Discounted Cash Flow (DCF) Analysis Unlevered
MetroCity Bankshares, Inc. (MCBS)
$17.48
-0.30 (-1.69%)
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 | 95.81 | 100.87 | 91.47 | 134.75 | 134.68 | 149.23 | 165.35 | 183.22 | 203.02 | 224.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 71.58 | 85.82 | 63.18 | 90 | 122.70 | 115.43 | 127.91 | 141.73 | 157.04 | 174.01 |
| EBITDA (%) | ||||||||||
| EBIT | 70.68 | 83.11 | 60.25 | 87.19 | 118.83 | 111.91 | 124 | 137.40 | 152.25 | 168.70 |
| EBIT (%) | ||||||||||
| Depreciation | 0.90 | 2.72 | 2.93 | 2.81 | 3.87 | 3.52 | 3.90 | 4.32 | 4.79 | 5.31 |
| 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 | 149.15 | 286.19 | 158.86 | 458.26 | 170.21 | 322.20 | 357.01 | 395.59 | 438.33 | 485.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.96 | 5.10 | 10.67 | 11.05 | 13.17 | 11.90 | 13.19 | 14.61 | 16.19 | 17.94 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.25 | 0.89 | 0.22 | 0.20 | 2.74 | 1.38 | 1.53 | 1.69 | 1.87 | 2.08 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.86 | -1.10 | -0.54 | -0.38 | -2.35 | -2 | -2.21 | -2.45 | -2.72 | -3.01 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 17.48 |
|---|---|
| Beta | 0.387 |
| Diluted Shares Outstanding | 25.72 |
| Cost of Debt | |
| Tax Rate | 31.37 |
| After-tax Cost of Debt | 4.93% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.522 |
| Total Debt | 384.28 |
| Total Equity | 449.59 |
| Total Capital | 833.86 |
| Debt Weighting | 46.08 |
| Equity Weighting | 53.92 |
| 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 | 95.81 | 100.87 | 91.47 | 134.75 | 134.68 | 149.23 | 165.35 | 183.22 | 203.02 | 224.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 71.58 | 85.82 | 63.18 | 90 | 122.70 | 115.43 | 127.91 | 141.73 | 157.04 | 174.01 |
| EBIT | 70.68 | 83.11 | 60.25 | 87.19 | 118.83 | 111.91 | 124 | 137.40 | 152.25 | 168.70 |
| Tax Rate | 26.19% | 26.53% | 25.37% | 25.32% | 31.37% | 26.96% | 26.96% | 26.96% | 26.96% | 26.96% |
| EBIAT | 52.17 | 61.06 | 44.97 | 65.12 | 81.55 | 81.74 | 90.58 | 100.37 | 111.21 | 123.23 |
| Depreciation | 0.90 | 2.72 | 2.93 | 2.81 | 3.87 | 3.52 | 3.90 | 4.32 | 4.79 | 5.31 |
| Accounts Receivable | - | -0.14 | -5.57 | -0.38 | -2.12 | 1.27 | -1.29 | -1.43 | -1.58 | -1.75 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.36 | -0.67 | -0.02 | 2.53 | -1.36 | 0.15 | 0.16 | 0.18 | 0.20 |
| Capital Expenditure | -2.85 | -1.10 | -0.54 | -0.38 | -2.35 | -2 | -2.21 | -2.45 | -2.72 | -3.01 |
| UFCF | 50.21 | 62.17 | 41.12 | 67.14 | 83.49 | 83.18 | 91.13 | 100.98 | 111.89 | 123.98 |
| WACC | ||||||||||
| PV UFCF | 79.03 | 82.27 | 86.61 | 91.18 | 95.99 | |||||
| SUM PV UFCF | 435.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.25 |
| Free cash flow (t + 1) | 126.46 |
| Terminal Value | 3,891 |
| Present Value of Terminal Value | 3,012.66 |
Intrinsic Value
| Enterprise Value | 3,447.73 |
|---|---|
| Net Debt | 233.31 |
| Equity Value | 3,214.42 |
| Shares Outstanding | 25.72 |
| Equity Value Per Share | 124.98 |