Discounted Cash Flow (DCF) Analysis Unlevered

Rhinebeck Bancorp, Inc. (RBKB)

$8.75

+0.05 (+0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.82 | 8.75 | 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 33.5937.8844.6746.8247.7752.2557.1662.5268.3974.80
Revenue (%)
EBITDA 11.887.537.5215.0915.7514.3515.6917.1718.7820.54
EBITDA (%)
EBIT 10.696.206.1013.4314.1012.5513.7215.0116.4217.96
EBIT (%)
Depreciation 1.191.331.421.661.651.801.972.162.362.58
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 151.90126.81196.42352.37255.04262.65287.30314.26343.74376
Total Cash (%)
Account Receivables 2.522.903.823.374.264.164.554.985.455.96
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1.15-2.59-1.87-1.77-1.13-2.15-2.35-2.57-2.82-3.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.75
Beta 0.745
Diluted Shares Outstanding 11
Cost of Debt
Tax Rate 21.35
After-tax Cost of Debt 8.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.819
Total Debt 62.88
Total Equity 96.29
Total Capital 159.17
Debt Weighting 39.50
Equity Weighting 60.50
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 33.5937.8844.6746.8247.7752.2557.1662.5268.3974.80
EBITDA 11.887.537.5215.0915.7514.3515.6917.1718.7820.54
EBIT 10.696.206.1013.4314.1012.5513.7215.0116.4217.96
Tax Rate 18.88%20.41%20.85%22.90%21.35%20.88%20.88%20.88%20.88%20.88%
EBIAT 8.674.934.8310.3611.099.9310.8611.8812.9914.21
Depreciation 1.191.331.421.661.651.801.972.162.362.58
Accounts Receivable --0.38-0.920.45-0.890.09-0.39-0.43-0.47-0.51
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1.15-2.59-1.87-1.77-1.13-2.15-2.35-2.57-2.82-3.08
UFCF 8.723.303.4610.6910.729.6710.0811.0312.0713.20
WACC
PV UFCF 8.958.638.748.858.95
SUM PV UFCF 44.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.07
Free cash flow (t + 1) 13.46
Terminal Value 221.79
Present Value of Terminal Value 150.46

Intrinsic Value

Enterprise Value 194.58
Net Debt 31.49
Equity Value 163.08
Shares Outstanding 11
Equity Value Per Share 14.82