Discounted Cash Flow (DCF) Analysis Unlevered

Cortland Bancorp (CLDB)

$28.47

+0.39 (+1.39%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.65 | 28.47 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 24.2325.4729.0629.1130.7832.7234.7736.9539.2741.74
Revenue (%)
EBITDA 11.6912.6916.9516.4416.3017.3918.4819.6420.8822.19
EBITDA (%)
EBIT 8.929.9614.6314.2013.5414.3315.2316.1917.2018.28
EBIT (%)
Depreciation 2.772.742.322.242.753.063.253.463.673.91
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 194.57181.55156.61163.95203.98214.65228.13242.45257.67273.85
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.80-0.80-1.94-2.69-0.65-1.60-1.70-1.81-1.92-2.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.47
Beta 0.659
Diluted Shares Outstanding 4.19
Cost of Debt
Tax Rate 15.11
After-tax Cost of Debt 13.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.073
Total Debt 23.16
Total Equity 119.42
Total Capital 142.57
Debt Weighting 16.24
Equity Weighting 83.76
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 24.2325.4729.0629.1130.7832.7234.7736.9539.2741.74
EBITDA 11.6912.6916.9516.4416.3017.3918.4819.6420.8822.19
EBIT 8.929.9614.6314.2013.5414.3315.2316.1917.2018.28
Tax Rate 18.79%35.72%13.80%15.73%15.11%19.83%19.83%19.83%19.83%19.83%
EBIAT 7.246.4012.6111.9611.5011.4912.2112.9813.7914.66
Depreciation 2.772.742.322.242.753.063.253.463.673.91
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.80-0.80-1.94-2.69-0.65-1.60-1.70-1.81-1.92-2.04
UFCF 9.218.3312.9911.5213.6012.9513.7614.6315.5516.52
WACC
PV UFCF 11.9711.7611.5511.3511.15
SUM PV UFCF 57.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.19
Free cash flow (t + 1) 16.85
Terminal Value 272.24
Present Value of Terminal Value 183.66

Intrinsic Value

Enterprise Value 241.43
Net Debt -12.95
Equity Value 254.38
Shares Outstanding 4.19
Equity Value Per Share 60.65