Discounted Cash Flow (DCF) Analysis Unlevered

MVB Financial Corp. (MVBF)

$28.2

-0.82 (-2.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 107.01 | 28.2 | 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 81.8087.14120.96117.10139.75161.24186.03214.63247.63285.71
Revenue (%)
EBITDA 27.3236.0261.6761.9555.2770.3681.1793.65108.05124.67
EBITDA (%)
EBIT 24.6333.0858.4058.5750.9965.4275.4887.08100.47115.92
EBIT (%)
Depreciation 2.692.943.273.384.284.945.706.577.588.75
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 266.59258.61276.37686.32731.62632.31729.52841.69971.091,120.40
Total Cash (%)
Account Receivables 26.3833.6649.6769.9059.9669.1879.8292.09106.25122.58
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 16.4317.7141.6855.9342.8549.4357.0365.8075.9287.59
Accounts Payable (%)
Capital Expenditure -4.50-2.69-2.04-6.62-5.56-6.42-7.41-8.54-9.86-11.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.2
Beta 0.923
Diluted Shares Outstanding 12.94
Cost of Debt
Tax Rate 19.47
After-tax Cost of Debt 6.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.322
Total Debt 73.03
Total Equity 365.05
Total Capital 438.08
Debt Weighting 16.67
Equity Weighting 83.33
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 81.8087.14120.96117.10139.75161.24186.03214.63247.63285.71
EBITDA 27.3236.0261.6761.9555.2770.3681.1793.65108.05124.67
EBIT 24.6333.0858.4058.5750.9965.4275.4887.08100.47115.92
Tax Rate 38.56%21.94%22.91%20.31%19.47%24.64%24.64%24.64%24.64%24.64%
EBIAT 15.1325.8245.0246.6841.0749.3056.8865.6375.7287.36
Depreciation 2.692.943.273.384.284.945.706.577.588.75
Accounts Receivable --7.28-16.01-20.239.94-9.22-10.64-12.27-14.16-16.34
Inventories ----------
Accounts Payable -1.2723.9814.25-13.086.597.608.7710.1211.67
Capital Expenditure -4.50-2.69-2.04-6.62-5.56-6.42-7.41-8.54-9.86-11.37
UFCF 13.3320.0654.2137.4636.6345.1952.1460.1569.4080.07
WACC
PV UFCF 41.8144.6247.6350.8454.27
SUM PV UFCF 239.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.09
Free cash flow (t + 1) 81.67
Terminal Value 1,341.07
Present Value of Terminal Value 908.92

Intrinsic Value

Enterprise Value 1,148.09
Net Debt -237.13
Equity Value 1,385.21
Shares Outstanding 12.94
Equity Value Per Share 107.01