Discounted Cash Flow (DCF) Analysis Levered

Computer Programs and Systems, Inc. (CPSI)

$ 27.915
-0.19 (-0.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 53.10 | 27.915 | undervalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 267.27276.93280.41274.63264.49263.90263.32262.74262.16261.58
Revenue (%)
Operating Cash Flow 2.1023.6423.9343.6049.1427.6127.5527.4927.4327.37
Operating Cash Flow (%)
Capital Expenditure -0.04-0.73-0.98-1.76-6.66-2-1.99-1.99-1.99-1.98
Capital Expenditure (%)
Free Cash Flow 2.0722.9222.9541.8442.4825.6125.5625.5025.4425.39

Weighted Average Cost Of Capital

Share price $ 27.915
Beta 0.728
Diluted Shares Outstanding 13.78
Cost of Debt
Tax Rate 24.16
After-tax Cost of Debt 3.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.268
Total Debt 78.33
Total Equity 384.61
Total Capital 462.95
Debt Weighting 16.92
Equity Weighting 83.08
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 267.27276.93280.41274.63264.49263.90263.32262.74262.16261.58
Operating Cash Flow 2.1023.6423.9343.6049.1427.6127.5527.4927.4327.37
Capital Expenditure -0.04-0.73-0.98-1.76-6.66-2-1.99-1.99-1.99-1.98
Free Cash Flow 2.0722.9222.9541.8442.4825.6125.5625.5025.4425.39
WACC
PV LFCF 22.1521.0620.0219.0318.09
SUM PV LFCF 110.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.96
Free cash flow (t + 1) 25.90
Terminal Value 874.86
Present Value of Terminal Value 686.79

Intrinsic Value

Enterprise Value 797.34
Net Debt 65.66
Equity Value 731.67
Shares Outstanding 13.78
Equity Value Per Share 53.10