Discounted Cash Flow (DCF) Analysis Unlevered

ConnectOne Bancorp, Inc. (CNOB)

$19.7

-0.20 (-1.00%)
All numbers are in Millions, Currency in USD
Stock DCF: Infinity | 19.7 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 194.35252.39277.89315.36504.07646.83830.021,065.091,366.741,753.82
Revenue (%)
EBITDA 95.4392.95177.04244.54171.22337.83433.51556.29713.84916.01
EBITDA (%)
EBIT 91.0686.24171.38239.04169.79326.22418.61537.17689.30884.52
EBIT (%)
Depreciation 4.376.715.665.501.4411.6114.9019.1224.5431.49
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 606.18791.71800.04903.20678.581,726.372,215.312,842.723,647.824,680.94
Total Cash (%)
Account Receivables 20.9535.3234.1546.068,312.282,200.132,823.243,622.824,648.865,965.49
Account Receivables (%)
Inventories -222.43-339.07-299.69-314.64-8,990.86-2,897.87-3,718.59-4,771.75-6,123.19-7,857.37
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.53-2.20-2.78-3.30-4.67-5.99-7.69-9.87-12.66-16.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.7
Beta 1.294
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 25.61
After-tax Cost of Debt 3.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.381
Total Debt 1,026.19
Total Equity -
Total Capital 1,026.19
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 194.35252.39277.89315.36504.07646.83830.021,065.091,366.741,753.82
EBITDA 95.4392.95177.04244.54171.22337.83433.51556.29713.84916.01
EBIT 91.0686.24171.38239.04169.79326.22418.61537.17689.30884.52
Tax Rate 21.94%21.13%25.54%26.87%25.61%24.22%24.22%24.22%24.22%24.22%
EBIAT 71.0868.01127.61174.80126.30247.21317.23407.07522.36670.30
Depreciation 4.376.715.665.501.4411.6114.9019.1224.5431.49
Accounts Receivable --14.371.16-11.91-8,266.226,112.15-623.11-799.58-1,026.04-1,316.63
Inventories -116.64-39.3814.958,676.22-6,092.99820.721,053.161,351.431,734.18
Accounts Payable ----------
Capital Expenditure -1.53-2.20-2.78-3.30-4.67-5.99-7.69-9.87-12.66-16.25
UFCF 73.93174.8092.27180.04533.07271.99522.05669.91859.631,103.10
WACC
PV UFCF 263.61490.37609.86758.46943.27
SUM PV UFCF 3,065.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.18
Free cash flow (t + 1) 1,125.16
Terminal Value 95,352.34
Present Value of Terminal Value 81,536.82

Intrinsic Value

Enterprise Value 84,602.38
Net Debt 964.77
Equity Value 83,637.61
Shares Outstanding -
Equity Value Per Share Infinity