Discounted Cash Flow (DCF) Analysis Unlevered

FVCBankcorp, Inc. (FVCB)

$19.05

-0.05 (-0.26%)
All numbers are in Millions, Currency in USD
Stock DCF: 89.64 | 19.05 | 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 34.8441.1750.1754.9961.0270.2780.9193.17107.29123.54
Revenue (%)
EBITDA 23.2925.8339.7135.1039.2447.3454.5262.7772.2983.24
EBITDA (%)
EBIT 22.7325.2238.6834.1438.6946.2553.2561.3270.6181.31
EBIT (%)
Depreciation 0.560.611.030.960.561.101.261.451.671.93
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 138.52167.03174.47267.21241.96285.77329.07378.92436.33502.44
Total Cash (%)
Account Receivables 2.964.054.099.148.077.929.1210.5012.0913.92
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.420.810.610.680.860.991.141.311.511.74
Accounts Payable (%)
Capital Expenditure -0.50-0.74-0.31-0.35-0.69-0.79-0.91-1.05-1.21-1.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.05
Beta 0.318
Diluted Shares Outstanding 13.60
Cost of Debt
Tax Rate 22.25
After-tax Cost of Debt 18.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.196
Total Debt 44.51
Total Equity 259.03
Total Capital 303.54
Debt Weighting 14.66
Equity Weighting 85.34
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 34.8441.1750.1754.9961.0270.2780.9193.17107.29123.54
EBITDA 23.2925.8339.7135.1039.2447.3454.5262.7772.2983.24
EBIT 22.7325.2238.6834.1438.6946.2553.2561.3270.6181.31
Tax Rate 47.10%17.07%20.91%21.14%22.25%25.69%25.69%25.69%25.69%25.69%
EBIAT 12.0320.9130.6026.9230.0834.3639.5745.5752.4760.42
Depreciation 0.560.611.030.960.561.101.261.451.671.93
Accounts Receivable --1.09-0.04-5.041.060.16-1.20-1.38-1.59-1.83
Inventories ----------
Accounts Payable -0.39-0.210.080.170.130.150.170.200.23
Capital Expenditure -0.50-0.74-0.31-0.35-0.69-0.79-0.91-1.05-1.21-1.39
UFCF 12.0820.0931.0622.5731.1834.9538.8744.7651.5459.35
WACC
PV UFCF 32.6333.8836.4139.1442.08
SUM PV UFCF 184.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.12
Free cash flow (t + 1) 60.54
Terminal Value 1,182.37
Present Value of Terminal Value 838.30

Intrinsic Value

Enterprise Value 1,022.45
Net Debt -196.45
Equity Value 1,218.90
Shares Outstanding 13.60
Equity Value Per Share 89.64