Discounted Cash Flow (DCF) Analysis Unlevered

ChoiceOne Financial Services, Inc. (COFS)

$21.92

+0.39 (+1.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 525.11 | 21.92 | 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 27.4728.9836.9473.7779.84107.96145.98197.40266.94360.97
Revenue (%)
EBITDA 12.4813.0316.2931.2442.9049.7867.3291.03123.09166.45
EBITDA (%)
EBIT 10.0310.9513.1623.5330.4838.8752.5671.0796.10129.96
EBIT (%)
Depreciation 2.452.083.137.7112.4210.9214.7619.9626.9936.50
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 192.43186.29399.14654.311,130.771,020.661,380.171,866.332,523.733,412.69
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.66-4.21-0.77-1.85-2.76-6.17-8.35-11.29-15.26-20.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.92
Beta 0.477
Diluted Shares Outstanding 7.51
Cost of Debt
Tax Rate 16.82
After-tax Cost of Debt 3.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.102
Total Debt 85.02
Total Equity 164.54
Total Capital 249.55
Debt Weighting 34.07
Equity Weighting 65.93
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 27.4728.9836.9473.7779.84107.96145.98197.40266.94360.97
EBITDA 12.4813.0316.2931.2442.9049.7867.3291.03123.09166.45
EBIT 10.0310.9513.1623.5330.4838.8752.5671.0796.10129.96
Tax Rate 27.90%13.61%15.29%17.33%16.82%18.19%18.19%18.19%18.19%18.19%
EBIAT 7.239.4611.1519.4525.3531.804358.1478.62106.32
Depreciation 2.452.083.137.7112.4210.9214.7619.9626.9936.50
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1.66-4.21-0.77-1.85-2.76-6.17-8.35-11.29-15.26-20.64
UFCF 8.037.3313.5125.3135.0236.5449.4166.8290.36122.18
WACC
PV UFCF 34.9045.0958.2475.2297.16
SUM PV UFCF 310.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.69
Free cash flow (t + 1) 124.63
Terminal Value 4,632.95
Present Value of Terminal Value 3,684.10

Intrinsic Value

Enterprise Value 3,994.70
Net Debt 53.13
Equity Value 3,941.57
Shares Outstanding 7.51
Equity Value Per Share 525.11