Discounted Cash Flow (DCF) Analysis Unlevered

Computer Programs and Systems, Inc. (CPSI)

$ 29.66
-0.19 (-0.64%)
Stock DCF: 72.16 | 29.66 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 267.27276.93280.41274.63264.49263.90263.32262.74262.16261.58
Revenue (%)
EBITDA 24.784.6636.1741.4033.7727.2827.2227.1627.1027.04
EBITDA (%)
EBIT 11.53-8.2223.8928.9820.4414.8614.8214.7914.7614.73
EBIT (%)
Depreciation 13.2412.8812.2812.4113.3312.4312.4012.3712.3512.32
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 2.220.525.737.3612.675.565.555.535.525.51
Total Cash (%)
Account Receivables 37.2753.1255.5350.8543.2346.3446.2346.1346.0345.93
Account Receivables (%)
Inventories 1.701.421.501.431.081.381.371.371.371.37
Inventories (%)
Accounts Payable 6.847.625.678.807.727.107.097.077.057.04
Accounts Payable (%)
Capital Expenditure -0.04-0.73-0.98-1.76-6.66-2-1.99-1.99-1.99-1.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.66
Beta 0.683
Diluted Shares Outstanding 13.78
Cost of Debt
Tax Rate 24.16
After-tax Cost of Debt 3.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.658
Total Debt 78.33
Total Equity 408.66
Total Capital 486.99
Debt Weighting 16.09
Equity Weighting 83.91
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 267.27276.93280.41274.63264.49263.90263.32262.74262.16261.58
EBITDA 24.784.6636.1741.4033.7727.2827.2227.1627.1027.04
EBIT 11.53-8.2223.8928.9820.4414.8614.8214.7914.7614.73
Tax Rate 50.75%-29.17%2.63%13.62%24.16%12.40%12.40%12.40%12.40%12.40%
EBIAT 5.68-10.6223.2625.0315.5013.0112.9912.9612.9312.90
Depreciation 13.2412.8812.2812.4113.3312.4312.4012.3712.3512.32
Accounts Receivable --15.84-2.424.687.62-3.100.100.100.100.10
Inventories -0.28-0.080.070.34-0.290000
Accounts Payable -0.78-1.953.14-1.09-0.61-0.02-0.02-0.02-0.02
Capital Expenditure -0.04-0.73-0.98-1.76-6.66-2-1.99-1.99-1.99-1.98
UFCF 18.88-13.2530.1243.5829.0419.4323.4823.4323.3823.33
WACC
PV UFCF 18.6021.5220.5519.6318.75
SUM PV UFCF 99.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.46
Free cash flow (t + 1) 23.90
Terminal Value 1,194.99
Present Value of Terminal Value 960.76

Intrinsic Value

Enterprise Value 1,059.83
Net Debt 65.66
Equity Value 994.16
Shares Outstanding 13.78
Equity Value Per Share 72.16