Discounted Cash Flow (DCF) Analysis Unlevered

Red River Bancshares, Inc. (RRBI)

$49.01

-1.79 (-3.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 217.07 | 49.01 | 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 63.5072.9278.4691.1295.20105.44116.79129.36143.28158.70
Revenue (%)
EBITDA 31.1338.0542.9045.2645.6853.4759.2265.6072.6580.47
EBITDA (%)
EBIT 29.093640.5542.8542.9050.3955.8261.8268.4875.85
EBIT (%)
Depreciation 2.042.042.352.412.783.073.413.774.184.63
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 405.01459.78468.87945.411,444.04932.211,032.531,143.641,266.711,403.02
Total Cash (%)
Account Receivables 4.935.015.256.886.257.478.289.1710.1611.25
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.501.762.221.771.312.312.552.833.133.47
Accounts Payable (%)
Capital Expenditure -3.49-5.43-3.77-7.04-6.06-6.71-7.44-8.24-9.12-10.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 49.01
Beta 0.636
Diluted Shares Outstanding 7.25
Cost of Debt
Tax Rate 17.74
After-tax Cost of Debt 120.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.701
Total Debt 3.84
Total Equity 355.19
Total Capital 359.03
Debt Weighting 1.07
Equity Weighting 98.93
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 63.5072.9278.4691.1295.20105.44116.79129.36143.28158.70
EBITDA 31.1338.0542.9045.2645.6853.4759.2265.6072.6580.47
EBIT 29.093640.5542.8542.9050.3955.8261.8268.4875.85
Tax Rate 37.93%18.69%18.51%18.34%17.74%22.24%22.24%22.24%22.24%22.24%
EBIAT 18.0629.2833.0434.9935.2939.1843.4048.0753.2458.97
Depreciation 2.042.042.352.412.783.073.413.774.184.63
Accounts Receivable --0.08-0.24-1.630.63-1.23-0.80-0.89-0.99-1.09
Inventories ----------
Accounts Payable -0.250.46-0.45-0.4610.250.270.300.34
Capital Expenditure -3.49-5.43-3.77-7.04-6.06-6.71-7.44-8.24-9.12-10.10
UFCF 16.6126.0631.8528.2932.1735.3138.8142.9947.6252.74
WACC
PV UFCF 32.7233.3334.2035.1036.03
SUM PV UFCF 171.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.92
Free cash flow (t + 1) 53.80
Terminal Value 908.70
Present Value of Terminal Value 620.74

Intrinsic Value

Enterprise Value 792.12
Net Debt -781.02
Equity Value 1,573.14
Shares Outstanding 7.25
Equity Value Per Share 217.07