Discounted Cash Flow (DCF) Analysis Unlevered
PCB Bancorp (PCB)
$13.98
-0.02 (-0.14%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 80.90 | 77.93 | 95.57 | 104.13 | 113.82 | 124.41 | 135.99 | 148.65 | 162.48 | 177.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 62.18 | 40.02 | 64.68 | 65.25 | 73.57 | 80.42 | 87.90 | 96.08 | 105.02 | 114.80 |
| EBITDA (%) | ||||||||||
| EBIT | 58.26 | 36.58 | 61.29 | 61.52 | 68.91 | 75.33 | 82.34 | 90 | 98.37 | 107.53 |
| EBIT (%) | ||||||||||
| Depreciation | 3.92 | 3.43 | 3.38 | 3.73 | 4.66 | 5.09 | 5.57 | 6.08 | 6.65 | 7.27 |
| 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 | 243.79 | 314.63 | 326.48 | 288.89 | 335.18 | 402.76 | 440.24 | 481.21 | 525.99 | 574.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10.77 | 9.33 | 5.37 | 7.47 | 8 | 11.23 | 12.27 | 13.41 | 14.66 | 16.02 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 10.20 | 5.76 | 8.87 | 11.80 | 11.56 | 12.63 | 13.81 | 15.09 | 16.50 | 18.03 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.71 | -1.78 | -0.43 | -5.45 | -2.52 | -2.75 | -3.01 | -3.29 | -3.60 | -3.93 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 13.98 |
|---|---|
| Beta | 0.674 |
| Diluted Shares Outstanding | 15.07 |
| Cost of Debt | |
| Tax Rate | 29.18 |
| After-tax Cost of Debt | 3.54% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.882 |
| Total Debt | 6.24 |
| Total Equity | 210.61 |
| Total Capital | 216.85 |
| Debt Weighting | 2.88 |
| Equity Weighting | 97.12 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 80.90 | 77.93 | 95.57 | 104.13 | 113.82 | 124.41 | 135.99 | 148.65 | 162.48 | 177.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 62.18 | 40.02 | 64.68 | 65.25 | 73.57 | 80.42 | 87.90 | 96.08 | 105.02 | 114.80 |
| EBIT | 58.26 | 36.58 | 61.29 | 61.52 | 68.91 | 75.33 | 82.34 | 90 | 98.37 | 107.53 |
| Tax Rate | 29.82% | 29.71% | 29.59% | 29.18% | 29.57% | 29.57% | 29.57% | 29.57% | 29.57% | 29.57% |
| EBIAT | 40.89 | 25.72 | 43.16 | 43.57 | 48.53 | 53.05 | 57.98 | 63.38 | 69.28 | 75.73 |
| Depreciation | 3.92 | 3.43 | 3.38 | 3.73 | 4.66 | 5.09 | 5.57 | 6.08 | 6.65 | 7.27 |
| Accounts Receivable | - | 1.44 | 3.97 | -2.10 | -0.53 | -3.23 | -1.04 | -1.14 | -1.25 | -1.36 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -4.44 | 3.11 | 2.93 | -0.25 | 1.08 | 1.18 | 1.28 | 1.40 | 1.54 |
| Capital Expenditure | -0.71 | -1.78 | -0.43 | -5.45 | -2.52 | -2.75 | -3.01 | -3.29 | -3.60 | -3.93 |
| UFCF | 44.10 | 24.37 | 53.19 | 42.68 | 49.90 | 53.23 | 60.67 | 66.32 | 72.49 | 79.24 |
| WACC | ||||||||||
| PV UFCF | 49.90 | 49.85 | 53.20 | 54.46 | 55.74 | 57.05 | ||||
| SUM PV UFCF | 270.30 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.79 |
| Free cash flow (t + 1) | 80.82 |
| Terminal Value | 1,687.29 |
| Present Value of Terminal Value | 1,214.89 |
Intrinsic Value
| Enterprise Value | 1,485.19 |
|---|---|
| Net Debt | -184.28 |
| Equity Value | 1,669.47 |
| Shares Outstanding | 15.07 |
| Equity Value Per Share | 110.82 |