Discounted Cash Flow (DCF) Analysis Unlevered

Landmark Bancorp, Inc. (LARK)

$19.545

+0.40 (+2.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 108.76 | 19.545 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 46.1663.8460.5852.5864.6871.6479.3487.8797.31107.77
Revenue (%)
EBITDA 13.3225.8824.4317.1014.1923.5226.0528.8531.9535.39
EBITDA (%)
EBIT 11.1023.2921.8314.5214.9521.1023.3725.8828.6731.75
EBIT (%)
Depreciation 2.222.592.602.58-0.772.422.682.973.293.64
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 376.69382.09577.31521.55543.23601.63666.31737.93817.26905.12
Total Cash (%)
Account Receivables 11.391413.4626.0919.1521.2123.4926.0228.8131.91
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 12.6117.3115.7922.5319.9522.0924.4627.0930.0133.23
Accounts Payable (%)
Capital Expenditure -1.04-0.36-1.32-0.88-1.08-1.19-1.32-1.46-1.62-1.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.545
Beta 0.457
Diluted Shares Outstanding 5.48
Cost of Debt
Tax Rate 13.77
After-tax Cost of Debt 5.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.460
Total Debt 68.25
Total Equity 107.12
Total Capital 175.38
Debt Weighting 38.92
Equity Weighting 61.08
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 46.1663.8460.5852.5864.6871.6479.3487.8797.31107.77
EBITDA 13.3225.8824.4317.1014.1923.5226.0528.8531.9535.39
EBIT 11.1023.2921.8314.5214.9521.1023.3725.8828.6731.75
Tax Rate 11.99%19.72%21.09%12.66%13.77%15.85%15.85%15.85%15.85%15.85%
EBIAT 9.7718.7017.2212.6812.9017.7619.6721.7824.1226.72
Depreciation 2.222.592.602.58-0.772.422.682.973.293.64
Accounts Receivable --2.610.54-12.636.94-2.06-2.28-2.53-2.80-3.10
Inventories ----------
Accounts Payable -4.70-1.526.74-2.592.142.372.632.913.23
Capital Expenditure -1.04-0.36-1.32-0.88-1.08-1.19-1.32-1.46-1.62-1.80
UFCF 10.9523.0217.528.5015.4019.0721.1223.3925.9128.69
WACC
PV UFCF 17.9818.7719.6020.4621.36
SUM PV UFCF 98.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.08
Free cash flow (t + 1) 29.26
Terminal Value 717.26
Present Value of Terminal Value 533.96

Intrinsic Value

Enterprise Value 632.12
Net Debt 36.01
Equity Value 596.11
Shares Outstanding 5.48
Equity Value Per Share 108.76