Discounted Cash Flow (DCF) Analysis Levered
New Frontier Health Corporation (NFH)
$11.95
+0.03 (+0.25%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 329.40 | 379.07 | 361.68 | 380.65 | 400.62 | 421.63 | 443.74 | 467.02 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| Operating Cash Flow | 20.96 | 50.66 | 42.43 | 39.92 | 42.01 | 44.21 | 46.53 | 48.97 |
| Operating Cash Flow (%) | ||||||||
| Capital Expenditure | -84.90 | -54.68 | -50.08 | -68.57 | -72.17 | -75.96 | -79.94 | -84.13 |
| Capital Expenditure (%) | ||||||||
| Free Cash Flow | -63.94 | -4.02 | -7.64 | -28.66 | -30.16 | -31.74 | -33.41 | -35.16 |
Weighted Average Cost Of Capital
| Share price | $ 11.95 |
|---|---|
| Beta | 0.126 |
| Diluted Shares Outstanding | 131.36 |
| Cost of Debt | |
| Tax Rate | -0.28 |
| After-tax Cost of Debt | 7.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.190 |
| Total Debt | 599.27 |
| Total Equity | 1,569.72 |
| Total Capital | 2,168.98 |
| Debt Weighting | 27.63 |
| Equity Weighting | 72.37 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 329.40 | 379.07 | 361.68 | 380.65 | 400.62 | 421.63 | 443.74 | 467.02 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 20.96 | 50.66 | 42.43 | 39.92 | 42.01 | 44.21 | 46.53 | 48.97 |
| Capital Expenditure | -84.90 | -54.68 | -50.08 | -68.57 | -72.17 | -75.96 | -79.94 | -84.13 |
| Free Cash Flow | -63.94 | -4.02 | -7.64 | -28.66 | -30.16 | -31.74 | -33.41 | -35.16 |
| WACC | ||||||||
| PV LFCF | -30.29 | -30.16 | -30.03 | -29.90 | -29.77 | |||
| SUM PV LFCF | -134.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.70 |
| Free cash flow (t + 1) | -35.86 |
| Terminal Value | -969.26 |
| Present Value of Terminal Value | -734.62 |
Intrinsic Value
| Enterprise Value | -869.02 |
|---|---|
| Net Debt | 496.80 |
| Equity Value | -1,365.82 |
| Shares Outstanding | 131.36 |
| Equity Value Per Share | -10.40 |