Discounted Cash Flow (DCF) Analysis Unlevered

LCNB Corp. (LCNB)

$15.01

-0.14 (-0.92%)
All numbers are in Millions, Currency in USD
Stock DCF: 45.81 | 15.01 | 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 49.4957.0964.3169.1169.5175.7782.6090.0498.15106.99
Revenue (%)
EBITDA 24.1528.2937.0633.9630.6837.7741.1744.8848.9353.33
EBITDA (%)
EBIT 20.8424.2233.8131.7226.8433.5936.6139.9143.5147.42
EBIT (%)
Depreciation 3.314.073.242.233.844.194.564.975.425.91
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 303.86259.46198.77241.20326.31332.78362.75395.43431.06469.89
Total Cash (%)
Account Receivables ---8.3488.939.7310.6111.5712.61
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 12.2413.7616.5421.2619.7320.2622.0924.0826.2528.61
Accounts Payable (%)
Capital Expenditure -6.62-0.60-3.93-2.79-4.27-4.66-5.07-5.53-6.03-6.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.01
Beta 0.724
Diluted Shares Outstanding 12.37
Cost of Debt
Tax Rate 18.02
After-tax Cost of Debt 20.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.116
Total Debt 16.47
Total Equity 185.68
Total Capital 202.16
Debt Weighting 8.15
Equity Weighting 91.85
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 49.4957.0964.3169.1169.5175.7782.6090.0498.15106.99
EBITDA 24.1528.2937.0633.9630.6837.7741.1744.8848.9353.33
EBIT 20.8424.2233.8131.7226.8433.5936.6139.9143.5147.42
Tax Rate 24.77%16.57%17.86%16.91%18.02%18.83%18.83%18.83%18.83%18.83%
EBIAT 15.6820.2127.7726.362227.2629.7232.4035.3138.50
Depreciation 3.314.073.242.233.844.194.564.975.425.91
Accounts Receivable ----0.34-0.93-0.80-0.88-0.96-1.04
Inventories ----------
Accounts Payable -1.522.784.72-1.530.531.831.992.172.36
Capital Expenditure -6.62-0.60-3.93-2.79-4.27-4.66-5.07-5.53-6.03-6.57
UFCF 12.3725.2029.8630.5320.3826.3930.2332.9535.9239.15
WACC
PV UFCF 24.4025.8326.0326.2326.43
SUM PV UFCF 128.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.18
Free cash flow (t + 1) 39.94
Terminal Value 646.24
Present Value of Terminal Value 436.17

Intrinsic Value

Enterprise Value 565.08
Net Debt -1.66
Equity Value 566.74
Shares Outstanding 12.37
Equity Value Per Share 45.81