Discounted Cash Flow (DCF) Analysis Unlevered
First Community Corporation (FCCO)
$16.865
-0.07 (-0.38%)
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 | 43.82 | 45.78 | 50.40 | 54.91 | 59.51 | 64.25 | 69.37 | 74.89 | 80.86 | 87.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 19.99 | 21.73 | 18.35 | 23.80 | 21.74 | 26.90 | 29.05 | 31.36 | 33.86 | 36.56 |
| EBITDA (%) | ||||||||||
| EBIT | 17.90 | 19.61 | 16.35 | 21.89 | 18.21 | 23.98 | 25.89 | 27.95 | 30.18 | 32.58 |
| EBIT (%) | ||||||||||
| Depreciation | 2.08 | 2.12 | 2 | 1.92 | 3.53 | 2.93 | 3.16 | 3.41 | 3.68 | 3.98 |
| 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 | 497.51 | 537.16 | 579.97 | 626.18 | 676.08 | 729.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.47 | -2.79 | -1.09 | -0.81 | -1.22 | -1.94 | -2.10 | -2.27 | -2.45 | -2.64 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 16.865 |
|---|---|
| Beta | 0.517 |
| Diluted Shares Outstanding | 7.56 |
| Cost of Debt | |
| Tax Rate | 20.63 |
| After-tax Cost of Debt | 3.97% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.134 |
| Total Debt | - |
| Total Equity | 127.58 |
| Total Capital | 127.58 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 43.82 | 45.78 | 50.40 | 54.91 | 59.51 | 64.25 | 69.37 | 74.89 | 80.86 | 87.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 19.99 | 21.73 | 18.35 | 23.80 | 21.74 | 26.90 | 29.05 | 31.36 | 33.86 | 36.56 |
| EBIT | 17.90 | 19.61 | 16.35 | 21.89 | 18.21 | 23.98 | 25.89 | 27.95 | 30.18 | 32.58 |
| 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 | 15.56 | 13.11 | 17.23 | 14.45 | 19.10 | 20.62 | 22.26 | 24.04 | 25.95 |
| Depreciation | 2.08 | 2.12 | 2 | 1.92 | 3.53 | 2.93 | 3.16 | 3.41 | 3.68 | 3.98 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -1.47 | -2.79 | -1.09 | -0.81 | -1.22 | -1.94 | -2.10 | -2.27 | -2.45 | -2.64 |
| UFCF | 15.06 | 14.89 | 14.02 | 18.33 | 16.76 | 20.08 | 21.68 | 23.41 | 25.27 | 27.29 |
| WACC | ||||||||||
| PV UFCF | 18.92 | 19.25 | 19.58 | 19.92 | 20.26 | |||||
| SUM PV UFCF | 97.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.13 |
| Free cash flow (t + 1) | 27.83 |
| Terminal Value | 673.88 |
| Present Value of Terminal Value | 500.49 |
Intrinsic Value
| Enterprise Value | 598.42 |
|---|---|
| Net Debt | - |
| Equity Value | 598.42 |
| Shares Outstanding | 7.56 |
| Equity Value Per Share | 79.10 |