Discounted Cash Flow (DCF) Analysis Unlevered

Summit Financial Group, Inc. (SMMF)

$27.22

-0.10 (-0.37%)
All numbers are in Millions, Currency in USD
Stock DCF: 210.20 | 27.22 | 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 80.7385.7494.47113.34127.47143.03160.49180.09202.07226.74
Revenue (%)
EBITDA 43.2664.5573.8963.1675.0392.02103.25115.85130145.86
EBITDA (%)
EBIT 39.9660.7169.5758.2869.8885.8796.35108.12121.32136.13
EBIT (%)
Depreciation 3.303.844.324.885.156.146.897.748.689.74
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 381.35352.69338.24385.91479.56560.25628.64705.38791.49888.11
Total Cash (%)
Account Receivables 8.338.718.4411.9910.5813.8115.5017.3919.5121.89
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -6.18-5.55-9.22-8.64-4.54-10.03-11.26-12.63-14.17-15.90
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27.22
Beta 0.378
Diluted Shares Outstanding 12.98
Cost of Debt
Tax Rate 20.32
After-tax Cost of Debt 3.78%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.750
Total Debt 263.16
Total Equity 353.19
Total Capital 616.35
Debt Weighting 42.70
Equity Weighting 57.30
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 80.7385.7494.47113.34127.47143.03160.49180.09202.07226.74
EBITDA 43.2664.5573.8963.1675.0392.02103.25115.85130145.86
EBIT 39.9660.7169.5758.2869.8885.8796.35108.12121.32136.13
Tax Rate 44.78%20.01%19.50%19.17%20.32%24.76%24.76%24.76%24.76%24.76%
EBIAT 22.0648.5656.0147.1155.6864.6172.5081.3591.28102.43
Depreciation 3.303.844.324.885.156.146.897.748.689.74
Accounts Receivable --0.380.27-3.551.41-3.23-1.69-1.89-2.12-2.38
Inventories ----------
Accounts Payable ----------
Capital Expenditure -6.18-5.54-9.22-8.64-4.54-10.03-11.26-12.63-14.17-15.90
UFCF 19.1846.4751.3739.8057.7157.4966.4574.5783.6793.88
WACC
PV UFCF 54.8060.3864.5869.0773.87
SUM PV UFCF 322.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.91
Free cash flow (t + 1) 95.76
Terminal Value 3,290.70
Present Value of Terminal Value 2,589.43

Intrinsic Value

Enterprise Value 2,912.13
Net Debt 184.70
Equity Value 2,727.43
Shares Outstanding 12.98
Equity Value Per Share 210.20