Discounted Cash Flow (DCF) Analysis Levered
FONAR Corporation (FONR)
$17.295
+0.14 (+0.79%)
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 | 2028 Projected |
Revenue | 85.69 | 89.93 | 97.59 | 104.16 | 111.18 | 118.66 | 126.66 | 135.18 | 144.29 |
---|---|---|---|---|---|---|---|---|---|
Revenue (%) | |||||||||
Operating Cash Flow | 20.40 | 19.09 | 15.30 | 21.08 | 22.50 | 24.02 | 25.63 | 27.36 | 29.20 |
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 | 12.76 | 14.27 | 10.67 | 14.48 | 15.45 | 16.49 | 17.60 | 18.79 | 20.05 |
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 | 85.69 | 89.93 | 97.59 | 104.16 | 111.18 | 118.66 | 126.66 | 135.18 | 144.29 |
---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 20.40 | 19.09 | 15.30 | 21.08 | 22.50 | 24.02 | 25.63 | 27.36 | 29.20 |
Capital Expenditure | -7.64 | -4.82 | -4.63 | -6.60 | -7.05 | -7.52 | -8.03 | -8.57 | -9.15 |
Free Cash Flow | 12.76 | 14.27 | 10.67 | 14.48 | 15.45 | 16.49 | 17.60 | 18.79 | 20.05 |
WACC | |||||||||
PV LFCF | 15.44 | 15.45 | 15.46 | 15.46 | 15.47 | 15.48 | |||
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 |