Discounted Cash Flow (DCF) Analysis Levered
Brookdale Senior Living Inc. (BKD)
$2.41
+0.06 (+2.55%)
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 | 4,531.43 | 4,057.09 | 3,424.45 | 2,745.89 | 2,744.91 | 2,429.85 | 2,150.95 | 1,904.06 | 1,685.52 | 1,492.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 203.96 | 216.41 | 205.65 | -94.63 | 3.28 | 60.81 | 53.83 | 47.65 | 42.18 | 37.34 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -225.47 | -304.09 | -185.87 | -176.66 | -196.92 | -153.11 | -135.54 | -119.98 | -106.21 | -94.02 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -21.51 | -87.68 | 19.78 | -271.29 | -193.64 | -92.30 | -81.71 | -72.33 | -64.03 | -56.68 |
Weighted Average Cost Of Capital
| Share price | $ 2.41 |
|---|---|
| Beta | 1.274 |
| Diluted Shares Outstanding | 190.46 |
| Cost of Debt | |
| Tax Rate | 0.61 |
| After-tax Cost of Debt | 4.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.393 |
| Total Debt | 4,892.73 |
| Total Equity | 459.02 |
| Total Capital | 5,351.75 |
| Debt Weighting | 91.42 |
| Equity Weighting | 8.58 |
| 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 | 4,531.43 | 4,057.09 | 3,424.45 | 2,745.89 | 2,744.91 | 2,429.85 | 2,150.95 | 1,904.06 | 1,685.52 | 1,492.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 203.96 | 216.41 | 205.65 | -94.63 | 3.28 | 60.81 | 53.83 | 47.65 | 42.18 | 37.34 |
| Capital Expenditure | -225.47 | -304.09 | -185.87 | -176.66 | -196.92 | -153.11 | -135.54 | -119.98 | -106.21 | -94.02 |
| Free Cash Flow | -21.51 | -87.68 | 19.78 | -271.29 | -193.64 | -92.30 | -81.71 | -72.33 | -64.03 | -56.68 |
| WACC | ||||||||||
| PV LFCF | -88.22 | -74.63 | -63.14 | -53.42 | -45.20 | |||||
| SUM PV LFCF | -324.61 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.63 |
| Free cash flow (t + 1) | -57.81 |
| Terminal Value | -2,198.11 |
| Present Value of Terminal Value | -1,752.94 |
Intrinsic Value
| Enterprise Value | -2,077.56 |
|---|---|
| Net Debt | 4,493.88 |
| Equity Value | -6,571.44 |
| Shares Outstanding | 190.46 |
| Equity Value Per Share | -34.50 |