Discounted Cash Flow (DCF) Analysis Unlevered

Premier Financial Bancorp, Inc. (PFBI)

$17.79

-0.06 (-0.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.98 | 17.79 | undervalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 55.4861.8869.037785.8995.81106.87119.21132.98148.33165.46
Revenue (%)
EBITDA 25.5428.1531.5835.2339.3043.8448.9054.5560.8467.8775.71
EBITDA (%)
EBIT 23.3823.5927.7030.9034.4738.4542.8947.8453.3659.5266.40
EBIT (%)
Depreciation 2.164.563.884.334.835.396.016.717.488.359.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 322.17388.10416.89465.03518.72578.62645.43719.96803.09895.82999.25
Total Cash (%)
Account Receivables 3.163.864.124.605.135.726.387.127.948.869.88
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 0.320.360.400.450.500.560.620.700.780.870.97
Accounts Payable (%)
Capital Expenditure -0.91-0.48-0.83-0.93-1.04-1.16-1.29-1.44-1.61-1.79-2
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.79
Beta 0.835
Diluted Shares Outstanding 14.89
Cost of Debt
Tax Rate -31.90
After-tax Cost of Debt 124.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.906
Total Debt 5.47
Total Equity 264.83
Total Capital 270.30
Debt Weighting 2.03
Equity Weighting 97.97
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 55.4861.8869.037785.8995.81106.87119.21132.98148.33165.46
EBITDA 25.5428.1531.5835.2339.3043.8448.9054.5560.8467.8775.71
EBIT 23.3823.5927.7030.9034.4738.4542.8947.8453.3659.5266.40
Tax Rate 35.68%35.74%16.93%22.63%22.50%-31.90%16.93%16.93%16.93%16.93%16.93%
EBIAT 15.0415.1623.0123.9126.7150.7135.6339.7444.3349.4555.16
Depreciation 2.164.563.884.334.835.396.016.717.488.359.31
Accounts Receivable --0.70-0.26-0.48-0.53-0.59-0.66-0.74-0.82-0.92-1.02
Inventories -----------
Accounts Payable -0.040.040.050.050.060.060.070.080.090.10
Capital Expenditure -0.91-0.48-0.83-3.46-1.59-0.53-1.29-1.44-1.61-1.79-2
UFCF 16.2818.5825.8426.8830.0354.4139.7544.3449.4655.1761.54
WACC
PV UFCF 31.4229.6430.0349.3432.6933.0733.4533.8434.23
SUM PV UFCF 184.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.27
Free cash flow (t + 1) 62.78
Terminal Value 759.07
Present Value of Terminal Value 465.58

Intrinsic Value

Enterprise Value 650.05
Net Debt -19.49
Equity Value 669.54
Shares Outstanding 14.89
Equity Value Per Share 44.98