Discounted Cash Flow (DCF) Analysis Unlevered

Chemung Financial Corporation (CHMG)

$41.87

+0.07 (+0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 220.77 | 41.87 | 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 76.7882.6979.9082.8788.4291.6895.0698.56102.19105.95
Revenue (%)
EBITDA 22.3231.8829.8032.1138.1834.2635.5236.8338.1939.60
EBITDA (%)
EBIT 17.7627.7125.3627.8637.1830.0831.1932.3433.5334.76
EBIT (%)
Depreciation 4.564.174.434.2614.184.344.504.664.83
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 324.36372.23405.99663.15819.01569.73590.72612.48635.04658.43
Total Cash (%)
Account Receivables 27.9628.5230.4240.0343.8337.9339.3340.7842.2843.83
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 14.9115.5219.6329.6526.0423.4724.3325.2326.1627.12
Accounts Payable (%)
Capital Expenditure -1.48-1.77-0.88-0.87-1.38-1.43-1.48-1.53-1.59-1.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 41.87
Beta -0.000
Diluted Shares Outstanding 4.68
Cost of Debt
Tax Rate 21.73
After-tax Cost of Debt 10.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.802
Total Debt 25.86
Total Equity 196.12
Total Capital 221.98
Debt Weighting 11.65
Equity Weighting 88.35
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 76.7882.6979.9082.8788.4291.6895.0698.56102.19105.95
EBITDA 22.3231.8829.8032.1138.1834.2635.5236.8338.1939.60
EBIT 17.7627.7125.3627.8637.1830.0831.1932.3433.5334.76
Tax Rate 49.43%16.96%18.03%19.30%21.73%25.09%25.09%25.09%25.09%25.09%
EBIAT 8.9823.0120.7922.4829.1022.5323.3624.2225.1226.04
Depreciation 4.564.174.434.2614.184.344.504.664.83
Accounts Receivable --0.57-1.90-9.60-3.815.91-1.40-1.45-1.50-1.56
Inventories ----------
Accounts Payable -0.614.1110.02-3.61-2.570.860.900.930.96
Capital Expenditure -1.48-1.77-0.88-0.87-1.38-1.43-1.48-1.53-1.59-1.65
UFCF 12.0625.4526.5526.2921.3128.6225.6926.6327.6128.63
WACC
PV UFCF 27.3723.5023.3023.1022.91
SUM PV UFCF 120.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.56
Free cash flow (t + 1) 29.20
Terminal Value 1,140.78
Present Value of Terminal Value 912.79

Intrinsic Value

Enterprise Value 1,032.97
Net Debt -1.12
Equity Value 1,034.09
Shares Outstanding 4.68
Equity Value Per Share 220.77