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

Stock DCF: -11.90 | 11.95 | overvalue

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	4.255
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				-30.10	-30.16	-30.23	-30.29	-30.35
SUM PV LFCF								-137.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.02
Free cash flow (t + 1)	-35.86
Terminal Value	-1,187.50
Present Value of Terminal Value	-929.55

Intrinsic Value

Enterprise Value	-1,066.58
Net Debt	496.80
Equity Value	-1,563.38
Shares Outstanding	131.36
Equity Value Per Share	-11.90