Discounted Cash Flow (DCF) Analysis Unlevered

Virginia National Bankshares Corpor... (VABK)

$36.59

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 387.22 | 36.59 | 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 28.2227.2830.2655.4564.4081.63103.46131.13166.20210.65
Revenue (%)
EBITDA 14.5613.6915.3516.6633.4138.2648.5061.4777.9198.75
EBITDA (%)
EBIT 13.3312.4913.3915.2030.5434.6343.8955.6370.5089.36
EBIT (%)
Depreciation 1.231.201.961.462.873.644.615.847.409.38
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 73.13128.95182.20660.19578.28558.71708.14897.531,137.571,441.82
Total Cash (%)
Account Receivables 5.879.169.8718.4913.1522.9729.1236.9146.7859.29
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.525.315.053.951.518.3310.5613.3816.9621.50
Accounts Payable (%)
Capital Expenditure -0.85-0.19-0.20-0.80-0.93-1.18-1.50-1.90-2.41-3.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.59
Beta 0.545
Diluted Shares Outstanding 2.71
Cost of Debt
Tax Rate 17.89
After-tax Cost of Debt 27.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.052
Total Debt 9.59
Total Equity 99.11
Total Capital 108.69
Debt Weighting 8.82
Equity Weighting 91.18
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 28.2227.2830.2655.4564.4081.63103.46131.13166.20210.65
EBITDA 14.5613.6915.3516.6633.4138.2648.5061.4777.9198.75
EBIT 13.3312.4913.3915.2030.5434.6343.8955.6370.5089.36
Tax Rate 19.63%18.59%20.56%16.01%17.89%18.54%18.54%18.54%18.54%18.54%
EBIAT 10.7110.1710.6412.7725.0828.2135.7545.3257.4472.80
Depreciation 1.231.201.961.462.873.644.615.847.409.38
Accounts Receivable --3.29-0.71-8.625.33-9.82-6.14-7.79-9.87-12.51
Inventories ----------
Accounts Payable -3.78-0.26-1.09-2.446.822.232.823.584.54
Capital Expenditure -0.85-0.19-0.20-0.80-0.93-1.18-1.50-1.90-2.41-3.05
UFCF 11.0911.6711.423.7129.9127.6634.9544.2956.1471.15
WACC
PV UFCF 25.6330.0135.2441.3948.61
SUM PV UFCF 180.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.92
Free cash flow (t + 1) 72.58
Terminal Value 1,225.95
Present Value of Terminal Value 837.46

Intrinsic Value

Enterprise Value 1,018.32
Net Debt -30.50
Equity Value 1,048.82
Shares Outstanding 2.71
Equity Value Per Share 387.22