Discounted Cash Flow (DCF) Analysis Levered
AMN Healthcare Services, Inc. (AMN)
$81.88
-1.26 (-1.52%)
All numbers are in Millions, Currency in USD
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 | 2,136.07 | 2,222.11 | 2,393.71 | 3,984.24 | 5,243.24 | 6,682.46 | 8,516.72 | 10,854.47 | 13,833.91 | 17,631.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 226.99 | 224.86 | 256.83 | 305.36 | 653.73 | 689.73 | 879.05 | 1,120.34 | 1,427.86 | 1,819.80 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -36.39 | -36.46 | -39.10 | -53.66 | -80.92 | -105.15 | -134.02 | -170.80 | -217.69 | -277.44 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 190.61 | 188.40 | 217.72 | 251.69 | 572.81 | 584.57 | 745.03 | 949.54 | 1,210.18 | 1,542.36 |
Weighted Average Cost Of Capital
| Share price | $ 81.88 |
|---|---|
| Beta | 0.374 |
| Diluted Shares Outstanding | 44.87 |
| Cost of Debt | |
| Tax Rate | 26.81 |
| After-tax Cost of Debt | 3.43% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.322 |
| Total Debt | 860.96 |
| Total Equity | 3,673.96 |
| Total Capital | 4,534.91 |
| Debt Weighting | 18.99 |
| Equity Weighting | 81.01 |
| 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 | 2,136.07 | 2,222.11 | 2,393.71 | 3,984.24 | 5,243.24 | 6,682.46 | 8,516.72 | 10,854.47 | 13,833.91 | 17,631.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 226.99 | 224.86 | 256.83 | 305.36 | 653.73 | 689.73 | 879.05 | 1,120.34 | 1,427.86 | 1,819.80 |
| Capital Expenditure | -36.39 | -36.46 | -39.10 | -53.66 | -80.92 | -105.15 | -134.02 | -170.80 | -217.69 | -277.44 |
| Free Cash Flow | 190.61 | 188.40 | 217.72 | 251.69 | 572.81 | 584.57 | 745.03 | 949.54 | 1,210.18 | 1,542.36 |
| WACC | ||||||||||
| PV LFCF | 552.68 | 665.96 | 802.46 | 966.94 | 1,165.12 | |||||
| SUM PV LFCF | 4,153.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.77 |
| Free cash flow (t + 1) | 1,573.20 |
| Terminal Value | 41,729.55 |
| Present Value of Terminal Value | 31,523.26 |
Intrinsic Value
| Enterprise Value | 35,676.44 |
|---|---|
| Net Debt | 796.43 |
| Equity Value | 34,880.01 |
| Shares Outstanding | 44.87 |
| Equity Value Per Share | 777.36 |