Discounted Cash Flow (DCF) Analysis Levered
Oak Street Health, Inc. (OSH)
$39
+0.03 (+0.08%)
All numbers are in Millions, Currency in USD
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 | 317.94 | 556.60 | 882.76 | 1,432.60 | 2,160.90 | 3,494.11 | 5,649.88 | 9,135.69 | 14,772.15 | 23,886.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -75.36 | -55.55 | -77.22 | -197.20 | -309.40 | -492.77 | -796.80 | -1,288.40 | -2,083.30 | -3,368.63 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -26.05 | -27.70 | -20.88 | -81.30 | -89.20 | -177.07 | -286.32 | -462.96 | -748.60 | -1,210.46 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -101.41 | -83.25 | -98.10 | -278.50 | -398.60 | -669.84 | -1,083.11 | -1,751.36 | -2,831.90 | -4,579.10 |
Weighted Average Cost Of Capital
| Share price | $ 39 |
|---|---|
| Beta | 2.228 |
| Diluted Shares Outstanding | 230.13 |
| Cost of Debt | |
| Tax Rate | -0.04 |
| After-tax Cost of Debt | 4.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.678 |
| Total Debt | 1,327.90 |
| Total Equity | 8,975.17 |
| Total Capital | 10,303.07 |
| Debt Weighting | 12.89 |
| Equity Weighting | 87.11 |
| 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 | 317.94 | 556.60 | 882.76 | 1,432.60 | 2,160.90 | 3,494.11 | 5,649.88 | 9,135.69 | 14,772.15 | 23,886.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -75.36 | -55.55 | -77.22 | -197.20 | -309.40 | -492.77 | -796.80 | -1,288.40 | -2,083.30 | -3,368.63 |
| Capital Expenditure | -26.05 | -27.70 | -20.88 | -81.30 | -89.20 | -177.07 | -286.32 | -462.96 | -748.60 | -1,210.46 |
| Free Cash Flow | -101.41 | -83.25 | -98.10 | -278.50 | -398.60 | -669.84 | -1,083.11 | -1,751.36 | -2,831.90 | -4,579.10 |
| WACC | ||||||||||
| PV LFCF | -591.10 | -843.45 | -1,203.53 | -1,717.32 | -2,450.46 | |||||
| SUM PV LFCF | -6,805.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.32 |
| Free cash flow (t + 1) | -4,670.68 |
| Terminal Value | -41,260.43 |
| Present Value of Terminal Value | -22,080.09 |
Intrinsic Value
| Enterprise Value | -28,885.96 |
|---|---|
| Net Debt | 1,190 |
| Equity Value | -30,075.96 |
| Shares Outstanding | 230.13 |
| Equity Value Per Share | -130.69 |