Discounted Cash Flow (DCF) Analysis Unlevered

Investors Title Company (ITIC)

$143.2

-0.30 (-0.21%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 143.2 | 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 161.65156.26183.50236.41329.50397.30479.05577.63696.48839.80
Revenue (%)
EBITDA 32.6229.3040.0649.9684.9385.56103.16124.39149.99180.85
EBITDA (%)
EBIT 30.2727.0739.8249.6682.3582.4499.40119.86144.52174.26
EBIT (%)
Depreciation 2.352.230.240.302.593.123.764.535.476.59
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 147.34140.44143.72146.61162.89294.63355.26428.36516.50622.78
Total Cash (%)
Account Receivables 11.6413.0713.5620.4623.7730.8537.2044.8654.0965.22
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 27.5727.7428.3236.0243.8762.6075.4891.02109.74132.33
Accounts Payable (%)
Capital Expenditure -2.88-1.86-0.01-0.10-2.49-3-3.62-4.36-5.26-6.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 143.2
Beta 0.683
Diluted Shares Outstanding 1.90
Cost of Debt
Tax Rate 21.09
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.920
Total Debt 5.33
Total Equity 272.51
Total Capital 277.84
Debt Weighting 1.92
Equity Weighting 98.08
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 161.65156.26183.50236.41329.50397.30479.05577.63696.48839.80
EBITDA 32.6229.3040.0649.9684.9385.56103.16124.39149.99180.85
EBIT 30.2727.0739.8249.6682.3582.4499.40119.86144.52174.26
Tax Rate 15.10%19.25%21.01%20.62%21.09%19.41%19.41%19.41%19.41%19.41%
EBIAT 25.7021.8631.4639.4264.9866.4480.1196.59116.46140.43
Depreciation 2.352.230.240.302.593.123.764.535.476.59
Accounts Receivable --1.43-0.48-6.91-3.30-7.08-6.35-7.65-9.23-11.13
Inventories ----------
Accounts Payable -0.170.587.707.8518.7312.8815.5318.7322.58
Capital Expenditure -2.88-1.86-0.01-0.10-2.49-3-3.62-4.36-5.26-6.34
UFCF 25.1720.9731.7940.4169.6278.2086.78104.64126.17152.13
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 155.17
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -31.84
Equity Value -
Shares Outstanding 1.90
Equity Value Per Share -