Discounted Cash Flow (DCF) Analysis Unlevered

First Community Corporation (FCCO)

$18.055

+0.41 (+2.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 61.58 | 18.055 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 46.3948.8753.7959.0159.5063.3767.4871.8676.5281.48
Revenue (%)
EBITDA 19.9914.3512.9619.8521.7421.1322.5023.9625.5127.17
EBITDA (%)
EBIT 17.9012.2310.9617.9319.9218.7419.9521.2522.6324.10
EBIT (%)
Depreciation 2.082.1221.921.822.392.542.712.883.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 270.10334.49424.86633.86369.26475.40506.24539.09574.07611.31
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.46-2.79-1.09-0.81-1.22-1.82-1.93-2.06-2.19-2.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.055
Beta 0.522
Diluted Shares Outstanding 7.56
Cost of Debt
Tax Rate 20.63
After-tax Cost of Debt 3.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.620
Total Debt 67.80
Total Equity 136.58
Total Capital 204.38
Debt Weighting 33.17
Equity Weighting 66.83
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 46.3948.8753.7959.0159.5063.3767.4871.8676.5281.48
EBITDA 19.9914.3512.9619.8521.7421.1322.5023.9625.5127.17
EBIT 17.9012.2310.9617.9319.9218.7419.9521.2522.6324.10
Tax Rate 19.35%20.67%19.82%21.29%20.63%20.35%20.35%20.35%20.35%20.35%
EBIAT 14.449.708.7914.1215.8114.9315.8916.9318.0219.19
Depreciation 2.082.1221.921.822.392.542.712.883.07
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1.47-2.79-1.09-0.81-1.22-1.82-1.93-2.06-2.19-2.33
UFCF 15.069.039.7015.2216.4115.5016.5017.5818.7219.93
WACC
PV UFCF 14.6714.7814.9015.0215.13
SUM PV UFCF 74.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.66
Free cash flow (t + 1) 20.33
Terminal Value 555.42
Present Value of Terminal Value 421.77

Intrinsic Value

Enterprise Value 496.27
Net Debt 30.39
Equity Value 465.87
Shares Outstanding 7.56
Equity Value Per Share 61.58