Discounted Cash Flow (DCF) Analysis Levered
Brookdale Senior Living Inc. (BKD)
$2.86
-0.09 (-3.05%)
All numbers are in Millions, Currency in USD
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 | 4,747.12 | 4,531.43 | 4,057.09 | 3,424.45 | 2,745.89 | 2,399.77 | 2,097.28 | 1,832.92 | 1,601.88 | 1,399.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 366.66 | 203.96 | 216.41 | 205.65 | -94.63 | 96.56 | 84.39 | 73.75 | 64.45 | 56.33 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -213.89 | -225.47 | -304.09 | -185.87 | -176.66 | -138.41 | -120.96 | -105.72 | -92.39 | -80.74 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 152.78 | -21.51 | -87.68 | 19.78 | -271.29 | -41.85 | -36.58 | -31.97 | -27.94 | -24.42 |
Weighted Average Cost Of Capital
| Share price | $ 2.86 |
|---|---|
| Beta | 1.378 |
| Diluted Shares Outstanding | 184.39 |
| Cost of Debt | |
| Tax Rate | 7.66 |
| After-tax Cost of Debt | 3.44% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.056 |
| Total Debt | 5,226.02 |
| Total Equity | 527.34 |
| Total Capital | 5,753.36 |
| Debt Weighting | 90.83 |
| Equity Weighting | 9.17 |
| 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 | 4,747.12 | 4,531.43 | 4,057.09 | 3,424.45 | 2,745.89 | 2,399.77 | 2,097.28 | 1,832.92 | 1,601.88 | 1,399.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 366.66 | 203.96 | 216.41 | 205.65 | -94.63 | 96.56 | 84.39 | 73.75 | 64.45 | 56.33 |
| Capital Expenditure | -213.89 | -225.47 | -304.09 | -185.87 | -176.66 | -138.41 | -120.96 | -105.72 | -92.39 | -80.74 |
| Free Cash Flow | 152.78 | -21.51 | -87.68 | 19.78 | -271.29 | -41.85 | -36.58 | -31.97 | -27.94 | -24.42 |
| WACC | ||||||||||
| PV LFCF | -40.22 | -33.78 | -28.38 | -23.83 | -20.02 | |||||
| SUM PV LFCF | -146.24 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.05 |
| Free cash flow (t + 1) | -24.90 |
| Terminal Value | -1,214.80 |
| Present Value of Terminal Value | -996.08 |
Intrinsic Value
| Enterprise Value | -1,142.32 |
|---|---|
| Net Debt | 4,878.99 |
| Equity Value | -6,021.30 |
| Shares Outstanding | 184.39 |
| Equity Value Per Share | -32.66 |