Discounted Cash Flow (DCF) Analysis Unlevered

MVB Financial Corp. (MVBF)

$21.1

-0.31 (-1.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 140.82 | 21.1 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 124160.66139.75150.10213.02248.10288.95336.53391.95456.50
Revenue (%)
EBITDA 38.7150.3253.3033.339.0163.0773.4685.5599.64116.05
EBITDA (%)
EBIT 35.4446.944928.012.9656.0365.257688.51103.09
EBIT (%)
Depreciation 3.273.384.295.326.057.048.209.5611.1312.96
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 276.37686.32731.62420.09-398.23628.42731.91852.44992.811,156.30
Total Cash (%)
Account Receivables 49.6769.9063.2389.34100.29116.81136.04158.45184.54214.93
Account Receivables (%)
Inventories -96.41-289.22-320.35-54.09-278.53-324.40-377.82-440.04-512.50-596.89
Inventories (%)
Accounts Payable 41.6855.9355.1341.5672.1984.0897.93114.05132.83154.71
Accounts Payable (%)
Capital Expenditure -2.04-6.62-4.87-3.04-6-6.99-8.14-9.48-11.04-12.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.1
Beta 0.993
Diluted Shares Outstanding 13
Cost of Debt
Tax Rate -14.43
After-tax Cost of Debt 6.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.846
Total Debt 80.33
Total Equity 274.24
Total Capital 354.57
Debt Weighting 22.65
Equity Weighting 77.35
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 124160.66139.75150.10213.02248.10288.95336.53391.95456.50
EBITDA 38.7150.3253.3033.339.0163.0773.4685.5599.64116.05
EBIT 35.4446.944928.012.9656.0365.257688.51103.09
Tax Rate 22.91%20.31%19.47%18.73%-14.43%13.40%13.40%13.40%13.40%13.40%
EBIAT 27.3237.4139.4622.763.3948.5256.5165.8176.6589.28
Depreciation 3.273.384.295.326.057.048.209.5611.1312.96
Accounts Receivable --20.236.67-26.12-10.95-16.52-19.24-22.40-26.09-30.39
Inventories -192.8131.13-266.25224.4445.8753.4262.2272.4684.40
Accounts Payable -14.25-0.80-13.5730.6411.8913.8516.1318.7821.87
Capital Expenditure -2.04-6.62-4.87-3.04-6-6.99-8.14-9.48-11.04-12.86
UFCF 28.5522175.89-280.90247.5689.81104.60121.83141.89165.25
WACC
PV UFCF 82.9989.3196.12103.45111.33
SUM PV UFCF 483.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.22
Free cash flow (t + 1) 168.56
Terminal Value 2,709.95
Present Value of Terminal Value 1,825.68

Intrinsic Value

Enterprise Value 2,308.88
Net Debt 478.56
Equity Value 1,830.33
Shares Outstanding 13
Equity Value Per Share 140.82