19-13.4042.3127.0228.2329.5030.8232.20
WACC
PV UFCF 23.9422.1520.5018.9717.55
SUM PV UFCF 103.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.90
Free cash flow (t + 1) 32.84
Terminal Value 301.31
Present Value of Terminal Value 164.26

Intrinsic Value

Enterprise Value 267.37
Net Debt -270.80
Equity Value 538.17
Shares Outstanding 26.34
Equity Value Per Share 20.43