Discounted Cash Flow (DCF) Analysis Unlevered

Colony Bankcorp, Inc. (CBAN)

$13.42

-0.26 (-1.90%)
All numbers are in Millions, Currency in USD
Stock DCF: 112.25 | 13.42 | 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 48.7850.4262.6179.49102.48123.85149.68180.90218.63264.23
Revenue (%)
EBITDA 24.4626.1127.9128.3727.5551.7962.5975.6591.42110.49
EBITDA (%)
EBIT 21.4023.1425.2522.5121.4644.4353.6964.8978.4394.79
EBIT (%)
Depreciation 3.062.962.665.866.097.368.9010.751315.71
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 412.06413.22362.90398.031,145.22956.701,156.231,397.381,688.822,041.04
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.34-2.76-3.48-4.24-4.90-5.93-7.16-8.66-10.46-12.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.42
Beta 0.507
Diluted Shares Outstanding 17.59
Cost of Debt
Tax Rate 19.41
After-tax Cost of Debt 4.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.092
Total Debt 88.45
Total Equity 236.01
Total Capital 324.46
Debt Weighting 27.26
Equity Weighting 72.74
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 48.7850.4262.6179.49102.48123.85149.68180.90218.63264.23
EBITDA 24.4626.1127.9128.3727.5551.7962.5975.6591.42110.49
EBIT 21.4023.1425.2522.5121.4644.4353.6964.8978.4394.79
Tax Rate 46.65%20.11%19.02%19.24%19.41%24.89%24.89%24.89%24.89%24.89%
EBIAT 11.4218.4920.4518.1817.2933.3740.3348.7458.9171.20
Depreciation 3.062.962.665.866.097.368.9010.751315.71
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1.34-2.76-3.48-4.24-4.90-5.93-7.16-8.66-10.46-12.64
UFCF 13.1318.6919.6219.8018.4834.8142.0750.8461.4474.26
WACC
PV UFCF 32.9937.7843.2749.5656.76
SUM PV UFCF 220.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.52
Free cash flow (t + 1) 75.75
Terminal Value 2,151.85
Present Value of Terminal Value 1,644.89

Intrinsic Value

Enterprise Value 1,865.26
Net Debt -108.78
Equity Value 1,974.05
Shares Outstanding 17.59
Equity Value Per Share 112.25