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
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 | 74.67 | 85.83 | 94.89 | 112.73 | 124.77 | 141.92 | 161.42 | 183.61 | 208.84 | 237.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 48.10 | 65.72 | 66.90 | 81.92 | 74.64 | 97.63 | 111.05 | 126.32 | 143.68 | 163.42 |
| EBITDA (%) | ||||||||||
| EBIT | 43.52 | 60.65 | 61.35 | 76.49 | 67.56 | 89.58 | 101.89 | 115.89 | 131.82 | 149.94 |
| EBIT (%) | ||||||||||
| Depreciation | 4.58 | 5.07 | 5.55 | 5.42 | 7.08 | 8.06 | 9.16 | 10.42 | 11.85 | 13.48 |
| 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 | 174.60 | 201.90 | 231.74 | 331.59 | 326.95 | 360.32 | 409.84 | 466.17 | 530.24 | 603.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 7.99 | 10.19 | 12.12 | 10.08 | 13.81 | 15.71 | 17.87 | 20.33 | 23.12 | 26.30 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.65 | 14.99 | 13.80 | 13.53 | 16.92 | 19.25 | 21.90 | 24.91 | 28.33 | 32.22 |
| 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 | 74.67 | 85.83 | 94.89 | 112.73 | 124.77 | 141.92 | 161.42 | 183.61 | 208.84 | 237.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 48.10 | 65.72 | 66.90 | 81.92 | 74.64 | 97.63 | 111.05 | 126.32 | 143.68 | 163.42 |
| EBIT | 43.52 | 60.65 | 61.35 | 76.49 | 67.56 | 89.58 | 101.89 | 115.89 | 131.82 | 149.94 |
| Tax Rate | 27.16% | 19.60% | 20.00% | 20.98% | 21.26% | 21.80% | 21.80% | 21.80% | 21.80% | 21.80% |
| EBIAT | 31.70 | 48.76 | 49.08 | 60.45 | 53.20 | 70.05 | 79.68 | 90.63 | 103.09 | 117.25 |
| Depreciation | 4.58 | 5.07 | 5.55 | 5.42 | 7.08 | 8.06 | 9.16 | 10.42 | 11.85 | 13.48 |
| Accounts Receivable | - | -2.20 | -1.93 | 2.04 | -3.73 | -1.90 | -2.16 | -2.46 | -2.79 | -3.18 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 7.33 | -1.19 | -0.27 | 3.39 | 2.33 | 2.65 | 3.01 | 3.42 | 3.89 |
| Capital Expenditure | -2.14 | -7.70 | -4.30 | -2.86 | -5.89 | -6.71 | -7.63 | -8.67 | -9.87 | -11.22 |
| UFCF | 34.14 | 51.28 | 47.21 | 64.79 | 54.04 | 71.83 | 81.70 | 92.93 | 105.70 | 120.23 |
| WACC | ||||||||||
| PV UFCF | 66.19 | 69.38 | 72.72 | 76.22 | 79.88 | |||||
| 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 |