Discounted Cash Flow (DCF) Analysis Unlevered

Mid-Southern Bancorp, Inc. (MSVB)

$13.73

-0.05 (-0.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 36.39 | 13.73 | 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 6.597.287.887.388.158.629.119.6310.1810.76
Revenue (%)
EBITDA 2.952.572.112.322.502.913.083.253.443.63
EBITDA (%)
EBIT 2.812.441.972.162.332.742.903.063.243.42
EBIT (%)
Depreciation 0.140.130.140.160.170.170.180.190.200.21
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 53.1865.8477.23114.12123.6799.18104.84110.83117.15123.84
Total Cash (%)
Account Receivables 0.660.830.860.9010.981.041.091.161.22
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable --0.010.010.010.010.010.010.010.01
Accounts Payable (%)
Capital Expenditure -0.02-0.05-0.09-0.13-0.18-0.11-0.11-0.12-0.12-0.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.73
Beta 0.250
Diluted Shares Outstanding 3.18
Cost of Debt
Tax Rate 4.00
After-tax Cost of Debt 6.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.029
Total Debt 10
Total Equity 43.60
Total Capital 53.60
Debt Weighting 18.66
Equity Weighting 81.34
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 6.597.287.887.388.158.629.119.6310.1810.76
EBITDA 2.952.572.112.322.502.913.083.253.443.63
EBIT 2.812.441.972.162.332.742.903.063.243.42
Tax Rate 45.57%17.27%8.13%2.85%4.00%15.57%15.57%15.57%15.57%15.57%
EBIAT 1.532.021.812.102.232.312.442.582.732.89
Depreciation 0.140.130.140.160.170.170.180.190.200.21
Accounts Receivable --0.17-0.03-0.03-0.100.02-0.06-0.06-0.06-0.07
Inventories ----------
Accounts Payable ---00-00000
Capital Expenditure -0.02-0.05-0.09-0.13-0.18-0.11-0.11-0.12-0.12-0.13
UFCF 1.651.931.832.092.122.402.462.602.752.90
WACC
PV UFCF 2.292.252.282.312.34
SUM PV UFCF 11.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.44
Free cash flow (t + 1) 2.96
Terminal Value 121.41
Present Value of Terminal Value 97.70

Intrinsic Value

Enterprise Value 109.18
Net Debt -6.38
Equity Value 115.56
Shares Outstanding 3.18
Equity Value Per Share 36.39