Discounted Cash Flow (DCF) Analysis Levered

AMN Healthcare Services, Inc. (AMN)

$111.37

-0.18 (-0.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 492.11 | 111.37 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,988.452,136.072,222.112,393.713,984.244,837.065,872.437,129.428,655.4810,508.18
Revenue (%)
Operating Cash Flow 115.26226.99224.86256.83305.36434.71527.77640.73777.88944.39
Operating Cash Flow (%)
Capital Expenditure -26.53-36.39-36.46-39.10-62.87-76.33-92.66-112.50-136.58-165.81
Capital Expenditure (%)
Free Cash Flow 88.73190.61188.40217.72242.49358.39435.10528.23641.30778.57

Weighted Average Cost Of Capital

Share price $ 111.37
Beta 0.296
Diluted Shares Outstanding 47.69
Cost of Debt
Tax Rate 26.25
After-tax Cost of Debt 2.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.188
Total Debt 867.07
Total Equity 5,311.24
Total Capital 6,178.30
Debt Weighting 14.03
Equity Weighting 85.97
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,988.452,136.072,222.112,393.713,984.244,837.065,872.437,129.428,655.4810,508.18
Operating Cash Flow 115.26226.99224.86256.83305.36434.71527.77640.73777.88944.39
Capital Expenditure -26.53-36.39-36.46-39.10-62.87-76.33-92.66-112.50-136.58-165.81
Free Cash Flow 88.73190.61188.40217.72242.49358.39435.10528.23641.30778.57
WACC
PV LFCF 269.43311.91361.09418.02483.94
SUM PV LFCF 2,339.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.87
Free cash flow (t + 1) 794.15
Terminal Value 27,670.57
Present Value of Terminal Value 21,815.33

Intrinsic Value

Enterprise Value 24,154.76
Net Debt 686.14
Equity Value 23,468.62
Shares Outstanding 47.69
Equity Value Per Share 492.11