Discounted Cash Flow (DCF) Analysis Unlevered

Guaranty Bancshares, Inc. (GNTY)

$26.57

+1.37 (+5.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 208.99 | 26.57 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 94.48111.07117.69128.60142.65158.24175.53194.71215.99239.59
Revenue (%)
EBITDA 61.0151.8261.0669.6077.4785.9495.33105.74117.30130.12
EBITDA (%)
EBIT 55.7546.3655.5564.6670.6978.4286.9896.49107.03118.73
EBIT (%)
Depreciation 5.265.475.514.936.787.528.349.2610.2711.39
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 258.18513.76409.84248.12232.77455.78505.59560.84622.12690.11
Total Cash (%)
Account Receivables 9.159.838.9011.5510.4413.4214.8916.5118.3220.32
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 23.0625.2626.5728.4132.7436.3240.2944.6949.5854.99
Accounts Payable (%)
Capital Expenditure -5.09-5.90-2.90-5.68-6.27-6.96-7.72-8.56-9.49-10.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.57
Beta 0.426
Diluted Shares Outstanding 12.09
Cost of Debt
Tax Rate 17.89
After-tax Cost of Debt 4.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.709
Total Debt -
Total Equity 321.31
Total Capital 321.31
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 94.48111.07117.69128.60142.65158.24175.53194.71215.99239.59
EBITDA 61.0151.8261.0669.6077.4785.9495.33105.74117.30130.12
EBIT 55.7546.3655.5564.6670.6978.4286.9896.49107.03118.73
Tax Rate 18.02%17.70%18.02%17.89%17.91%17.91%17.91%17.91%17.91%17.91%
EBIAT 45.7038.1545.5453.1058.0364.3771.4179.2187.8797.47
Depreciation 5.265.475.514.936.787.528.349.2610.2711.39
Accounts Receivable --0.680.93-2.651.11-2.98-1.47-1.63-1.80-2
Inventories ----------
Accounts Payable -2.201.311.844.333.583.974.404.885.42
Capital Expenditure -5.09-5.90-2.90-5.68-6.27-6.96-7.72-8.56-9.49-10.53
UFCF 45.8739.2350.4051.5363.9965.5474.5482.6891.72101.74
WACC
PV UFCF 63.996266.7069.9973.4577.07
SUM PV UFCF 349.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.71
Free cash flow (t + 1) 103.77
Terminal Value 2,797.16
Present Value of Terminal Value 2,119.03

Intrinsic Value

Enterprise Value 2,468.25
Net Debt -59.03
Equity Value 2,527.28
Shares Outstanding 12.09
Equity Value Per Share 208.99