Discounted Cash Flow (DCF) Analysis Unlevered
CareMax, Inc. (CMAX)
$2.78
-0.02 (-0.71%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 103.42 | 295.76 | 631.13 | 1,575.84 | 3,934.65 | 9,824.24 | 24,529.68 | 61,246.99 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | 10.76 | 11.19 | -15.38 | 61.73 | 154.14 | 384.87 | 960.96 | 2,399.37 |
| EBITDA (%) | ||||||||
| EBIT | 9.26 | -2.02 | -37.09 | 12.56 | 31.37 | 78.33 | 195.57 | 488.31 |
| EBIT (%) | ||||||||
| Depreciation | 1.50 | 13.22 | 21.72 | 49.17 | 122.77 | 306.54 | 765.39 | 1,911.06 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 4.93 | 47.92 | 41.63 | 144.81 | 361.56 | 902.76 | 2,254.07 | 5,628.08 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 9.67 | 42 | 151.04 | 249.40 | 622.72 | 1,554.85 | 3,882.24 | 9,693.37 |
| Account Receivables (%) | ||||||||
| Inventories | 0.02 | 0.55 | 0.72 | 1.65 | 4.13 | 10.32 | 25.76 | 64.31 |
| Inventories (%) | ||||||||
| Accounts Payable | 1.04 | 3.11 | 7.69 | 17.22 | 43.01 | 107.38 | 268.11 | 669.42 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | -2.15 | -6.87 | -7.45 | -29.33 | -73.23 | -182.85 | -456.56 | -1,139.96 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.78 |
|---|---|
| Beta | 1.876 |
| Diluted Shares Outstanding | 90.80 |
| Cost of Debt | |
| Tax Rate | -34.08 |
| After-tax Cost of Debt | 6.08% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.358 |
| Total Debt | 333.03 |
| Total Equity | 252.42 |
| Total Capital | 585.45 |
| Debt Weighting | 56.88 |
| Equity Weighting | 43.12 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 103.42 | 295.76 | 631.13 | 1,575.84 | 3,934.65 | 9,824.24 | 24,529.68 | 61,246.99 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 10.76 | 11.19 | -15.38 | 61.73 | 154.14 | 384.87 | 960.96 | 2,399.37 |
| EBIT | 9.26 | -2.02 | -37.09 | 12.56 | 31.37 | 78.33 | 195.57 | 488.31 |
| Tax Rate | -0.38% | -2.42% | -34.08% | -12.30% | -12.30% | -12.30% | -12.30% | -12.30% |
| EBIAT | 9.30 | -2.07 | -49.74 | 14.11 | 35.23 | 87.96 | 219.62 | 548.35 |
| Depreciation | 1.50 | 13.22 | 21.72 | 49.17 | 122.77 | 306.54 | 765.39 | 1,911.06 |
| Accounts Receivable | - | -32.33 | -109.04 | -98.37 | -373.32 | -932.13 | -2,327.38 | -5,811.13 |
| Inventories | - | -0.53 | -0.17 | -0.93 | -2.48 | -6.18 | -15.44 | -38.56 |
| Accounts Payable | - | 2.07 | 4.58 | 9.54 | 25.78 | 64.37 | 160.73 | 401.32 |
| Capital Expenditure | -2.15 | -6.87 | -7.45 | -29.33 | -73.23 | -182.85 | -456.56 | -1,139.96 |
| UFCF | 8.65 | -26.53 | -140.10 | -55.81 | -265.25 | -662.29 | -1,653.65 | -4,128.92 |
| WACC | ||||||||
| PV UFCF | -60.72 | -265.25 | -608.78 | -1,397.22 | -3,206.79 | |||
| SUM PV UFCF | -4,679.88 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.79 |
| Free cash flow (t + 1) | -4,211.50 |
| Terminal Value | -62,025.08 |
| Present Value of Terminal Value | -40,702.63 |
Intrinsic Value
| Enterprise Value | -45,382.51 |
|---|---|
| Net Debt | 291.40 |
| Equity Value | -45,673.91 |
| Shares Outstanding | 90.80 |
| Equity Value Per Share | -503.02 |