Discounted Cash Flow (DCF) Analysis Unlevered
Southern States Bancshares, Inc. (SSBK)
$20.02
-0.08 (-0.40%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 41.56 | 50.12 | 63.72 | 80.02 | 99.57 | 123.90 | 154.17 | 191.85 | 238.73 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 21.49 | 25.56 | 29.16 | 47.83 | 51.84 | 64.51 | 80.27 | 99.88 | 124.29 |
| EBITDA (%) | |||||||||
| EBIT | 20.19 | 23.34 | 26.76 | 44.82 | 48.09 | 59.84 | 74.46 | 92.65 | 115.29 |
| EBIT (%) | |||||||||
| Depreciation | 1.29 | 2.22 | 2.40 | 3.02 | 3.75 | 4.67 | 5.81 | 7.23 | 9 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 151.07 | 188.73 | 342.11 | 261 | 399.06 | 496.58 | 617.92 | 768.91 | 956.81 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 2.99 | 4.24 | 4.17 | 6.96 | 7.69 | 9.57 | 11.91 | 14.82 | 18.44 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 0.47 | 0.28 | 0.13 | 0.58 | 0.65 | 0.81 | 1.01 | 1.26 | 1.57 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -1.39 | -6.65 | -5.29 | -6.65 | -8.27 | -10.30 | -12.81 | -15.94 | -19.84 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.02 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 8.71 |
| Cost of Debt | |
| Tax Rate | 22.20 |
| After-tax Cost of Debt | 7.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.810 |
| Total Debt | 117.30 |
| Total Equity | 174.43 |
| Total Capital | 291.73 |
| Debt Weighting | 40.21 |
| Equity Weighting | 59.79 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 41.56 | 50.12 | 63.72 | 80.02 | 99.57 | 123.90 | 154.17 | 191.85 | 238.73 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 21.49 | 25.56 | 29.16 | 47.83 | 51.84 | 64.51 | 80.27 | 99.88 | 124.29 |
| EBIT | 20.19 | 23.34 | 26.76 | 44.82 | 48.09 | 59.84 | 74.46 | 92.65 | 115.29 |
| Tax Rate | 30.74% | 17.26% | 23.59% | 22.20% | 23.45% | 23.45% | 23.45% | 23.45% | 23.45% |
| EBIAT | 13.99 | 19.31 | 20.45 | 34.87 | 36.81 | 45.81 | 57 | 70.93 | 88.26 |
| Depreciation | 1.29 | 2.22 | 2.40 | 3.02 | 3.75 | 4.67 | 5.81 | 7.23 | 9 |
| Accounts Receivable | - | -1.26 | 0.07 | -2.79 | -0.73 | -1.88 | -2.34 | -2.91 | -3.62 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.19 | -0.15 | 0.45 | 0.07 | 0.16 | 0.20 | 0.25 | 0.31 |
| Capital Expenditure | -1.39 | -6.65 | -5.29 | -6.65 | -8.27 | -10.30 | -12.81 | -15.94 | -19.84 |
| UFCF | 13.88 | 13.43 | 17.48 | 28.89 | 31.63 | 38.46 | 47.86 | 59.55 | 74.11 |
| WACC | |||||||||
| PV UFCF | 31.63 | 36.51 | 43.12 | 50.93 | 60.16 | ||||
| SUM PV UFCF | 211.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.35 |
| Free cash flow (t + 1) | 75.59 |
| Terminal Value | 2,256.36 |
| Present Value of Terminal Value | 1,738.75 |
Intrinsic Value
| Enterprise Value | 1,949.81 |
|---|---|
| Net Debt | 11.84 |
| Equity Value | 1,937.97 |
| Shares Outstanding | 8.71 |
| Equity Value Per Share | 222.43 |