Discounted Cash Flow (DCF) Analysis Unlevered

Codorus Valley Bancorp, Inc. (CVLY)

$19.21

-0.13 (-0.67%)
All numbers are in Millions, Currency in USD
Stock DCF: 101.34 | 19.21 | 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 7075.9376.5975.0478.1080.3282.6184.9687.3889.87
Revenue (%)
EBITDA 35.1343.5548.6329.1531.3940.1841.3242.5043.7144.95
EBITDA (%)
EBIT 32.7841.1245.0525.7328.1836.9738.0339.1140.2341.37
EBIT (%)
Depreciation 2.362.423.583.433.213.203.293.383.483.58
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 238.12246.37291.27520.80799.78443.87456.51469.52482.89496.65
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -2.16-2.75-3.10-2.26-2.03-2.63-2.70-2.78-2.86-2.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.21
Beta 0.499
Diluted Shares Outstanding 9.55
Cost of Debt
Tax Rate 21.13
After-tax Cost of Debt 13.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.321
Total Debt 54.06
Total Equity 183.42
Total Capital 237.48
Debt Weighting 22.77
Equity Weighting 77.23
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 7075.9376.5975.0478.1080.3282.6184.9687.3889.87
EBITDA 35.1343.5548.6329.1531.3940.1841.3242.5043.7144.95
EBIT 32.7841.1245.0525.7328.1836.9738.0339.1140.2341.37
Tax Rate 45.21%20.96%21.23%19.39%21.13%25.58%25.58%25.58%25.58%25.58%
EBIAT 17.9632.5135.4920.7422.2227.5228.3029.1129.9330.79
Depreciation 2.362.423.583.433.213.203.293.383.483.58
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -2.16-2.75-3.10-2.26-2.03-2.63-2.70-2.78-2.86-2.94
UFCF 18.1632.1735.9721.9123.4128.0928.8929.7130.5531.43
WACC
PV UFCF 25.9924.7323.5422.4021.32
SUM PV UFCF 117.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.07
Free cash flow (t + 1) 32.05
Terminal Value 528.07
Present Value of Terminal Value 358.23

Intrinsic Value

Enterprise Value 476.21
Net Debt -491.43
Equity Value 967.64
Shares Outstanding 9.55
Equity Value Per Share 101.34