Discounted Cash Flow (DCF) Analysis Unlevered
Summit State Bank (SSBI)
$15.69
+0.36 (+2.35%)
All numbers are in Millions, Currency in USD
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 | 20.29 | 23.93 | 25.64 | 34.71 | 42.06 | 50.64 | 60.98 | 73.43 | 88.42 | 106.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 8.40 | 12.34 | 16.40 | 21.54 | 25.65 | 28.36 | 34.15 | 41.12 | 49.51 | 59.62 |
| EBITDA (%) | ||||||||||
| EBIT | 8.06 | 11.99 | 15.90 | 21.10 | 25.25 | 27.62 | 33.26 | 40.05 | 48.23 | 58.07 |
| EBIT (%) | ||||||||||
| Depreciation | 0.34 | 0.35 | 0.50 | 0.43 | 0.41 | 0.74 | 0.89 | 1.07 | 1.29 | 1.55 |
| 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 | 147.58 | 91.87 | 92.54 | 98.78 | 110.07 | 204.46 | 246.20 | 296.46 | 356.97 | 429.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.22 | 4.69 | 5.13 | 7.60 | 12.91 | 10.94 | 13.18 | 15.87 | 19.11 | 23.01 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.67 | 2.60 | 3.34 | 4.55 | 7.81 | 6.96 | 8.38 | 10.09 | 12.15 | 14.63 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.20 | -0.87 | -1 | -0.13 | -0.09 | -0.92 | -1.11 | -1.34 | -1.61 | -1.94 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.69 |
|---|---|
| Beta | 0.555 |
| Diluted Shares Outstanding | 6.68 |
| Cost of Debt | |
| Tax Rate | 29.61 |
| After-tax Cost of Debt | 5.65% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.323 |
| Total Debt | 54.39 |
| Total Equity | 104.83 |
| Total Capital | 159.22 |
| Debt Weighting | 34.16 |
| Equity Weighting | 65.84 |
| 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 | 20.29 | 23.93 | 25.64 | 34.71 | 42.06 | 50.64 | 60.98 | 73.43 | 88.42 | 106.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 8.40 | 12.34 | 16.40 | 21.54 | 25.65 | 28.36 | 34.15 | 41.12 | 49.51 | 59.62 |
| EBIT | 8.06 | 11.99 | 15.90 | 21.10 | 25.25 | 27.62 | 33.26 | 40.05 | 48.23 | 58.07 |
| Tax Rate | 44.41% | 27.56% | 27.02% | 29.60% | 29.61% | 31.64% | 31.64% | 31.64% | 31.64% | 31.64% |
| EBIAT | 4.48 | 8.69 | 11.60 | 14.86 | 17.77 | 18.88 | 22.74 | 27.38 | 32.97 | 39.70 |
| Depreciation | 0.34 | 0.35 | 0.50 | 0.43 | 0.41 | 0.74 | 0.89 | 1.07 | 1.29 | 1.55 |
| Accounts Receivable | - | -1.47 | -0.44 | -2.47 | -5.32 | 1.97 | -2.23 | -2.69 | -3.24 | -3.90 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.08 | 0.74 | 1.22 | 3.25 | -0.85 | 1.42 | 1.71 | 2.06 | 2.48 |
| Capital Expenditure | -0.20 | -0.87 | -1 | -0.13 | -0.09 | -0.92 | -1.11 | -1.34 | -1.61 | -1.94 |
| UFCF | 4.62 | 6.61 | 11.41 | 13.92 | 16.03 | 19.82 | 21.70 | 26.13 | 31.46 | 37.89 |
| WACC | ||||||||||
| PV UFCF | 18.68 | 19.28 | 21.88 | 24.84 | 28.19 | |||||
| SUM PV UFCF | 112.87 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.09 |
| Free cash flow (t + 1) | 38.64 |
| Terminal Value | 944.85 |
| Present Value of Terminal Value | 703.06 |
Intrinsic Value
| Enterprise Value | 815.93 |
|---|---|
| Net Debt | 13.69 |
| Equity Value | 802.24 |
| Shares Outstanding | 6.68 |
| Equity Value Per Share | 120.07 |