Discounted Cash Flow (DCF) Analysis Levered

Amedisys, Inc. (AMED)

$77.31

+0.56 (+0.73%)

All numbers are in Millions, Currency in USD

Stock DCF: 141.59 | 77.31 | 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	1,662.58	1,955.63	2,071.52	2,214.11	2,223.20	2,394.64	2,579.31	2,778.21	2,992.45	3,223.22
Revenue (%)
Operating Cash Flow	223.48	202	288.95	188.89	133.28	250.22	269.52	290.30	312.69	336.80
Operating Cash Flow (%)
Capital Expenditure	-6.56	-7.89	-5.33	-6.30	-6.16	-7.74	-8.34	-8.99	-9.68	-10.42
Capital Expenditure (%)
Free Cash Flow	216.92	194.11	283.62	182.59	127.12	242.48	261.18	281.32	303.01	326.38

Weighted Average Cost Of Capital

Share price	$ 77.31
Beta	1.016
Diluted Shares Outstanding	33.27
Cost of Debt
Tax Rate	25.98
After-tax Cost of Debt	3.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.606
Total Debt	542.75
Total Equity	2,571.95
Total Capital	3,114.70
Debt Weighting	17.43
Equity Weighting	82.57
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	1,662.58	1,955.63	2,071.52	2,214.11	2,223.20	2,394.64	2,579.31	2,778.21	2,992.45	3,223.22
Operating Cash Flow	223.48	202	288.95	188.89	133.28	250.22	269.52	290.30	312.69	336.80
Capital Expenditure	-6.56	-7.89	-5.33	-6.30	-6.16	-7.74	-8.34	-8.99	-9.68	-10.42
Free Cash Flow	216.92	194.11	283.62	182.59	127.12	242.48	261.18	281.32	303.01	326.38
WACC
PV LFCF						225.27	225.42	225.57	225.72	225.87
SUM PV LFCF										1,127.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.64
Free cash flow (t + 1)	332.91
Terminal Value	5,902.58
Present Value of Terminal Value	4,084.82

Intrinsic Value

Enterprise Value	5,212.66
Net Debt	502.21
Equity Value	4,710.45
Shares Outstanding	33.27
Equity Value Per Share	141.59