Discounted Cash Flow (DCF) Analysis Unlevered

MetroCity Bankshares, Inc. (MCBS)

$17.48

-0.30 (-1.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 124.98 | 17.48 | undervalue

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 95.81100.8791.47134.75134.68149.23165.35183.22203.02224.96
Revenue (%)
EBITDA 71.5885.8263.1890122.70115.43127.91141.73157.04174.01
EBITDA (%)
EBIT 70.6883.1160.2587.19118.83111.91124137.40152.25168.70
EBIT (%)
Depreciation 0.902.722.932.813.873.523.904.324.795.31
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 149.15286.19158.86458.26170.21322.20357.01395.59438.33485.70
Total Cash (%)
Account Receivables 4.965.1010.6711.0513.1711.9013.1914.6116.1917.94
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.250.890.220.202.741.381.531.691.872.08
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 95.81100.8791.47134.75134.68149.23165.35183.22203.02224.96
EBITDA 71.5885.8263.1890122.70115.43127.91141.73157.04174.01
EBIT 70.6883.1160.2587.19118.83111.91124137.40152.25168.70
Tax Rate 26.19%26.53%25.37%25.32%31.37%26.96%26.96%26.96%26.96%26.96%
EBIAT 52.1761.0644.9765.1281.5581.7490.58100.37111.21123.23
Depreciation 0.902.722.932.813.873.523.904.324.795.31
Accounts Receivable --0.14-5.57-0.38-2.121.27-1.29-1.43-1.58-1.75
Inventories ----------
Accounts Payable --0.36-0.67-0.022.53-1.360.150.160.180.20
Capital Expenditure -2.85-1.10-0.54-0.38-2.35-2-2.21-2.45-2.72-3.01
UFCF 50.2162.1741.1267.1483.4983.1891.13100.98111.89123.98
WACC
PV UFCF 79.0382.2786.6191.1895.99
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