Discounted Cash Flow (DCF) Analysis Levered

Tivity Health, Inc. (TVTY)

$32.5

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 18.18 | 32.5 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 556.94606.301,131.16437.71481.25534.28593.14658.50731.05811.60
Revenue (%)
Operating Cash Flow 105.28108.7482.30169.4587.12107.85119.73132.92147.57163.83
Operating Cash Flow (%)
Capital Expenditure -5.91-9.05-24.71-15.53-14.75-12.13-13.47-14.95-16.60-18.42
Capital Expenditure (%)
Free Cash Flow 99.3799.6957.59153.9272.3795.72106.27117.97130.97145.40

Weighted Average Cost Of Capital

Share price $ 32.5
Beta 2.141
Diluted Shares Outstanding 49.22
Cost of Debt
Tax Rate 21.54
After-tax Cost of Debt 6.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.573
Total Debt 392
Total Equity 1,599.55
Total Capital 1,991.55
Debt Weighting 19.68
Equity Weighting 80.32
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 556.94606.301,131.16437.71481.25534.28593.14658.50731.05811.60
Operating Cash Flow 105.28108.7482.30169.4587.12107.85119.73132.92147.57163.83
Capital Expenditure -5.91-9.05-24.71-15.53-14.75-12.13-13.47-14.95-16.60-18.42
Free Cash Flow 99.3799.6957.59153.9272.3795.72106.27117.97130.97145.40
WACC
PV LFCF 67.6466.8966.1465.4064.67
SUM PV LFCF 416.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.27
Free cash flow (t + 1) 148.31
Terminal Value 1,444.12
Present Value of Terminal Value 809.63

Intrinsic Value

Enterprise Value 1,226.51
Net Debt 331.87
Equity Value 894.65
Shares Outstanding 49.22
Equity Value Per Share 18.18