Discounted Cash Flow (DCF) Analysis Unlevered
Randolph Bancorp, Inc. (RNDB)
$27
+0.01 (+-%)
All numbers are in Millions, Currency in USD
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 | 27.79 | 27.90 | 39.50 | 74.28 | 53.88 | 67.70 | 85.05 | 106.86 | 134.25 | 168.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.15 | 3.37 | 11.80 | 31.64 | 14.82 | 15.24 | 19.15 | 24.06 | 30.22 | 37.97 |
| EBITDA (%) | ||||||||||
| EBIT | -0.46 | 2.53 | 10.94 | 30.13 | 13.55 | 13.66 | 17.16 | 21.55 | 27.08 | 34.02 |
| EBIT (%) | ||||||||||
| Depreciation | 0.60 | 0.84 | 0.86 | 1.51 | 1.26 | 1.59 | 1.99 | 2.50 | 3.14 | 3.95 |
| 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 | 73.34 | 59.88 | 66.25 | 69.14 | 167.11 | 142.09 | 178.51 | 224.28 | 281.78 | 354.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.43 | 1.50 | 1.39 | 1.56 | 1.50 | 2.57 | 3.22 | 4.05 | 5.09 | 6.39 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.18 | -1.43 | -0.24 | -0.59 | -2.42 | -3.04 | -3.82 | -4.79 | -6.02 | -7.57 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 27 |
|---|---|
| Beta | 0.682 |
| Diluted Shares Outstanding | 4.99 |
| Cost of Debt | |
| Tax Rate | 24.18 |
| After-tax Cost of Debt | 3.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.751 |
| Total Debt | 50 |
| Total Equity | 134.83 |
| Total Capital | 184.83 |
| Debt Weighting | 27.05 |
| Equity Weighting | 72.95 |
| 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 | 27.79 | 27.90 | 39.50 | 74.28 | 53.88 | 67.70 | 85.05 | 106.86 | 134.25 | 168.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.15 | 3.37 | 11.80 | 31.64 | 14.82 | 15.24 | 19.15 | 24.06 | 30.22 | 37.97 |
| EBIT | -0.46 | 2.53 | 10.94 | 30.13 | 13.55 | 13.66 | 17.16 | 21.55 | 27.08 | 34.02 |
| Tax Rate | 17.24% | -1.51% | 3.33% | 21.56% | 24.18% | 12.96% | 12.96% | 12.96% | 12.96% | 12.96% |
| EBIAT | -0.38 | 2.57 | 10.58 | 23.64 | 10.28 | 11.89 | 14.93 | 18.76 | 23.57 | 29.61 |
| Depreciation | 0.60 | 0.84 | 0.86 | 1.51 | 1.26 | 1.59 | 1.99 | 2.50 | 3.14 | 3.95 |
| Accounts Receivable | - | -0.07 | 0.11 | -0.17 | 0.06 | -1.07 | -0.66 | -0.83 | -1.04 | -1.30 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -3.18 | -1.43 | -0.24 | -0.59 | -2.42 | -3.04 | -3.82 | -4.79 | -6.02 | -7.57 |
| UFCF | -2.95 | 1.90 | 11.31 | 24.39 | 9.18 | 9.37 | 12.45 | 15.64 | 19.65 | 24.69 |
| WACC | ||||||||||
| PV UFCF | 8.85 | 11.12 | 13.20 | 15.68 | 18.62 | |||||
| SUM PV UFCF | 67.47 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.81 |
| Free cash flow (t + 1) | 25.18 |
| Terminal Value | 661.01 |
| Present Value of Terminal Value | 498.40 |
Intrinsic Value
| Enterprise Value | 565.87 |
|---|---|
| Net Debt | -65.45 |
| Equity Value | 631.32 |
| Shares Outstanding | 4.99 |
| Equity Value Per Share | 126.42 |