Discounted Cash Flow (DCF) Analysis Unlevered
Peoples Bancorp of North Carolina, ... (PEBK)
$27.27
+0.36 (+1.34%)
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 | 56.91 | 60.16 | 61.76 | 61.78 | 1.14 | 0.88 | 0.69 | 0.53 | 0.41 | 0.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 22.72 | 21.17 | 18.03 | 24.50 | 29.65 | 4.85 | 3.76 | 2.92 | 2.26 | 1.76 |
| EBITDA (%) | ||||||||||
| EBIT | 18.15 | 17.20 | 13.85 | 18.93 | 23.62 | 3.86 | 3 | 2.32 | 1.80 | 1.40 |
| EBIT (%) | ||||||||||
| Depreciation | 4.57 | 3.96 | 4.18 | 5.57 | 6.03 | 0.99 | 0.77 | 0.60 | 0.46 | 0.36 |
| 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 | 237.95 | 244.80 | 406.83 | 684.05 | 516.99 | 84.78 | 65.75 | 51 | 39.56 | 30.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 18.30 | 19.98 | 20.43 | 23.86 | 43.05 | 6.92 | 5.37 | 4.16 | 3.23 | 2.50 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.71 | 14.40 | 12.21 | 16.52 | 17.37 | 2.86 | 2.22 | 1.72 | 1.33 | 1.04 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.74 | -2.84 | -2.49 | -0.48 | -4.56 | -0.73 | -0.57 | -0.44 | -0.34 | -0.26 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 27.27 |
|---|---|
| Beta | 0.643 |
| Diluted Shares Outstanding | 5.82 |
| Cost of Debt | |
| Tax Rate | 20.56 |
| After-tax Cost of Debt | 17.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.191 |
| Total Debt | 15.46 |
| Total Equity | 158.82 |
| Total Capital | 174.29 |
| Debt Weighting | 8.87 |
| Equity Weighting | 91.13 |
| 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 | 56.91 | 60.16 | 61.76 | 61.78 | 1.14 | 0.88 | 0.69 | 0.53 | 0.41 | 0.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 22.72 | 21.17 | 18.03 | 24.50 | 29.65 | 4.85 | 3.76 | 2.92 | 2.26 | 1.76 |
| EBIT | 18.15 | 17.20 | 13.85 | 18.93 | 23.62 | 3.86 | 3 | 2.32 | 1.80 | 1.40 |
| Tax Rate | 16.39% | 18.23% | 17.98% | 20.05% | 20.56% | 18.64% | 18.64% | 18.64% | 18.64% | 18.64% |
| EBIAT | 15.18 | 14.07 | 11.36 | 15.13 | 18.76 | 3.14 | 2.44 | 1.89 | 1.47 | 1.14 |
| Depreciation | 4.57 | 3.96 | 4.18 | 5.57 | 6.03 | 0.99 | 0.77 | 0.60 | 0.46 | 0.36 |
| Accounts Receivable | - | -1.69 | -0.45 | -3.42 | -19.19 | 36.13 | 1.55 | 1.20 | 0.93 | 0.72 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.70 | -2.20 | 4.31 | 0.85 | -14.50 | -0.64 | -0.50 | -0.39 | -0.30 |
| Capital Expenditure | -1.74 | -2.83 | -2.49 | -0.48 | -4.56 | -0.73 | -0.57 | -0.44 | -0.34 | -0.26 |
| UFCF | 18.01 | 14.21 | 10.40 | 21.11 | 1.89 | 25.03 | 3.55 | 2.75 | 2.14 | 1.66 |
| WACC | ||||||||||
| PV UFCF | 23.16 | 3.04 | 2.18 | 1.57 | 1.12 | |||||
| SUM PV UFCF | 31.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.07 |
| Free cash flow (t + 1) | 1.69 |
| Terminal Value | 27.84 |
| Present Value of Terminal Value | 18.88 |
Intrinsic Value
| Enterprise Value | 49.95 |
|---|---|
| Net Debt | -56.13 |
| Equity Value | 106.09 |
| Shares Outstanding | 5.82 |
| Equity Value Per Share | 18.21 |