Discounted Cash Flow (DCF) Analysis Unlevered

Agiliti, Inc. (AGTI)

$7.42

-0.31 (-4.01%)

All numbers are in Millions, Currency in USD

Stock DCF: 34.25 | 7.42 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	565.25	613.07	773.31	1,038.69	1,121.29	1,336.77	1,593.66	1,899.91	2,265.01	2,700.28
Revenue (%)
EBITDA	139.63	166.95	209.25	296.28	259.85	349.41	416.56	496.61	592.04	705.81
EBITDA (%)
EBIT	60.20	2.10	36.06	104.23	80.07	87.78	104.64	124.75	148.73	177.31
EBIT (%)
Depreciation	79.43	164.84	173.20	192.05	179.78	261.63	311.91	371.85	443.31	528.50
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	7.34	-31.26	206.50	74.33	5.58	81.69	97.39	116.11	138.42	165.02
Total Cash (%)
Account Receivables	105.25	106.37	154.63	209.31	207.75	253.04	301.67	359.64	428.75	511.14
Account Receivables (%)
Inventories	11.12	13.41	27.06	55.31	70.13	51.42	61.31	73.09	87.13	103.88
Inventories (%)
Accounts Payable	37.64	39.20	37.21	53.85	59.16	75.73	90.29	107.64	128.32	152.98
Accounts Payable (%)
Capital Expenditure	-54.18	-55.74	-59.27	-66.50	-87.48	-108.40	-129.23	-154.06	-183.67	-218.96
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 7.42
Beta	1.388
Diluted Shares Outstanding	138.38
Cost of Debt
Tax Rate	-3.43
After-tax Cost of Debt	4.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.806
Total Debt	1,185.98
Total Equity	1,026.79
Total Capital	2,212.77
Debt Weighting	53.60
Equity Weighting	46.40
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	565.25	613.07	773.31	1,038.69	1,121.29	1,336.77	1,593.66	1,899.91	2,265.01	2,700.28
EBITDA	139.63	166.95	209.25	296.28	259.85	349.41	416.56	496.61	592.04	705.81
EBIT	60.20	2.10	36.06	104.23	80.07	87.78	104.64	124.75	148.73	177.31
Tax Rate	67.44%	32.23%	12.70%	40.87%	-3.43%	29.96%	29.96%	29.96%	29.96%	29.96%
EBIAT	19.60	1.43	31.48	61.63	82.81	61.48	73.29	87.38	104.17	124.18
Depreciation	79.43	164.84	173.20	192.05	179.78	261.63	311.91	371.85	443.31	528.50
Accounts Receivable	-	-1.12	-48.25	-54.68	1.55	-45.29	-48.63	-57.97	-69.11	-82.39
Inventories	-	-2.29	-13.65	-28.25	-14.83	18.71	-9.88	-11.78	-14.05	-16.74
Accounts Payable	-	1.56	-1.99	16.64	5.31	16.57	14.55	17.35	20.68	24.66
Capital Expenditure	-54.17	-55.74	-59.27	-66.50	-87.48	-108.40	-129.23	-154.06	-183.67	-218.96
UFCF	44.86	108.68	81.52	120.88	167.15	204.70	212.02	252.76	301.34	359.24
WACC
PV UFCF						190.78	184.15	204.60	227.33	252.58
SUM PV UFCF										1,059.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.30
Free cash flow (t + 1)	366.43
Terminal Value	6,913.77
Present Value of Terminal Value	4,860.89

Intrinsic Value

Enterprise Value	5,920.33
Net Debt	1,180.41
Equity Value	4,739.92
Shares Outstanding	138.38
Equity Value Per Share	34.25