Discounted Cash Flow (DCF) Analysis Unlevered

RBB Bancorp (RBB)

$11.1

-0.64 (-5.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 194.69 | 11.1 | undervalue

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 89.93115.03118.71143.01159.85185.17214.50248.48287.84333.44
Revenue (%)
EBITDA 71.53106.9589.64117.19122.76150.65174.51202.15234.18271.27
EBITDA (%)
EBIT 69.85100.1881.82103.66113.25139.63161.74187.36217.04251.42
EBIT (%)
Depreciation 1.686.777.8213.549.5111.0212.7714.7917.1319.85
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 222.05241.43349.12870.23340.98582.45674.71781.59905.391,048.81
Total Cash (%)
Account Receivables 33.3434.9340.2843.6966.0764.1674.3386.1099.74115.54
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 21.9417.3616.4013.9920.6128.1432.5937.7643.7450.66
Accounts Payable (%)
Capital Expenditure -2.49-1.35-4.21-1.99-3.55-4.11-4.76-5.51-6.39-7.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.1
Beta 0.812
Diluted Shares Outstanding 19.83
Cost of Debt
Tax Rate 29.58
After-tax Cost of Debt 5.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.524
Total Debt 434.83
Total Equity 220.16
Total Capital 654.99
Debt Weighting 66.39
Equity Weighting 33.61
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 89.93115.03118.71143.01159.85185.17214.50248.48287.84333.44
EBITDA 71.53106.9589.64117.19122.76150.65174.51202.15234.18271.27
EBIT 69.85100.1881.82103.66113.25139.63161.74187.36217.04251.42
Tax Rate 21.86%29.12%30.62%29.69%29.58%28.17%28.17%28.17%28.17%28.17%
EBIAT 54.587156.7772.8879.75100.29116.17134.58155.89180.59
Depreciation 1.686.777.8213.549.5111.0212.7714.7917.1319.85
Accounts Receivable --1.58-5.35-3.42-22.381.91-10.16-11.77-13.64-15.80
Inventories ----------
Accounts Payable --4.58-0.96-2.416.637.524.465.165.986.93
Capital Expenditure -2.49-1.35-4.21-1.99-3.55-4.11-4.76-5.51-6.39-7.40
UFCF 53.7770.2654.0878.6069.96116.63118.47137.24158.98184.16
WACC
PV UFCF 110.14105.64115.56126.40138.27
SUM PV UFCF 596.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.90
Free cash flow (t + 1) 187.85
Terminal Value 4,816.59
Present Value of Terminal Value 3,616.26

Intrinsic Value

Enterprise Value 4,212.27
Net Debt 350.68
Equity Value 3,861.59
Shares Outstanding 19.83
Equity Value Per Share 194.69