Discounted Cash Flow (DCF) Analysis Levered
CareMax, Inc. (CMAX)
$2.67
+0.21 (+8.54%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 103.42 | 295.76 | 631.13 | 1,575.84 | 3,934.65 | 9,824.24 | 24,529.68 | 61,246.99 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| Operating Cash Flow | 5.32 | -23.86 | -68.22 | -72.14 | -180.13 | -449.76 | -1,122.99 | -2,803.95 |
| Operating Cash Flow (%) | ||||||||
| Capital Expenditure | -2.15 | -6.87 | -7.45 | -29.33 | -73.23 | -182.85 | -456.56 | -1,139.96 |
| Capital Expenditure (%) | ||||||||
| Free Cash Flow | 3.17 | -30.73 | -75.67 | -101.47 | -253.37 | -632.62 | -1,579.55 | -3,943.91 |
Weighted Average Cost Of Capital
| Share price | $ 2.67 |
|---|---|
| Beta | 1.876 |
| Diluted Shares Outstanding | 90.80 |
| Cost of Debt | |
| Tax Rate | -34.08 |
| After-tax Cost of Debt | 6.08% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.349 |
| Total Debt | 333.03 |
| Total Equity | 242.43 |
| Total Capital | 575.46 |
| Debt Weighting | 57.87 |
| Equity Weighting | 42.13 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 103.42 | 295.76 | 631.13 | 1,575.84 | 3,934.65 | 9,824.24 | 24,529.68 | 61,246.99 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5.32 | -23.86 | -68.22 | -72.14 | -180.13 | -449.76 | -1,122.99 | -2,803.95 |
| Capital Expenditure | -2.15 | -6.87 | -7.45 | -29.33 | -73.23 | -182.85 | -456.56 | -1,139.96 |
| Free Cash Flow | 3.17 | -30.73 | -75.67 | -101.47 | -253.37 | -632.62 | -1,579.55 | -3,943.91 |
| WACC | ||||||||
| PV LFCF | -110.32 | -253.37 | -581.88 | -1,336.33 | -3,069.01 | |||
| SUM PV LFCF | -4,526.99 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.72 |
| Free cash flow (t + 1) | -4,022.79 |
| Terminal Value | -59,862.92 |
| Present Value of Terminal Value | -39,410.39 |
Intrinsic Value
| Enterprise Value | -43,937.37 |
|---|---|
| Net Debt | 291.40 |
| Equity Value | -44,228.77 |
| Shares Outstanding | 90.80 |
| Equity Value Per Share | -487.10 |