Discounted Cash Flow (DCF) Analysis Unlevered
Diversified Healthcare Trust (DHC)
$0.7023
-0.01 (-1.27%)
All numbers are in Millions, Currency in USD
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 | 1,074.82 | 1,117.16 | 1,040.16 | 1,632.03 | 1,383.21 | 1,517.05 | 1,663.83 | 1,824.82 | 2,001.39 | 2,195.04 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 584.59 | 747.08 | 374.55 | 326.02 | 702.83 | 691.96 | 758.91 | 832.34 | 912.87 | 1,001.20 |
EBITDA (%) | ||||||||||
EBIT | 313.08 | 466.64 | 92.31 | 63.28 | 431.70 | 348.50 | 382.22 | 419.20 | 459.76 | 504.25 |
EBIT (%) | ||||||||||
Depreciation | 271.51 | 280.45 | 282.23 | 262.74 | 271.13 | 343.46 | 376.69 | 413.14 | 453.11 | 496.95 |
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 | 31.24 | 54.98 | 37.36 | 74.42 | 849.98 | 234.92 | 257.65 | 282.58 | 309.93 | 339.91 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 18.54 | 18.70 | 1.99 | 19.53 | 16.55 | 18.15 | 19.91 | 21.84 | 23.95 | 26.27 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -221.43 | 99.09 | -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 | $ 0.7,023 |
---|---|
Beta | 1.774 |
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 | 12.012 |
Total Debt | 3,679.08 |
Total Equity | 166.96 |
Total Capital | 3,846.04 |
Debt Weighting | 95.66 |
Equity Weighting | 4.34 |
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 | 1,074.82 | 1,117.16 | 1,040.16 | 1,632.03 | 1,383.21 | 1,517.05 | 1,663.83 | 1,824.82 | 2,001.39 | 2,195.04 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 584.59 | 747.08 | 374.55 | 326.02 | 702.83 | 691.96 | 758.91 | 832.34 | 912.87 | 1,001.20 |
EBIT | 313.08 | 466.64 | 92.31 | 63.28 | 431.70 | 348.50 | 382.22 | 419.20 | 459.76 | 504.25 |
Tax Rate | -39.79% | 1.88% | -6.51% | -4.81% | 3.77% | -9.09% | -9.09% | -9.09% | -9.09% | -9.09% |
EBIAT | 437.66 | 457.85 | 98.32 | 66.32 | 415.42 | 380.18 | 416.97 | 457.31 | 501.56 | 550.09 |
Depreciation | 271.51 | 280.45 | 282.23 | 262.74 | 271.13 | 343.46 | 376.69 | 413.14 | 453.11 | 496.95 |
Accounts Receivable | - | -0.16 | 16.71 | -17.54 | 2.98 | -1.60 | -1.76 | -1.93 | -2.11 | -2.32 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure | -221.44 | 99.09 | -18.81 | -73.66 | -62.43 | -68.47 | -75.10 | -82.37 | -90.33 | -99.07 |
UFCF | 487.74 | 837.23 | 378.46 | 237.86 | 627.10 | 653.56 | 716.80 | 786.15 | 862.22 | 945.65 |
WACC | ||||||||||
PV UFCF | 611.26 | 627.02 | 643.18 | 659.76 | 676.76 | |||||
SUM PV UFCF | 3,217.97 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.92 |
Free cash flow (t + 1) | 964.56 |
Terminal Value | 19,604.89 |
Present Value of Terminal Value | 14,030.38 |
Intrinsic Value
Enterprise Value | 17,248.36 |
---|---|
Net Debt | 3,044.23 |
Equity Value | 14,204.13 |
Shares Outstanding | 237.74 |
Equity Value Per Share | 59.75 |