Discounted Cash Flow (DCF) Analysis Unlevered

Citizens Community Bancorp, Inc. (CZWI)

$13.33

+0.03 (+0.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 147.63 | 13.33 | 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 27.0237.1456.3268.4069.6989.28114.37146.52187.71240.47
Revenue (%)
EBITDA 10.5117.2433.3638.1843.3746.8960.0776.9598.58126.30
EBITDA (%)
EBIT 9.4315.2029.1931.5539.3341.1152.6667.4786.43110.73
EBIT (%)
Depreciation 1.082.034.176.634.045.787.409.4912.1515.57
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 145.71160.16240.70267.43252.27384.06492.01630.31807.491,034.46
Total Cash (%)
Account Receivables 3.293.604.745.653.927.8910.1012.9416.5821.24
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.61-2.96-6.77-2.57-3.78-5.61-7.19-9.21-11.79-15.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.33
Beta 0.891
Diluted Shares Outstanding 11.16
Cost of Debt
Tax Rate 26.57
After-tax Cost of Debt 4.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.998
Total Debt 169.95
Total Equity 148.79
Total Capital 318.75
Debt Weighting 53.32
Equity Weighting 46.68
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 27.0237.1456.3268.4069.6989.28114.37146.52187.71240.47
EBITDA 10.5117.2433.3638.1843.3746.8960.0776.9598.58126.30
EBIT 9.4315.2029.1931.5539.3341.1152.6667.4786.43110.73
Tax Rate 34.62%35.19%22.92%26.36%26.57%29.13%29.13%29.13%29.13%29.13%
EBIAT 6.179.8522.5023.2328.8829.1337.3247.8161.2578.47
Depreciation 1.082.034.176.634.045.787.409.4912.1515.57
Accounts Receivable --0.31-1.14-0.911.74-3.97-2.22-2.84-3.64-4.66
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.61-2.96-6.77-2.57-3.78-5.61-7.19-9.21-11.79-15.11
UFCF 6.648.6218.7626.3730.8825.3335.3245.2557.9774.27
WACC
PV UFCF 23.9831.6438.3646.5156.40
SUM PV UFCF 196.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.66
Free cash flow (t + 1) 75.75
Terminal Value 2,069.80
Present Value of Terminal Value 1,571.72

Intrinsic Value

Enterprise Value 1,768.61
Net Debt 120.75
Equity Value 1,647.86
Shares Outstanding 11.16
Equity Value Per Share 147.63