Discounted Cash Flow (DCF) Analysis Levered
Diversified Healthcare Trust (DHC)
$0.7023
-0.01 (-1.27%)
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 | 1,074.82 | 1,117.16 | 1,040.16 | 1,632.03 | 1,383.21 | 1,517.05 | 1,663.83 | 1,824.82 | 2,001.39 | 2,195.04 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 407.05 | 392.84 | 265.84 | 158.54 | -63.32 | 314.73 | 345.18 | 378.58 | 415.21 | 455.38 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -221.43 | 99.09 | -18.81 | -73.66 | -62.43 | -68.47 | -75.10 | -82.37 | -90.33 | -99.07 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 185.62 | 491.93 | 247.03 | 84.88 | -125.76 | 246.25 | 270.08 | 296.21 | 324.87 | 356.31 |
Weighted Average Cost Of Capital
Share price | $ 0.7,023 |
---|---|
Beta | 1.774 |
Diluted Shares Outstanding | 237.74 |
Cost of Debt | |
Tax Rate | 3.77 |
After-tax Cost of Debt | 6.69% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.012 |
Total Debt | 3,679.08 |
Total Equity | 166.96 |
Total Capital | 3,846.04 |
Debt Weighting | 95.66 |
Equity Weighting | 4.34 |
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 | 1,074.82 | 1,117.16 | 1,040.16 | 1,632.03 | 1,383.21 | 1,517.05 | 1,663.83 | 1,824.82 | 2,001.39 | 2,195.04 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 407.05 | 392.84 | 265.84 | 158.54 | -63.32 | 314.73 | 345.18 | 378.58 | 415.21 | 455.38 |
Capital Expenditure | -221.43 | 99.09 | -18.81 | -73.66 | -62.43 | -68.47 | -75.10 | -82.37 | -90.33 | -99.07 |
Free Cash Flow | 185.62 | 491.93 | 247.03 | 84.88 | -125.76 | 246.25 | 270.08 | 296.21 | 324.87 | 356.31 |
WACC | ||||||||||
PV LFCF | 230.32 | 236.25 | 242.34 | 248.59 | 254.99 | |||||
SUM PV LFCF | 1,212.49 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.92 |
Free cash flow (t + 1) | 363.43 |
Terminal Value | 7,386.88 |
Present Value of Terminal Value | 5,286.48 |
Intrinsic Value
Enterprise Value | 6,498.97 |
---|---|
Net Debt | 3,044.23 |
Equity Value | 3,454.74 |
Shares Outstanding | 237.74 |
Equity Value Per Share | 14.53 |