Discounted Cash Flow (DCF) Analysis Unlevered

Northeast Bank (NBN)

$44.09

+0.29 (+0.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 354.94 | 44.09 | 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 55.7958.9866.5276.11135.85173.69222.07283.93363.02464.13
Revenue (%)
EBITDA 32.1137.5140.8854.93114.73117.85150.67192.64246.30314.90
EBITDA (%)
EBIT 30.2335.7839.1251.98112.13112.72144.12184.27235.59301.22
EBIT (%)
Depreciation 1.881.731.762.952.605.126.558.3710.7013.69
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 259.98245.09132.68208.581,070.23744.38951.721,216.821,555.751,989.09
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -0.70-0.98-0.30-1.16-1.26-2.02-2.58-3.30-4.21-5.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 44.09
Beta 1.262
Diluted Shares Outstanding 8.36
Cost of Debt
Tax Rate 29.27
After-tax Cost of Debt 21.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.647
Total Debt 36.11
Total Equity 368.61
Total Capital 404.72
Debt Weighting 8.92
Equity Weighting 91.08
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 55.7958.9866.5276.11135.85173.69222.07283.93363.02464.13
EBITDA 32.1137.5140.8854.93114.73117.85150.67192.64246.30314.90
EBIT 30.2335.7839.1251.98112.13112.72144.12184.27235.59301.22
Tax Rate 38.73%30.31%29.22%31.68%29.27%31.84%31.84%31.84%31.84%31.84%
EBIAT 18.5324.9427.6935.5179.3176.8398.23125.60160.58205.31
Depreciation 1.881.731.762.952.605.126.558.3710.7013.69
Accounts Receivable ----------
Inventories ----------
Accounts Payable ----------
Capital Expenditure -0.69-0.98-0.30-1.16-1.26-2.02-2.58-3.30-4.21-5.39
UFCF 19.7125.6929.1537.3180.6579.94102.21130.67167.07213.61
WACC
PV UFCF 72.2083.3796.27111.17128.38
SUM PV UFCF 491.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.72
Free cash flow (t + 1) 217.88
Terminal Value 2,498.63
Present Value of Terminal Value 1,501.66

Intrinsic Value

Enterprise Value 1,993.06
Net Debt -974.38
Equity Value 2,967.44
Shares Outstanding 8.36
Equity Value Per Share 354.94