Discounted Cash Flow (DCF) Analysis Unlevered
Village Bank and Trust Financial Co... (VBFC)
$50.1
0.00 (0.00%)
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 | 21.16 | 23.35 | 26.07 | 33.64 | 37.84 | 43.85 | 50.81 | 58.88 | 68.24 | 79.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.93 | 8.36 | 11.62 | 16.06 | 18.63 | 17.60 | 20.39 | 23.63 | 27.38 | 31.73 |
| EBITDA (%) | ||||||||||
| EBIT | 4.19 | 7.64 | 10.97 | 15.47 | 18.05 | 16.51 | 19.14 | 22.18 | 25.70 | 29.78 |
| EBIT (%) | ||||||||||
| Depreciation | 0.74 | 0.72 | 0.64 | 0.59 | 0.58 | 1.08 | 1.26 | 1.46 | 1.69 | 1.95 |
| 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 | 67.52 | 56.97 | 66.90 | 53.55 | 106.77 | 110.60 | 128.17 | 148.52 | 172.11 | 199.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.60 | 2.66 | 2.60 | 4.94 | 3.25 | 4.99 | 5.78 | 6.70 | 7.77 | 9 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.09 | 0.22 | 0.22 | 0.19 | 0.27 | 0.31 | 0.36 | 0.41 | 0.48 | 0.56 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.97 | -0.20 | -0.23 | -0.33 | -0.69 | -0.79 | -0.92 | -1.07 | -1.24 | -1.43 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 50.1 |
|---|---|
| Beta | 0.649 |
| Diluted Shares Outstanding | 1.46 |
| Cost of Debt | |
| Tax Rate | 21.55 |
| After-tax Cost of Debt | 30.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.044 |
| Total Debt | 5.66 |
| Total Equity | 73.13 |
| Total Capital | 78.79 |
| Debt Weighting | 7.18 |
| Equity Weighting | 92.82 |
| 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 | 21.16 | 23.35 | 26.07 | 33.64 | 37.84 | 43.85 | 50.81 | 58.88 | 68.24 | 79.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.93 | 8.36 | 11.62 | 16.06 | 18.63 | 17.60 | 20.39 | 23.63 | 27.38 | 31.73 |
| EBIT | 4.19 | 7.64 | 10.97 | 15.47 | 18.05 | 16.51 | 19.14 | 22.18 | 25.70 | 29.78 |
| Tax Rate | 310.47% | 18.58% | 20.63% | 22.51% | 21.55% | 78.75% | 78.75% | 78.75% | 78.75% | 78.75% |
| EBIAT | -8.82 | 6.22 | 8.71 | 11.99 | 14.16 | 3.51 | 4.07 | 4.71 | 5.46 | 6.33 |
| Depreciation | 0.74 | 0.72 | 0.64 | 0.59 | 0.58 | 1.08 | 1.26 | 1.46 | 1.69 | 1.95 |
| Accounts Receivable | - | -0.06 | 0.06 | -2.35 | 1.70 | -1.75 | -0.79 | -0.92 | -1.06 | -1.23 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.13 | -0 | -0.03 | 0.07 | 0.04 | 0.05 | 0.06 | 0.07 | 0.08 |
| Capital Expenditure | -0.97 | -0.20 | -0.23 | -0.33 | -0.69 | -0.79 | -0.92 | -1.07 | -1.24 | -1.43 |
| UFCF | -9.05 | 6.81 | 9.19 | 9.87 | 15.82 | 2.09 | 3.66 | 4.24 | 4.91 | 5.69 |
| WACC | ||||||||||
| PV UFCF | 1.94 | 3.15 | 3.39 | 3.64 | 3.92 | |||||
| SUM PV UFCF | 16.04 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.77 |
| Free cash flow (t + 1) | 5.81 |
| Terminal Value | 100.62 |
| Present Value of Terminal Value | 69.22 |
Intrinsic Value
| Enterprise Value | 85.25 |
|---|---|
| Net Debt | -6.41 |
| Equity Value | 91.66 |
| Shares Outstanding | 1.46 |
| Equity Value Per Share | 62.79 |