Discounted Cash Flow (DCF) Analysis Unlevered

Randolph Bancorp, Inc. (RNDB)

$27

+0.01 (+0.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 124.88 | 27 | 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 27.7927.9039.5074.2853.8867.7085.05106.86134.25168.67
Revenue (%)
EBITDA 0.153.3711.8031.6414.8215.2419.1524.0630.2237.97
EBITDA (%)
EBIT -0.462.5310.9430.1313.5513.6617.1621.5527.0834.02
EBIT (%)
Depreciation 0.600.840.861.511.261.591.992.503.143.95
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 73.3459.8866.2569.14167.11142.09178.51224.28281.78354.02
Total Cash (%)
Account Receivables 1.431.501.391.561.502.573.224.055.096.39
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 6.818
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 27.7927.9039.5074.2853.8867.7085.05106.86134.25168.67
EBITDA 0.153.3711.8031.6414.8215.2419.1524.0630.2237.97
EBIT -0.462.5310.9430.1313.5513.6617.1621.5527.0834.02
Tax Rate 17.24%-1.51%3.33%21.56%24.18%12.96%12.96%12.96%12.96%12.96%
EBIAT -0.382.5710.5823.6410.2811.8914.9318.7623.5729.61
Depreciation 0.600.840.861.511.261.591.992.503.143.95
Accounts Receivable --0.070.11-0.170.06-1.07-0.66-0.83-1.04-1.30
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 -2.951.9011.3124.399.189.3712.4515.6419.6524.69
WACC
PV UFCF 8.8511.1113.1915.6518.57
SUM PV UFCF 67.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.86
Free cash flow (t + 1) 25.18
Terminal Value 652.45
Present Value of Terminal Value 490.78

Intrinsic Value

Enterprise Value 558.15
Net Debt -65.45
Equity Value 623.60
Shares Outstanding 4.99
Equity Value Per Share 124.88