Discounted Cash Flow (DCF) Analysis Unlevered

Southern Missouri Bancorp, Inc. (SMBC)

$54.31

+0.56 (+1.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 182.51 | 54.31 | 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 74.6785.8394.89112.73124.77141.92161.42183.61208.84237.54
Revenue (%)
EBITDA 48.1065.7266.9081.9274.6497.63111.05126.32143.68163.42
EBITDA (%)
EBIT 43.5260.6561.3576.4967.5689.58101.89115.89131.82149.94
EBIT (%)
Depreciation 4.585.075.555.427.088.069.1610.4211.8513.48
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 174.60201.90231.74331.59326.95360.32409.84466.17530.24603.11
Total Cash (%)
Account Receivables 7.9910.1912.1210.0813.8115.7117.8720.3323.1226.30
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.6514.9913.8013.5316.9219.2521.9024.9128.3332.22
Accounts Payable (%)
Capital Expenditure -2.14-7.70-4.30-2.86-5.89-6.71-7.63-8.67-9.87-11.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 54.31
Beta 0.974
Diluted Shares Outstanding 9.01
Cost of Debt
Tax Rate 21.26
After-tax Cost of Debt 17.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.444
Total Debt 61.01
Total Equity 489.41
Total Capital 550.43
Debt Weighting 11.08
Equity Weighting 88.92
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 74.6785.8394.89112.73124.77141.92161.42183.61208.84237.54
EBITDA 48.1065.7266.9081.9274.6497.63111.05126.32143.68163.42
EBIT 43.5260.6561.3576.4967.5689.58101.89115.89131.82149.94
Tax Rate 27.16%19.60%20.00%20.98%21.26%21.80%21.80%21.80%21.80%21.80%
EBIAT 31.7048.7649.0860.4553.2070.0579.6890.63103.09117.25
Depreciation 4.585.075.555.427.088.069.1610.4211.8513.48
Accounts Receivable --2.20-1.932.04-3.73-1.90-2.16-2.46-2.79-3.18
Inventories ----------
Accounts Payable -7.33-1.19-0.273.392.332.653.013.423.89
Capital Expenditure -2.14-7.70-4.30-2.86-5.89-6.71-7.63-8.67-9.87-11.22
UFCF 34.1451.2847.2164.7954.0471.8381.7092.93105.70120.23
WACC
PV UFCF 66.1969.3872.7276.2279.88
SUM PV UFCF 364.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.52
Free cash flow (t + 1) 122.63
Terminal Value 1,880.88
Present Value of Terminal Value 1,249.72

Intrinsic Value

Enterprise Value 1,614.10
Net Debt -30.57
Equity Value 1,644.67
Shares Outstanding 9.01
Equity Value Per Share 182.51