Discounted Cash Flow (DCF) Analysis Unlevered

Mid-Southern Bancorp, Inc. (MSVB)

$10.06

+0.01 (+0.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 43.08 | 10.06 | 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 7.287.887.388.158.829.279.7510.2510.7711.33
Revenue (%)
EBITDA 2.572.112.322.503.713.083.243.413.583.77
EBITDA (%)
EBIT 2.441.972.162.333.092.812.953.103.263.43
EBIT (%)
Depreciation 0.130.140.160.170.620.280.290.300.320.34
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 65.8477.23114.12123.67111.03115.09121127.22133.75140.62
Total Cash (%)
Account Receivables 0.830.860.9011.031.081.141.201.261.33
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable -0.010.010.010.010.010.010.010.010.01
Accounts Payable (%)
Capital Expenditure -0.05-0.09-0.13-0.18-0.13-0.13-0.14-0.15-0.16-0.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.06
Beta 0.129
Diluted Shares Outstanding 3.18
Cost of Debt
Tax Rate 4.61
After-tax Cost of Debt 4.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.299
Total Debt -
Total Equity 31.94
Total Capital 31.94
Debt Weighting 0.00
Equity Weighting 100.00
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 7.287.887.388.158.829.279.7510.2510.7711.33
EBITDA 2.572.112.322.503.713.083.243.413.583.77
EBIT 2.441.972.162.333.092.812.953.103.263.43
Tax Rate 17.27%8.13%2.85%4.00%4.61%7.38%7.38%7.38%7.38%7.38%
EBIAT 2.021.812.102.232.952.602.732.873.023.18
Depreciation 0.130.140.160.170.620.280.290.300.320.34
Accounts Receivable --0.03-0.03-0.10-0.03-0.05-0.06-0.06-0.06-0.06
Inventories ----------
Accounts Payable --00-000000
Capital Expenditure -0.05-0.09-0.13-0.18-0.13-0.13-0.14-0.15-0.16-0.16
UFCF 2.101.832.092.123.412.692.832.973.123.28
WACC
PV UFCF 2.582.602.622.642.66
SUM PV UFCF 13.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.30
Free cash flow (t + 1) 3.35
Terminal Value 145.65
Present Value of Terminal Value 118

Intrinsic Value

Enterprise Value 131.10
Net Debt -5.68
Equity Value 136.78
Shares Outstanding 3.18
Equity Value Per Share 43.08