Discounted Cash Flow (DCF) Analysis Unlevered

Capital City Bank Group, Inc. (CCBG)

$32.55

+0.17 (+0.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 78.43 | 32.55 | 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 134.73138.09150.62206.66203.84228255.02285.25319.05356.87
Revenue (%)
EBITDA 33.5742.9956.5153.9154.4466.7474.6583.4993.39104.46
EBITDA (%)
EBIT 27.0136.5450.2546.6846.7257.1763.9571.5380.0189.49
EBIT (%)
Depreciation 6.566.456.257.237.719.5610.7011.9713.3814.97
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 539.33508.19463.69392.79719.92738.45825.97923.871,033.371,155.85
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -4-1.46-3.76-9.74-5.19-6.28-7.03-7.86-8.79-9.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.55
Beta 0.663
Diluted Shares Outstanding 16.89
Cost of Debt
Tax Rate 32.47
After-tax Cost of Debt 2.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.954
Total Debt 88.33
Total Equity 549.87
Total Capital 638.20
Debt Weighting 13.84
Equity Weighting 86.16
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 134.73138.09150.62206.66203.84228255.02285.25319.05356.87
EBITDA 33.5742.9956.5153.9154.4466.7474.6583.4993.39104.46
EBIT 27.0136.5450.2546.6846.7257.1763.9571.5380.0189.49
Tax Rate 52.90%11.54%24.42%40.29%32.47%32.32%32.32%32.32%32.32%32.32%
EBIAT 12.7232.3237.9827.8731.5538.6943.2848.4154.1460.56
Depreciation 6.566.456.257.237.719.5610.7011.9713.3814.97
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -4-1.46-3.76-9.74-5.19-6.28-7.03-7.86-8.79-9.83
UFCF 15.2837.3140.4825.3634.0741.9746.9552.5158.7465.70
WACC
PV UFCF 39.4641.5043.6545.9048.27
SUM PV UFCF 218.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.36
Free cash flow (t + 1) 67.01
Terminal Value 1,537
Present Value of Terminal Value 1,129.23

Intrinsic Value

Enterprise Value 1,348.01
Net Debt 23.02
Equity Value 1,324.99
Shares Outstanding 16.89
Equity Value Per Share 78.43