Discounted Cash Flow (DCF) Analysis Unlevered

CoreCard Corporation (INS)

$40.15

-0.13 (-0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 59.16 | 40.15 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 20.1034.3035.8748.2569.7796.68133.99185.68257.32356.60
Revenue (%)
EBITDA 6.1413.3812.3411.8321.1030.6942.5358.9481.69113.20
EBITDA (%)
EBIT 5.5312.3710.208.0315.4025.2835.0348.5567.2893.23
EBIT (%)
Depreciation 0.611.012.143.805.705.417.5010.4014.4119.97
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 19.2726.4137.9629.2425.3772.64100.66139.50193.33267.92
Total Cash (%)
Account Receivables 4.318.763.275.7713.2216.8223.3132.3144.7862.05
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.270.400.712.762.012.543.524.886.769.36
Accounts Payable (%)
Capital Expenditure -0.87-1.68-6.87-5.82-8.74-10.24-14.19-19.66-27.25-37.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 40.15
Beta 0.894
Diluted Shares Outstanding 8.60
Cost of Debt
Tax Rate 27.08
After-tax Cost of Debt 75.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.817
Total Debt 1.98
Total Equity 345.23
Total Capital 347.21
Debt Weighting 0.57
Equity Weighting 99.43
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 20.1034.3035.8748.2569.7796.68133.99185.68257.32356.60
EBITDA 6.1413.3812.3411.8321.1030.6942.5358.9481.69113.20
EBIT 5.5312.3710.208.0315.4025.2835.0348.5567.2893.23
Tax Rate 0.06%18.84%23.22%23.16%27.08%18.47%18.47%18.47%18.47%18.47%
EBIAT 5.5210.047.836.1711.2320.6128.5639.5854.8576.01
Depreciation 0.611.012.143.805.705.417.5010.4014.4119.97
Accounts Receivable --4.455.49-2.50-7.45-3.60-6.49-9-12.47-17.28
Inventories ----------
Accounts Payable -0.130.312.05-0.750.530.981.361.882.61
Capital Expenditure -0.86-1.68-6.88-5.83-8.73-10.24-14.19-19.66-27.25-37.76
UFCF 5.275.068.903.70-0.0112.7116.3622.6831.4243.55
WACC
PV UFCF 11.6413.7217.4122.1028.05
SUM PV UFCF 92.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.20
Free cash flow (t + 1) 44.42
Terminal Value 616.95
Present Value of Terminal Value 397.32

Intrinsic Value

Enterprise Value 490.24
Net Debt -18.42
Equity Value 508.66
Shares Outstanding 8.60
Equity Value Per Share 59.16