Discounted Cash Flow (DCF) Analysis Unlevered

FNCB Bancorp, Inc. (FNCB)

$8.13

-0.06 (-0.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 39.97 | 8.13 | 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 40.2748.3043.8849.4357.2662.8869.0675.8483.2891.46
Revenue (%)
EBITDA 18.7527.9726.1826.3630.303437.3441.0145.0449.46
EBITDA (%)
EBIT 16.232523.2024.7328.7330.8333.8637.1840.8344.84
EBIT (%)
Depreciation 2.522.972.991.631.573.173.483.834.204.62
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 328.13332.51307.40505.85621.59542.40595.65654.13718.35788.88
Total Cash (%)
Account Receivables 3.233.613.234.294.644.995.486.026.617.26
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.240.340.260.110.050.280.300.330.360.40
Accounts Payable (%)
Capital Expenditure -1.09-6.02-4.54-1.69-1.29-3.92-4.31-4.73-5.19-5.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.13
Beta 0.306
Diluted Shares Outstanding 20.13
Cost of Debt
Tax Rate 17.89
After-tax Cost of Debt 7.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.079
Total Debt 30.31
Total Equity 163.63
Total Capital 193.94
Debt Weighting 15.63
Equity Weighting 84.37
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 40.2748.3043.8849.4357.2662.8869.0675.8483.2891.46
EBITDA 18.7527.9726.1826.3630.303437.3441.0145.0449.46
EBIT 16.232523.2024.7328.7330.8333.8637.1840.8344.84
Tax Rate 98.71%18.70%17.36%17.36%17.89%34.01%34.01%34.01%34.01%34.01%
EBIAT 0.2120.3219.1720.4423.5920.3522.3424.5426.9529.59
Depreciation 2.522.972.991.631.573.173.483.834.204.62
Accounts Receivable --0.380.38-1.05-0.36-0.35-0.49-0.54-0.59-0.65
Inventories ----------
Accounts Payable -0.10-0.08-0.15-0.060.230.030.030.030.04
Capital Expenditure -1.09-6.01-4.54-1.69-1.29-3.92-4.31-4.73-5.19-5.70
UFCF 1.6316.9917.9219.1723.4519.4821.0623.1325.4027.89
WACC
PV UFCF 18.4818.9519.7320.5621.41
SUM PV UFCF 99.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.43
Free cash flow (t + 1) 28.45
Terminal Value 829.43
Present Value of Terminal Value 636.74

Intrinsic Value

Enterprise Value 735.86
Net Debt -68.71
Equity Value 804.57
Shares Outstanding 20.13
Equity Value Per Share 39.97