Discounted Cash Flow (DCF) Analysis Unlevered

First US Bancshares, Inc. (FUSB)

$8.02

+0.05 (+0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.15 | 8.02 | 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 32.6937.844240.1340.4942.8445.3247.9550.7353.67
Revenue (%)
EBITDA 6.469.3714.5510.248.6810.8111.4312.1012.8013.54
EBITDA (%)
EBIT 5.337.7412.468.146.868.889.409.9410.5211.13
EBIT (%)
Depreciation 1.131.632.102.101.821.932.042.162.282.41
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 181182.09151.05179.41192.13198.44209.95222.12235248.63
Total Cash (%)
Account Receivables 2.062.822.492.812.562.822.993.163.343.54
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.380.420.540.290.220.420.440.460.490.52
Accounts Payable (%)
Capital Expenditure -10.39-1.55-3.18-0.96-4.64-4.91-5.19-5.50-5.81-6.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.02
Beta 1.230
Diluted Shares Outstanding 6.84
Cost of Debt
Tax Rate 22.27
After-tax Cost of Debt 11.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.619
Total Debt 20.70
Total Equity 54.89
Total Capital 75.59
Debt Weighting 27.38
Equity Weighting 72.62
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 32.6937.844240.1340.4942.8445.3247.9550.7353.67
EBITDA 6.469.3714.5510.248.6810.8111.4312.1012.8013.54
EBIT 5.337.7412.468.146.868.889.409.9410.5211.13
Tax Rate 115.66%26.57%21.44%23.36%22.27%41.86%41.86%41.86%41.86%41.86%
EBIAT -0.835.689.796.245.335.165.465.786.116.47
Depreciation 1.131.632.102.101.821.932.042.162.282.41
Accounts Receivable --0.760.33-0.320.25-0.27-0.16-0.17-0.18-0.19
Inventories ----------
Accounts Payable -0.040.11-0.24-0.070.190.020.030.030.03
Capital Expenditure -10.39-1.55-3.18-0.95-4.64-4.91-5.19-5.50-5.81-6.15
UFCF -10.095.059.146.822.692.102.172.292.422.56
WACC
PV UFCF 1.911.791.721.651.59
SUM PV UFCF 8.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.02
Free cash flow (t + 1) 2.62
Terminal Value 32.62
Present Value of Terminal Value 20.24

Intrinsic Value

Enterprise Value 28.90
Net Debt -40.55
Equity Value 69.45
Shares Outstanding 6.84
Equity Value Per Share 10.15