Discounted Cash Flow (DCF) Analysis Unlevered

Diversified Healthcare Trust (DHC)

$0.795

-0.00 (-0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.05 | 0.795 | 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 1,074.821,117.161,040.161,632.031,383.211,517.051,663.831,824.822,001.392,195.04
Revenue (%)
EBITDA 584.59747.08374.55326.02702.83691.96758.91832.34912.871,001.20
EBITDA (%)
EBIT 313.08466.6492.3163.28431.70348.50382.22419.20459.76504.25
EBIT (%)
Depreciation 271.51280.45282.23262.74271.13343.46376.69413.14453.11496.95
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 31.2454.9837.3674.42849.98234.92257.65282.58309.93339.91
Total Cash (%)
Account Receivables 18.5418.701.9919.5316.5518.1519.9121.8423.9526.27
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -221.4399.09-18.81-73.66-62.43-68.47-75.10-82.37-90.33-99.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.795
Beta 1.602
Diluted Shares Outstanding 237.74
Cost of Debt
Tax Rate 3.77
After-tax Cost of Debt 6.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.052
Total Debt 3,679.08
Total Equity 189
Total Capital 3,868.08
Debt Weighting 95.11
Equity Weighting 4.89
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 1,074.821,117.161,040.161,632.031,383.211,517.051,663.831,824.822,001.392,195.04
EBITDA 584.59747.08374.55326.02702.83691.96758.91832.34912.871,001.20
EBIT 313.08466.6492.3163.28431.70348.50382.22419.20459.76504.25
Tax Rate -39.79%1.88%-6.51%-4.81%3.77%-9.09%-9.09%-9.09%-9.09%-9.09%
EBIAT 437.66457.8598.3266.32415.42380.18416.97457.31501.56550.09
Depreciation 271.51280.45282.23262.74271.13343.46376.69413.14453.11496.95
Accounts Receivable --0.1616.71-17.542.98-1.60-1.76-1.93-2.11-2.32
Inventories ----------
Accounts Payable ----------
Capital Expenditure -221.4499.09-18.81-73.66-62.43-68.47-75.10-82.37-90.33-99.07
UFCF 487.74837.23378.46237.86627.10653.56716.80786.15862.22945.65
WACC
PV UFCF 611.38627.25643.54660.25677.39
SUM PV UFCF 3,219.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.90
Free cash flow (t + 1) 964.56
Terminal Value 19,684.91
Present Value of Terminal Value 14,100.83

Intrinsic Value

Enterprise Value 17,320.64
Net Debt 3,044.23
Equity Value 14,276.41
Shares Outstanding 237.74
Equity Value Per Share 60.05