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
Stock DCF: 62.79 | 50.1 | 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 21.1623.3526.0733.6437.8443.8550.8158.8868.2479.07
Revenue (%)
EBITDA 4.938.3611.6216.0618.6317.6020.3923.6327.3831.73
EBITDA (%)
EBIT 4.197.6410.9715.4718.0516.5119.1422.1825.7029.78
EBIT (%)
Depreciation 0.740.720.640.590.581.081.261.461.691.95
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 67.5256.9766.9053.55106.77110.60128.17148.52172.11199.45
Total Cash (%)
Account Receivables 2.602.662.604.943.254.995.786.707.779
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.090.220.220.190.270.310.360.410.480.56
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 21.1623.3526.0733.6437.8443.8550.8158.8868.2479.07
EBITDA 4.938.3611.6216.0618.6317.6020.3923.6327.3831.73
EBIT 4.197.6410.9715.4718.0516.5119.1422.1825.7029.78
Tax Rate 310.47%18.58%20.63%22.51%21.55%78.75%78.75%78.75%78.75%78.75%
EBIAT -8.826.228.7111.9914.163.514.074.715.466.33
Depreciation 0.740.720.640.590.581.081.261.461.691.95
Accounts Receivable --0.060.06-2.351.70-1.75-0.79-0.92-1.06-1.23
Inventories ----------
Accounts Payable -0.13-0-0.030.070.040.050.060.070.08
Capital Expenditure -0.97-0.20-0.23-0.33-0.69-0.79-0.92-1.07-1.24-1.43
UFCF -9.056.819.199.8715.822.093.664.244.915.69
WACC
PV UFCF 1.943.153.393.643.92
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