Discounted Cash Flow (DCF) Analysis Unlevered

American Well Corporation (AMWL)

$5.01

-0.10 (-1.96%)
All numbers are in Millions, Currency in USD
Stock DCF: -801.70 | 5.01 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 113.95148.86245.26252.79335.76445.95592.31786.711,044.92
Revenue (%)
EBITDA -47.34-74.70-212.01-165.50-204.51-271.63-360.77-479.18-636.45
EBITDA (%)
EBIT -52.67-82.46-222.16-181.59-221.63-294.36-390.98-519.29-689.73
EBIT (%)
Depreciation 5.337.7610.1516.0917.1222.7430.2040.1153.28
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 256.20177.631,041.58746.42893.191,186.341,575.702,092.862,779.74
Total Cash (%)
Account Receivables 30.7832.7345.3051.3873.6997.87130172.66229.33
Account Receivables (%)
Inventories 2.513.109.137.539.2212.2516.2721.6228.71
Inventories (%)
Accounts Payable 4.236.505.8012.1612.801722.5829.9939.84
Accounts Payable (%)
Capital Expenditure -1.91-1.34-3.32-0.56-3.48-4.63-6.14-8.16-10.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.01
Beta 0.000
Diluted Shares Outstanding 99.04
Cost of Debt
Tax Rate 1.50
After-tax Cost of Debt 0.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.860
Total Debt 16.61
Total Equity 496.21
Total Capital 512.82
Debt Weighting 3.24
Equity Weighting 96.76
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 113.95148.86245.26252.79335.76445.95592.31786.711,044.92
EBITDA -47.34-74.70-212.01-165.50-204.51-271.63-360.77-479.18-636.45
EBIT -52.67-82.46-222.16-181.59-221.63-294.36-390.98-519.29-689.73
Tax Rate -0.69%2.22%0.61%1.50%0.91%0.91%0.91%0.91%0.91%
EBIAT -53.04-80.63-220.82-178.86-219.61-291.69-387.42-514.57-683.46
Depreciation 5.337.7610.1516.0917.1222.7430.2040.1153.28
Accounts Receivable --1.95-12.57-6.08-22.31-24.18-32.12-42.66-56.67
Inventories --0.59-6.021.60-1.69-3.03-4.02-5.34-7.09
Accounts Payable -2.28-0.716.360.644.205.587.419.84
Capital Expenditure -1.91-1.34-3.32-0.56-3.48-4.63-6.14-8.16-10.84
UFCF -49.62-74.47-233.28-161.45-229.34-296.59-393.93-523.22-694.94
WACC
PV UFCF -229.34-288.54-372.83-481.76-622.51
SUM PV UFCF -1,940.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.79
Free cash flow (t + 1) -708.84
Terminal Value -89,726.23
Present Value of Terminal Value -78,192.49

Intrinsic Value

Enterprise Value -80,133.32
Net Debt -729.80
Equity Value -79,403.51
Shares Outstanding 99.04
Equity Value Per Share -801.70