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: -10.40 | 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 329.40379.07361.68380.65400.62421.63443.74467.02
Revenue (%)
Operating Cash Flow 20.9650.6642.4339.9242.0144.2146.5348.97
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 329.40379.07361.68380.65400.62421.63443.74467.02
Operating Cash Flow 20.9650.6642.4339.9242.0144.2146.5348.97
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