Discounted Cash Flow (DCF) Analysis Unlevered
The First of Long Island Corporatio... (FLIC)
$17.8
+0.27 (+1.54%)
All numbers are in Millions, Currency in USD
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 | 103.39 | 104.79 | 110.78 | 116.11 | 119.38 | 123.77 | 128.32 | 133.04 | 137.93 | 143 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 70.32 | 86.43 | 99.68 | 85.09 | 69.46 | 92.07 | 95.46 | 98.97 | 102.60 | 106.38 |
| EBITDA (%) | ||||||||||
| EBIT | 66.72 | 82.37 | 93.46 | 78.72 | 63.95 | 86.36 | 89.53 | 92.82 | 96.24 | 99.77 |
| EBIT (%) | ||||||||||
| Depreciation | 3.60 | 4.07 | 6.22 | 6.37 | 5.51 | 5.71 | 5.92 | 6.14 | 6.37 | 6.60 |
| 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 | 789.80 | 805.37 | 736.51 | 873.90 | 777.99 | 891.56 | 924.33 | 958.31 | 993.54 | 1,030.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -8.89 | -5.69 | -2.88 | -3.01 | -5.73 | -5.94 | -6.16 | -6.39 | -6.62 | -6.87 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 17.8 |
|---|---|
| Beta | 0.506 |
| Diluted Shares Outstanding | 23.60 |
| Cost of Debt | |
| Tax Rate | 19.17 |
| After-tax Cost of Debt | 4.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.277 |
| Total Debt | 322.58 |
| Total Equity | 420.08 |
| Total Capital | 742.66 |
| Debt Weighting | 43.44 |
| Equity Weighting | 56.56 |
| 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 | 103.39 | 104.79 | 110.78 | 116.11 | 119.38 | 123.77 | 128.32 | 133.04 | 137.93 | 143 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 70.32 | 86.43 | 99.68 | 85.09 | 69.46 | 92.07 | 95.46 | 98.97 | 102.60 | 106.38 |
| EBIT | 66.72 | 82.37 | 93.46 | 78.72 | 63.95 | 86.36 | 89.53 | 92.82 | 96.24 | 99.77 |
| Tax Rate | 21.97% | 10.85% | 16.53% | 16.81% | 19.17% | 17.07% | 17.07% | 17.07% | 17.07% | 17.07% |
| EBIAT | 52.06 | 73.42 | 78.02 | 65.49 | 51.69 | 71.62 | 74.25 | 76.98 | 79.81 | 82.75 |
| Depreciation | 3.60 | 4.07 | 6.22 | 6.37 | 5.51 | 5.71 | 5.92 | 6.14 | 6.37 | 6.60 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -8.89 | -5.69 | -2.88 | -3.01 | -5.73 | -5.94 | -6.16 | -6.39 | -6.62 | -6.87 |
| UFCF | 46.77 | 71.81 | 81.36 | 68.85 | 51.47 | 71.39 | 74.01 | 76.73 | 79.56 | 82.48 |
| WACC | ||||||||||
| PV UFCF | 68.16 | 67.47 | 66.78 | 66.10 | 65.43 | |||||
| SUM PV UFCF | 333.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.74 |
| Free cash flow (t + 1) | 84.13 |
| Terminal Value | 3,070.43 |
| Present Value of Terminal Value | 2,435.77 |
Intrinsic Value
| Enterprise Value | 2,769.71 |
|---|---|
| Net Debt | 278.91 |
| Equity Value | 2,490.80 |
| Shares Outstanding | 23.60 |
| Equity Value Per Share | 105.54 |