Discounted Cash Flow (DCF) Analysis Unlevered

Select Bancorp, Inc. (SLCT)

$18.88

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.68 | 18.88 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 34.2037.5852.0952.3158.5767.4877.7689.59103.23118.94
Revenue (%)
EBITDA 15.6615.5629.9031.8924.5333.3938.4844.3351.0858.85
EBITDA (%)
EBIT 14.131427.1428.2921.1429.8134.3539.5745.6052.54
EBIT (%)
Depreciation 1.521.552.753.603.393.584.134.765.486.32
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 117.97119.82190.90142.40305.21246.13283.59326.76376.49433.80
Total Cash (%)
Account Receivables 2.7743.894.195.115.796.687.698.8610.21
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.220.430.670.580.250.620.710.820.951.09
Accounts Payable (%)
Capital Expenditure --0.93-1.56-1.38-1.32-1.75-2.01-2.32-2.67-3.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.88
Beta 0.861
Diluted Shares Outstanding 17.42
Cost of Debt
Tax Rate 21.34
After-tax Cost of Debt 39.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.892
Total Debt 21.33
Total Equity 328.81
Total Capital 350.14
Debt Weighting 6.09
Equity Weighting 93.91
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 34.2037.5852.0952.3158.5767.4877.7689.59103.23118.94
EBITDA 15.6615.5629.9031.8924.5333.3938.4844.3351.0858.85
EBIT 14.131427.1428.2921.1429.8134.3539.5745.6052.54
Tax Rate 35.06%64.20%22.10%22.09%21.34%32.96%32.96%32.96%32.96%32.96%
EBIAT 9.185.0121.1422.0416.6319.9823.0326.5330.5735.22
Depreciation 1.521.552.753.603.393.584.134.765.486.32
Accounts Receivable --1.230.11-0.30-0.92-0.68-0.88-1.02-1.17-1.35
Inventories ----------
Accounts Payable -0.210.24-0.09-0.330.370.090.110.130.14
Capital Expenditure --0.93-1.56-1.38-1.32-1.75-2.01-2.32-2.67-3.08
UFCF 10.704.6122.6923.8717.4521.5124.3528.0632.3337.25
WACC
PV UFCF 19.5920.1921.1822.2223.31
SUM PV UFCF 106.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.83
Free cash flow (t + 1) 38
Terminal Value 485.30
Present Value of Terminal Value 303.67

Intrinsic Value

Enterprise Value 410.16
Net Debt -89.39
Equity Value 499.56
Shares Outstanding 17.42
Equity Value Per Share 28.68