Discounted Cash Flow (DCF) Analysis Levered

CareCloud, Inc. (MTBC)

$3.13

+0.34 (+12.19%)

All numbers are in Millions, Currency in USD

Stock DCF: 83.34 | 3.13 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	50.55	64.44	105.12	139.60	138.83	181.47	237.21	310.07	405.31	529.80
Revenue (%)
Operating Cash Flow	6.81	7.62	-0.89	13.33	21.15	17.87	23.36	30.53	39.91	52.17
Operating Cash Flow (%)
Capital Expenditure	-1.03	-2.56	-7.75	-10.56	-11.77	-10.68	-13.96	-18.25	-23.85	-31.18
Capital Expenditure (%)
Free Cash Flow	5.78	5.06	-8.64	2.77	9.38	7.19	9.40	12.29	16.06	21

Weighted Average Cost Of Capital

Share price	$ 3.13
Beta	0.000
Diluted Shares Outstanding	15.11
Cost of Debt
Tax Rate	3.16
After-tax Cost of Debt	2.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.691
Total Debt	13.81
Total Equity	47.29
Total Capital	61.11
Debt Weighting	22.60
Equity Weighting	77.40
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	50.55	64.44	105.12	139.60	138.83	181.47	237.21	310.07	405.31	529.80
Operating Cash Flow	6.81	7.62	-0.89	13.33	21.15	17.87	23.36	30.53	39.91	52.17
Capital Expenditure	-1.03	-2.56	-7.75	-10.56	-11.77	-10.68	-13.96	-18.25	-23.85	-31.18
Free Cash Flow	5.78	5.06	-8.64	2.77	9.38	7.19	9.40	12.29	16.06	21
WACC
PV LFCF						6.95	8.78	11.08	14	17.68
SUM PV LFCF										58.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.50
Free cash flow (t + 1)	21.42
Terminal Value	1,427.86
Present Value of Terminal Value	1,202.22

Intrinsic Value

Enterprise Value	1,260.71
Net Debt	1.51
Equity Value	1,259.19
Shares Outstanding	15.11
Equity Value Per Share	83.34