Discounted Cash Flow (DCF) Analysis Unlevered

1st Constitution Bancorp (FCCY)

$27.79

+1.02 (+3.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 76.86 | 27.79 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 42.5944.4151.1255.5773.1584.0796.62111.04127.61146.67
Revenue (%)
EBITDA 20.4819.6825.8032.8737.3942.5648.9156.2164.6174.25
EBITDA (%)
EBIT 19.0718.3024.4131.4335.3440.1146.1052.9860.8969.98
EBIT (%)
Depreciation 1.411.381.391.442.052.452.813.233.714.27
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 148.49124.21149.07177.22166.79246.63283.45325.76374.39430.28
Total Cash (%)
Account Receivables 3.093.483.864.955.276.527.498.619.8911.37
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.870.801.231.590.851.731.992.282.623.01
Accounts Payable (%)
Capital Expenditure -0.46-0.85-0.65-0.16-0.42-0.86-0.99-1.14-1.30-1.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27.79
Beta 0.625
Diluted Shares Outstanding 10.26
Cost of Debt
Tax Rate 26.76
After-tax Cost of Debt 17.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.792
Total Debt 45.77
Total Equity 285.15
Total Capital 330.92
Debt Weighting 13.83
Equity Weighting 86.17
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 42.5944.4151.1255.5773.1584.0796.62111.04127.61146.67
EBITDA 20.4819.6825.8032.8737.3942.5648.9156.2164.6174.25
EBIT 19.0718.3024.4131.4335.3440.1146.1052.9860.8969.98
Tax Rate 33.24%45.87%26.38%26.99%26.76%31.85%31.85%31.85%31.85%31.85%
EBIAT 12.739.9017.9722.9525.8827.3431.4236.1141.5047.69
Depreciation 1.411.381.391.442.052.452.813.233.714.27
Accounts Receivable --0.38-0.38-1.08-0.33-1.24-0.97-1.12-1.28-1.48
Inventories ----------
Accounts Payable --0.060.420.36-0.740.880.260.300.340.39
Capital Expenditure -0.46-0.85-0.65-0.16-0.42-0.86-0.99-1.14-1.30-1.50
UFCF 13.699.9918.7523.5126.4428.5632.5337.3842.9649.38
WACC
PV UFCF 26.6028.2330.2232.3534.64
SUM PV UFCF 152.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.35
Free cash flow (t + 1) 50.37
Terminal Value 941.42
Present Value of Terminal Value 660.35

Intrinsic Value

Enterprise Value 812.38
Net Debt 23.77
Equity Value 788.61
Shares Outstanding 10.26
Equity Value Per Share 76.86