Discounted Cash Flow

Choiceone Financial Services Inc.

COFS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $19.3m $6.1m $9.1m 31.5% $1.85
2017 $20.6m (6.3%) $6.2m (1.3%) $6.4m (-29.4%) 30.0% (-4.7%) $1.79 (-3.2%)
2018 $22.1m (7.3%) $7.3m (18.9%) $5.7m (-10.7%) 33.2% (10.8%) $2.03 (13.4%)
2019 $27.8m (25.9%) $7.2m (-2.2%) $8.4m (46.8%) 25.8% (-22.3%) $1.58 (-22.2%)
2020 $51.1m (83.9%) $15.6m (117.7%) $6.6m (-21.5%) 30.6% (18.4%) $2.08 (31.6%)
2021 $60.6m (18.7%) $22.0m (41.2%) $34.9m (427.3%) 36.3% (18.9%) $2.87 (38.0%)
2022 $67.3m (11.0%) $23.6m (7.2%) $43.9m (25.5%) 35.1% (-3.4%) $3.15 (9.8%)
2023 $65.9m (-2.1%) $21.3m (-10.1%) $42.2m (-3.7%) 32.3% (-8.1%) $2.82 (-10.5%)
2024 $139.1m (111.1%) $26.7m (25.7%) $46.9m (11.1%) 19.2% (-40.5%) $3.27 (16.0%)
2025 $227.6m (63.6%) $28.2m (5.4%) $25.2m (-46.3%) 12.4% (-35.6%) $2.02 (-38.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model