Discounted Cash Flow (DCF) Analysis Unlevered

Peoples Financial Services Corp. (PFIS)

$47.72

-1.06 (-2.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 156.28 | 47.72 | 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 78.6484.9990.6396.4498.12103.72109.65115.92122.54129.54
Revenue (%)
EBITDA 38.3244.8550.9752.7562.8357.3560.6364.0967.7571.63
EBITDA (%)
EBIT 35.3441.6346.7648.5058.7553.0456.0759.2762.6666.24
EBIT (%)
Depreciation 2.983.214.214.254.084.314.564.825.095.39
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 310.04302.30361.63341.10554.83429.02453.54479.45506.85535.81
Total Cash (%)
Account Receivables 6.947.126.988.268.538.749.249.7710.3310.92
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.501.191.280.740.410.961.011.071.131.20
Accounts Payable (%)
Capital Expenditure -6.25-4.07-5.60-2.29-5.22-5.52-5.84-6.17-6.52-6.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 47.72
Beta 0.154
Diluted Shares Outstanding 7.21
Cost of Debt
Tax Rate 17.76
After-tax Cost of Debt 21.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.692
Total Debt 35.71
Total Equity 343.95
Total Capital 379.66
Debt Weighting 9.41
Equity Weighting 90.59
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 78.6484.9990.6396.4498.12103.72109.65115.92122.54129.54
EBITDA 38.3244.8550.9752.7562.8357.3560.6364.0967.7571.63
EBIT 35.3441.6346.7648.5058.7553.0456.0759.2762.6666.24
Tax Rate 30.71%11.98%10.92%14.11%17.76%17.09%17.09%17.09%17.09%17.09%
EBIAT 24.4836.6541.6541.6648.3243.9746.4849.1451.9554.92
Depreciation 2.983.214.214.254.084.314.564.825.095.39
Accounts Receivable --0.180.13-1.27-0.27-0.21-0.50-0.53-0.56-0.59
Inventories ----------
Accounts Payable -0.700.08-0.54-0.330.550.050.060.060.06
Capital Expenditure -6.25-4.07-5.60-2.29-5.22-5.52-5.84-6.17-6.52-6.89
UFCF 21.2236.3140.4841.8046.5743.1044.7647.3250.0252.88
WACC
PV UFCF 40.5539.6239.4139.1938.98
SUM PV UFCF 197.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.29
Free cash flow (t + 1) 53.94
Terminal Value 1,257.35
Present Value of Terminal Value 926.82

Intrinsic Value

Enterprise Value 1,124.57
Net Debt -1.80
Equity Value 1,126.36
Shares Outstanding 7.21
Equity Value Per Share 156.28