Discounted Cash Flow (DCF) Analysis Unlevered
Community Healthcare Trust Incorpor... (CHCT)
$34.44
+1.14 (+3.42%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 60.85 | 75.68 | 90.58 | 94.10 | 109.14 | 126.59 | 146.82 | 170.29 | 197.51 | 229.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 41.86 | 53.29 | 64.43 | 66.27 | 76.61 | 88.85 | 103.05 | 119.53 | 138.63 | 160.79 |
| EBITDA (%) | ||||||||||
| EBIT | 19.11 | 27.78 | 33.20 | 33.93 | 38.42 | 44.56 | 51.69 | 59.95 | 69.53 | 80.64 |
| EBIT (%) | ||||||||||
| Depreciation | 22.75 | 25.51 | 31.22 | 32.34 | 38.18 | 44.29 | 51.37 | 59.58 | 69.10 | 80.14 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 1.73 | 2.48 | 2.35 | 11.23 | 3.67 | 6.08 | 7.05 | 8.18 | 9.49 | 11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 31.79 | 28.38 | 43.12 | 43.08 | 49.97 | 57.95 | 67.22 | 77.96 | 90.42 | 104.87 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -150 | -6.99 | -7.22 | -10.38 | -74.97 | -86.95 | -100.85 | -116.97 | -135.67 | -157.35 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 34.44 |
|---|---|
| Beta | 0.733 |
| Diluted Shares Outstanding | 23.63 |
| Cost of Debt | |
| Tax Rate | 34.98 |
| After-tax Cost of Debt | 3.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.160 |
| Total Debt | - |
| Total Equity | 813.85 |
| Total Capital | 813.85 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 60.85 | 75.68 | 90.58 | 94.10 | 109.14 | 126.59 | 146.82 | 170.29 | 197.51 | 229.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 41.86 | 53.29 | 64.43 | 66.27 | 76.61 | 88.85 | 103.05 | 119.53 | 138.63 | 160.79 |
| EBIT | 19.11 | 27.78 | 33.20 | 33.93 | 38.42 | 44.56 | 51.69 | 59.95 | 69.53 | 80.64 |
| Tax Rate | 14.58% | 0.42% | 0.74% | 34.98% | 12.68% | 12.68% | 12.68% | 12.68% | 12.68% | 12.68% |
| EBIAT | 16.32 | 27.66 | 32.96 | 22.06 | 33.55 | 38.91 | 45.13 | 52.35 | 60.71 | 70.42 |
| Depreciation | 22.75 | 25.51 | 31.22 | 32.34 | 38.18 | 44.29 | 51.37 | 59.58 | 69.10 | 80.14 |
| Accounts Receivable | - | 3.41 | -14.73 | 0.03 | -6.89 | -7.99 | -9.26 | -10.74 | -12.46 | -14.45 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -150 | -7 | -7.22 | -10.38 | -74.97 | -86.95 | -100.85 | -116.97 | -135.67 | -157.35 |
| UFCF | -110.93 | 49.59 | 42.23 | 44.06 | -10.12 | -11.74 | -13.61 | -15.79 | -18.31 | -21.24 |
| WACC | ||||||||||
| PV UFCF | -10.12 | -10.95 | -11.86 | -12.83 | -13.89 | -15.03 | ||||
| SUM PV UFCF | -64.56 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.16 |
| Free cash flow (t + 1) | -21.67 |
| Terminal Value | -419.86 |
| Present Value of Terminal Value | -297.13 |
Intrinsic Value
| Enterprise Value | -361.69 |
|---|---|
| Net Debt | -3.67 |
| Equity Value | -358.02 |
| Shares Outstanding | 23.63 |
| Equity Value Per Share | -15.15 |