Discounted Cash Flow (DCF) Analysis Unlevered
Northeast Bank (NBN)
$36.8
+1.18 (+3.31%)
All numbers are in Millions, Currency in USD
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 | 58.98 | 66.52 | 76.11 | 135.85 | 104.67 | 126.32 | 152.44 | 183.97 | 222.02 | 267.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 37.51 | 40.88 | 54.93 | 114.73 | 69.26 | 87.88 | 106.05 | 127.99 | 154.46 | 186.41 |
| EBITDA (%) | ||||||||||
| EBIT | 35.78 | 39.12 | 51.98 | 112.13 | 66.66 | 84.38 | 101.83 | 122.89 | 148.30 | 178.98 |
| EBIT (%) | ||||||||||
| Depreciation | 1.73 | 1.76 | 2.95 | 2.60 | 2.60 | 3.50 | 4.23 | 5.10 | 6.15 | 7.43 |
| 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 | 245.09 | 132.68 | 208.57 | 1,070.23 | 226.99 | 478.40 | 577.35 | 696.76 | 840.87 | 1,014.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.98 | -0.30 | -1.16 | -1.26 | -1.06 | -1.41 | -1.70 | -2.05 | -2.47 | -2.98 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 36.8 |
|---|---|
| Beta | 1.236 |
| Diluted Shares Outstanding | 7.90 |
| Cost of Debt | |
| Tax Rate | 31.50 |
| After-tax Cost of Debt | 18.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.524 |
| Total Debt | 19.45 |
| Total Equity | 290.82 |
| Total Capital | 310.27 |
| Debt Weighting | 6.27 |
| Equity Weighting | 93.73 |
| 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 | 58.98 | 66.52 | 76.11 | 135.85 | 104.67 | 126.32 | 152.44 | 183.97 | 222.02 | 267.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 37.51 | 40.88 | 54.93 | 114.73 | 69.26 | 87.88 | 106.05 | 127.99 | 154.46 | 186.41 |
| EBIT | 35.78 | 39.12 | 51.98 | 112.13 | 66.66 | 84.38 | 101.83 | 122.89 | 148.30 | 178.98 |
| Tax Rate | 30.31% | 29.22% | 31.68% | 29.27% | 31.50% | 30.39% | 30.39% | 30.39% | 30.39% | 30.39% |
| EBIAT | 24.94 | 27.69 | 35.51 | 79.31 | 45.66 | 58.73 | 70.88 | 85.54 | 103.23 | 124.58 |
| Depreciation | 1.73 | 1.76 | 2.95 | 2.60 | 2.60 | 3.50 | 4.23 | 5.10 | 6.15 | 7.43 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -0.98 | -0.30 | -1.16 | -1.26 | -1.06 | -1.41 | -1.70 | -2.05 | -2.47 | -2.98 |
| UFCF | 25.69 | 29.15 | 37.31 | 80.65 | 47.21 | 60.83 | 73.41 | 88.59 | 106.91 | 129.03 |
| WACC | ||||||||||
| PV UFCF | 55.27 | 60.60 | 66.45 | 72.86 | 79.90 | |||||
| SUM PV UFCF | 335.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.06 |
| Free cash flow (t + 1) | 131.61 |
| Terminal Value | 1,632.82 |
| Present Value of Terminal Value | 1,011.09 |
Intrinsic Value
| Enterprise Value | 1,346.17 |
|---|---|
| Net Debt | -152.63 |
| Equity Value | 1,498.80 |
| Shares Outstanding | 7.90 |
| Equity Value Per Share | 189.66 |