Discounted Cash Flow (DCF) Analysis Levered

FONAR Corporation (FONR)

$17.295

+0.14 (+0.79%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.30 | 17.295 | undervalue

Free Cash Flow

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 85.6989.9397.59104.16111.18118.66126.66135.18144.29
Revenue (%)
Operating Cash Flow 20.4019.0915.3021.0822.5024.0225.6327.3629.20
Operating Cash Flow (%)
Capital Expenditure -7.64-4.82-4.63-6.60-7.05-7.52-8.03-8.57-9.15
Capital Expenditure (%)
Free Cash Flow 12.7614.2710.6714.4815.4516.4917.6018.7920.05

Weighted Average Cost Of Capital

Share price $ 17.295
Beta 0.910
Diluted Shares Outstanding 6.63
Cost of Debt
Tax Rate 45.36
After-tax Cost of Debt 2.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.995
Total Debt 37.65
Total Equity 114.71
Total Capital 152.37
Debt Weighting 24.71
Equity Weighting 75.29
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
2028
Projected
Revenue 85.6989.9397.59104.16111.18118.66126.66135.18144.29
Operating Cash Flow 20.4019.0915.3021.0822.5024.0225.6327.3629.20
Capital Expenditure -7.64-4.82-4.63-6.60-7.05-7.52-8.03-8.57-9.15
Free Cash Flow 12.7614.2710.6714.4815.4516.4917.6018.7920.05
WACC
PV LFCF 15.4415.4515.4615.4615.4715.48
SUM PV LFCF 72.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.69
Free cash flow (t + 1) 20.45
Terminal Value 436.09
Present Value of Terminal Value 315.47

Intrinsic Value

Enterprise Value 387.94
Net Debt -11.99
Equity Value 399.93
Shares Outstanding 6.63
Equity Value Per Share 60.30