Discounted Cash Flow (DCF) Analysis Unlevered

AMN Healthcare Services, Inc. (AMN)

$111.55

-3.73 (-3.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 312.02 | 111.55 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,988.452,136.072,222.112,393.713,984.244,837.065,872.437,129.428,655.4810,508.18
Revenue (%)
EBITDA 244.72244.06235.43243.45579.15571.11693.35841.761,021.941,240.69
EBITDA (%)
EBIT 212.44202.83176.91149.26478.33448.70544.75661.35802.91974.78
EBIT (%)
Depreciation 32.2841.2458.5294.19100.82122.40148.60180.41219.03265.91
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 15.1513.8682.9990.56180.93130.30158.19192.06233.17283.08
Total Cash (%)
Account Receivables 407.41416.81431.38456.681,028.851,009.171,225.181,487.431,805.812,192.34
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 31.4231.5426.9928.09425.26155.93189.30229.82279.02338.74
Accounts Payable (%)
Capital Expenditure -26.53-36.39-36.46-39.10-62.87-76.33-92.66-112.50-136.58-165.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 111.55
Beta 0.296
Diluted Shares Outstanding 47.69
Cost of Debt
Tax Rate 26.25
After-tax Cost of Debt 2.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.154
Total Debt 867.07
Total Equity 5,319.82
Total Capital 6,186.89
Debt Weighting 14.01
Equity Weighting 85.99
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,988.452,136.072,222.112,393.713,984.244,837.065,872.437,129.428,655.4810,508.18
EBITDA 244.72244.06235.43243.45579.15571.11693.35841.761,021.941,240.69
EBIT 212.44202.83176.91149.26478.33448.70544.75661.35802.91974.78
Tax Rate 31.23%24.07%23.23%22.79%26.25%25.52%25.52%25.52%25.52%25.52%
EBIAT 146.09154135.81115.25352.76334.21405.75492.60598.04726.05
Depreciation 32.2841.2458.5294.19100.82122.40148.60180.41219.03265.91
Accounts Receivable --9.41-14.57-25.29-572.1719.68-216.01-262.25-318.38-386.53
Inventories ----------
Accounts Payable -0.12-4.551.10397.17-269.3333.3840.5249.1959.72
Capital Expenditure -26.53-36.39-36.46-39.10-62.87-76.33-92.66-112.50-136.58-165.81
UFCF 151.84149.56138.75146.14215.71130.64279.05338.78411.30499.34
WACC
PV UFCF 124.61253.88294340.45394.24
SUM PV UFCF 1,407.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.84
Free cash flow (t + 1) 509.33
Terminal Value 17,933.98
Present Value of Terminal Value 14,159.29

Intrinsic Value

Enterprise Value 15,566.47
Net Debt 686.14
Equity Value 14,880.33
Shares Outstanding 47.69
Equity Value Per Share 312.02