Discounted Cash Flow (DCF) Analysis Unlevered
First Community Corporation (FCCO)
$18.055
+0.41 (+2.35%)
All numbers are in Millions, Currency in USD
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 | 46.39 | 48.87 | 53.79 | 59.01 | 59.50 | 63.37 | 67.48 | 71.86 | 76.52 | 81.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 19.99 | 14.35 | 12.96 | 19.85 | 21.74 | 21.13 | 22.50 | 23.96 | 25.51 | 27.17 |
| EBITDA (%) | ||||||||||
| EBIT | 17.90 | 12.23 | 10.96 | 17.93 | 19.92 | 18.74 | 19.95 | 21.25 | 22.63 | 24.10 |
| EBIT (%) | ||||||||||
| Depreciation | 2.08 | 2.12 | 2 | 1.92 | 1.82 | 2.39 | 2.54 | 2.71 | 2.88 | 3.07 |
| 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 | 270.10 | 334.49 | 424.86 | 633.86 | 369.26 | 475.40 | 506.24 | 539.09 | 574.07 | 611.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 46.39 | 48.87 | 53.79 | 59.01 | 59.50 | 63.37 | 67.48 | 71.86 | 76.52 | 81.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 19.99 | 14.35 | 12.96 | 19.85 | 21.74 | 21.13 | 22.50 | 23.96 | 25.51 | 27.17 |
| EBIT | 17.90 | 12.23 | 10.96 | 17.93 | 19.92 | 18.74 | 19.95 | 21.25 | 22.63 | 24.10 |
| Tax Rate | 19.35% | 20.67% | 19.82% | 21.29% | 20.63% | 20.35% | 20.35% | 20.35% | 20.35% | 20.35% |
| EBIAT | 14.44 | 9.70 | 8.79 | 14.12 | 15.81 | 14.93 | 15.89 | 16.93 | 18.02 | 19.19 |
| Depreciation | 2.08 | 2.12 | 2 | 1.92 | 1.82 | 2.39 | 2.54 | 2.71 | 2.88 | 3.07 |
| 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 | 15.06 | 9.03 | 9.70 | 15.22 | 16.41 | 15.50 | 16.50 | 17.58 | 18.72 | 19.93 |
| WACC | ||||||||||
| PV UFCF | 14.67 | 14.78 | 14.90 | 15.02 | 15.13 | |||||
| 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 |