Discounted Cash Flow (DCF) Analysis Unlevered

National Bankshares, Inc. (NKSH)

$33.99

+0.25 (+0.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 119.33 | 33.99 | 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 44.7745.9146.5646.1250.3251.8453.4155.0356.7058.42
Revenue (%)
EBITDA 25.3824.5728.8025.7027.7329.3330.2231.1432.0833.05
EBITDA (%)
EBIT 24.5123.7628.0624.9926.8728.4529.3130.2031.1132.05
EBIT (%)
Depreciation 0.870.820.740.710.860.890.910.940.971
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 395.55481.38522.43680.61824.87639.67659.06679.03699.61720.81
Total Cash (%)
Account Receivables 5.305.164.295.035.105.535.705.876.056.23
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.060.090.140.060.050.090.090.090.100.10
Accounts Payable (%)
Capital Expenditure -0.26-1.19-1.03-1.82-1.18-1.21-1.25-1.29-1.33-1.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 33.99
Beta 0.454
Diluted Shares Outstanding 6.21
Cost of Debt
Tax Rate 17.26
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.901
Total Debt -
Total Equity 211.08
Total Capital 211.08
Debt Weighting 0.00
Equity Weighting 100.00
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 44.7745.9146.5646.1250.3251.8453.4155.0356.7058.42
EBITDA 25.3824.5728.8025.7027.7329.3330.2231.1432.0833.05
EBIT 24.5123.7628.0624.9926.8728.4529.3130.2031.1132.05
Tax Rate 30.87%13.68%15.53%16.06%17.26%18.68%18.68%18.68%18.68%18.68%
EBIAT 16.9420.5123.7020.9822.2323.1323.8324.5625.3026.07
Depreciation 0.870.820.740.710.860.890.910.940.971
Accounts Receivable -0.140.88-0.74-0.08-0.42-0.17-0.17-0.18-0.18
Inventories ----------
Accounts Payable -0.030.06-0.09-0.010.040000
Capital Expenditure -0.26-1.19-1.03-1.82-1.18-1.21-1.25-1.29-1.33-1.37
UFCF 17.5620.3024.3419.0321.8322.4223.3324.0424.7725.52
WACC
PV UFCF 21.1820.8120.2419.6919.16
SUM PV UFCF 101.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.90
Free cash flow (t + 1) 26.03
Terminal Value 667.48
Present Value of Terminal Value 501.14

Intrinsic Value

Enterprise Value 602.22
Net Debt -138.79
Equity Value 741.01
Shares Outstanding 6.21
Equity Value Per Share 119.33