Discounted Cash Flow (DCF) Analysis Unlevered
LCNB Corp. (LCNB)
$13.77
-0.14 (-1.01%)
All numbers are in Millions, Currency in USD
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 | 57.67 | 64.89 | 70.14 | 69.51 | 71.46 | 75.48 | 79.73 | 84.21 | 88.95 | 93.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 28.29 | 24.07 | 25.21 | 26.63 | 34.40 | 31.48 | 33.25 | 35.12 | 37.10 | 39.19 |
| EBITDA (%) | ||||||||||
| EBIT | 24.22 | 20.82 | 22.97 | 24.02 | 31.66 | 28.03 | 29.61 | 31.27 | 33.03 | 34.89 |
| EBIT (%) | ||||||||||
| Depreciation | 4.07 | 3.24 | 2.23 | 2.61 | 2.74 | 3.45 | 3.64 | 3.85 | 4.06 | 4.29 |
| 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 | 259.46 | 198.77 | 241.20 | 326.31 | 312.55 | 302.96 | 320.01 | 338.02 | 357.04 | 377.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | 8.34 | 8 | 7.48 | 8.52 | 9 | 9.51 | 10.04 | 10.61 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.76 | 16.54 | 21.26 | 19.73 | 16.58 | 19.81 | 20.93 | 22.11 | 23.35 | 24.67 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.60 | -3.93 | -2.79 | -1.94 | -0.88 | -2.28 | -2.41 | -2.54 | -2.69 | -2.84 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 13.77 |
|---|---|
| Beta | 0.755 |
| Diluted Shares Outstanding | 11.41 |
| Cost of Debt | |
| Tax Rate | 17.88 |
| After-tax Cost of Debt | 3.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.365 |
| Total Debt | 96.90 |
| Total Equity | 157.13 |
| Total Capital | 254.03 |
| Debt Weighting | 38.14 |
| Equity Weighting | 61.86 |
| 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 | 57.67 | 64.89 | 70.14 | 69.51 | 71.46 | 75.48 | 79.73 | 84.21 | 88.95 | 93.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 28.29 | 24.07 | 25.21 | 26.63 | 34.40 | 31.48 | 33.25 | 35.12 | 37.10 | 39.19 |
| EBIT | 24.22 | 20.82 | 22.97 | 24.02 | 31.66 | 28.03 | 29.61 | 31.27 | 33.03 | 34.89 |
| Tax Rate | 16.57% | 17.86% | 16.91% | 18.02% | 17.88% | 17.45% | 17.45% | 17.45% | 17.45% | 17.45% |
| EBIAT | 20.21 | 17.10 | 19.09 | 19.69 | 26 | 23.14 | 24.44 | 25.82 | 27.27 | 28.80 |
| Depreciation | 4.07 | 3.24 | 2.23 | 2.61 | 2.74 | 3.45 | 3.64 | 3.85 | 4.06 | 4.29 |
| Accounts Receivable | - | - | - | 0.34 | 0.52 | -1.04 | -0.48 | -0.51 | -0.53 | -0.57 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.78 | 4.73 | -1.53 | -3.15 | 3.24 | 1.11 | 1.18 | 1.24 | 1.31 |
| Capital Expenditure | -0.60 | -3.93 | -2.79 | -1.94 | -0.88 | -2.28 | -2.41 | -2.54 | -2.69 | -2.84 |
| UFCF | 23.68 | 19.19 | 23.26 | 19.17 | 25.22 | 26.50 | 26.31 | 27.79 | 29.36 | 31.01 |
| WACC | ||||||||||
| PV UFCF | 24.84 | 23.11 | 22.88 | 22.65 | 22.42 | |||||
| SUM PV UFCF | 115.90 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.70 |
| Free cash flow (t + 1) | 31.63 |
| Terminal Value | 672.92 |
| Present Value of Terminal Value | 486.57 |
Intrinsic Value
| Enterprise Value | 602.46 |
|---|---|
| Net Debt | 74.20 |
| Equity Value | 528.27 |
| Shares Outstanding | 11.41 |
| Equity Value Per Share | 46.29 |