Discounted Cash Flow (DCF) Analysis Unlevered

Middlefield Banc Corp. (MBCN)

$26.86

-0.04 (-0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 87.75 | 26.86 | 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 42.2144.1846.2349.3855.4859.4363.6668.1973.0478.24
Revenue (%)
EBITDA 21.9926.4130.4621.0228.8632.3734.6837.1539.7942.62
EBITDA (%)
EBIT 20.3224.5028.441926.7629.9332.0734.3536.7939.41
EBIT (%)
Depreciation 1.661.912.022.032.102.442.612.8033.21
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 135.17206.25140.85207.23267.37236.93253.79271.86291.21311.94
Total Cash (%)
Account Receivables 3.293.633.475.2114.307.117.628.168.749.36
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.580.740.920.586.162.062.202.362.532.71
Accounts Payable (%)
Capital Expenditure -1.20-2.10-1.90-1.08-0.61-1.78-1.91-2.04-2.19-2.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.86
Beta 0.610
Diluted Shares Outstanding 6.37
Cost of Debt
Tax Rate 17.91
After-tax Cost of Debt 25.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.846
Total Debt 12.90
Total Equity 171.19
Total Capital 184.09
Debt Weighting 7.01
Equity Weighting 92.99
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 42.2144.1846.2349.3855.4859.4363.6668.1973.0478.24
EBITDA 21.9926.4130.4621.0228.8632.3734.6837.1539.7942.62
EBIT 20.3224.5028.441926.7629.9332.0734.3536.7939.41
Tax Rate 30.87%14.82%16.94%14.37%17.91%18.98%18.98%18.98%18.98%18.98%
EBIAT 14.0520.8723.6316.2721.9724.2525.9827.8329.8131.93
Depreciation 1.661.912.022.032.102.442.612.8033.21
Accounts Receivable --0.340.16-1.74-9.097.18-0.51-0.54-0.58-0.62
Inventories ----------
Accounts Payable -0.170.17-0.345.58-4.100.150.160.170.18
Capital Expenditure -1.20-2.10-1.90-1.08-0.60-1.78-1.91-2.04-2.19-2.34
UFCF 14.5120.5024.0815.1419.9627.9926.3328.2030.2132.36
WACC
PV UFCF 25.8822.4922.2722.0621.84
SUM PV UFCF 114.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.18
Free cash flow (t + 1) 33
Terminal Value 534.05
Present Value of Terminal Value 360.45

Intrinsic Value

Enterprise Value 474.99
Net Debt -84.27
Equity Value 559.26
Shares Outstanding 6.37
Equity Value Per Share 87.75