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
Stock DCF: 105.54 | 17.8 | undervalue

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 103.39104.79110.78116.11119.38123.77128.32133.04137.93143
Revenue (%)
EBITDA 70.3286.4399.6885.0969.4692.0795.4698.97102.60106.38
EBITDA (%)
EBIT 66.7282.3793.4678.7263.9586.3689.5392.8296.2499.77
EBIT (%)
Depreciation 3.604.076.226.375.515.715.926.146.376.60
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 789.80805.37736.51873.90777.99891.56924.33958.31993.541,030.06
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 103.39104.79110.78116.11119.38123.77128.32133.04137.93143
EBITDA 70.3286.4399.6885.0969.4692.0795.4698.97102.60106.38
EBIT 66.7282.3793.4678.7263.9586.3689.5392.8296.2499.77
Tax Rate 21.97%10.85%16.53%16.81%19.17%17.07%17.07%17.07%17.07%17.07%
EBIAT 52.0673.4278.0265.4951.6971.6274.2576.9879.8182.75
Depreciation 3.604.076.226.375.515.715.926.146.376.60
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 46.7771.8181.3668.8551.4771.3974.0176.7379.5682.48
WACC
PV UFCF 68.1667.4766.7866.1065.43
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