Discounted Cash Flow (DCF) Analysis Levered

AdaptHealth Corp. (AHCO)

$7.24

-0.25 (-3.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 2,802.10 | 7.24 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 345.28529.641,056.392,454.532,970.595,244.779,259.9716,349.0628,865.3050,963.49
Revenue (%)
Operating Cash Flow 68.4360.42195.63275.68373.87771.621,362.352,405.324,246.747,497.88
Operating Cash Flow (%)
Capital Expenditure -9.95-21.33-39.76-203.31-391.42-337.05-595.09-1,050.66-1,855.01-3,275.13
Capital Expenditure (%)
Free Cash Flow 58.4839.09155.8872.37-17.56434.57767.271,354.652,391.734,222.75

Weighted Average Cost Of Capital

Share price $ 7.24
Beta 1.047
Diluted Shares Outstanding 138.99
Cost of Debt
Tax Rate 35.19
After-tax Cost of Debt 3.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.193
Total Debt 2,328.82
Total Equity 1,006.27
Total Capital 3,335.10
Debt Weighting 69.83
Equity Weighting 30.17
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 345.28529.641,056.392,454.532,970.595,244.779,259.9716,349.0628,865.3050,963.49
Operating Cash Flow 68.4360.42195.63275.68373.87771.621,362.352,405.324,246.747,497.88
Capital Expenditure -9.95-21.33-39.76-203.31-391.42-337.05-595.09-1,050.66-1,855.01-3,275.13
Free Cash Flow 58.4839.09155.8872.37-17.56434.57767.271,354.652,391.734,222.75
WACC
PV LFCF 414.27697.261,173.551,975.193,324.43
SUM PV LFCF 7,584.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.90
Free cash flow (t + 1) 4,391.66
Terminal Value 487,961.81
Present Value of Terminal Value 384,156.68

Intrinsic Value

Enterprise Value 391,741.40
Net Debt 2,282.55
Equity Value 389,458.84
Shares Outstanding 138.99
Equity Value Per Share 2,802.10