Discounted Cash Flow (DCF) Analysis Unlevered

Citizens Holding Company (CIZN)

$17.3

-0.35 (-1.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 59.85 | 17.3 | 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 34.5734.7434.5542.7545.6849.1752.9256.9661.3165.98
Revenue (%)
EBITDA 12.1212.9017.8917.2315.1119.4120.8922.4824.2026.04
EBITDA (%)
EBIT 11.1211.9616.9816.1113.9418.0919.4720.9522.5524.27
EBIT (%)
Depreciation 10.940.911.121.171.321.421.531.651.77
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 524.54465.42538.88721.06697.04750.23807.48869.10935.431,006.81
Total Cash (%)
Account Receivables 4.454.174.185.985.826.266.747.267.818.41
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.200.471.130.520.730.790.850.910.981.06
Accounts Payable (%)
Capital Expenditure -2.91-0.35-1.04-2.02-2.60-2.25-2.42-2.60-2.80-3.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.3
Beta 0.062
Diluted Shares Outstanding 5.57
Cost of Debt
Tax Rate 16.03
After-tax Cost of Debt 23.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.133
Total Debt 18
Total Equity 96.44
Total Capital 114.44
Debt Weighting 15.73
Equity Weighting 84.27
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 34.5734.7434.5542.7545.6849.1752.9256.9661.3165.98
EBITDA 12.1212.9017.8917.2315.1119.4120.8922.4824.2026.04
EBIT 11.1211.9616.9816.1113.9418.0919.4720.9522.5524.27
Tax Rate 52.36%11.04%18.66%20.18%16.03%23.65%23.65%23.65%23.65%23.65%
EBIAT 5.3010.6413.8112.8611.7013.8114.861617.2218.53
Depreciation 10.940.911.121.171.321.421.531.651.77
Accounts Receivable -0.28-0.02-1.800.16-0.44-0.48-0.51-0.55-0.60
Inventories ----------
Accounts Payable -0.270.66-0.610.210.060.060.060.070.08
Capital Expenditure -2.91-0.35-1.04-2.02-2.60-2.25-2.42-2.60-2.80-3.01
UFCF 3.3911.7914.329.5510.6512.4913.4514.4715.5816.77
WACC
PV UFCF 11.7511.9012.0412.1912.34
SUM PV UFCF 60.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.32
Free cash flow (t + 1) 17.10
Terminal Value 395.88
Present Value of Terminal Value 291.40

Intrinsic Value

Enterprise Value 351.63
Net Debt 18
Equity Value 333.63
Shares Outstanding 5.57
Equity Value Per Share 59.85