Discounted Cash Flow (DCF) Analysis Unlevered
eHealth, Inc. (EHTH)
$8.43
+1.56 (+22.71%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 251.40 | 506.20 | 582.77 | 538.20 | 405.36 | 490.63 | 593.85 | 718.79 | 870.01 | 1,053.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 10.08 | 92.49 | 66.93 | -106.02 | -85.28 | -6.84 | -8.28 | -10.02 | -12.13 | -14.69 |
| EBITDA (%) | ||||||||||
| EBIT | 3.31 | 83.50 | 53.99 | -124.89 | -106.39 | -21.96 | -26.58 | -32.17 | -38.94 | -47.13 |
| EBIT (%) | ||||||||||
| Depreciation | 6.77 | 8.99 | 12.94 | 18.87 | 21.11 | 15.11 | 18.29 | 22.14 | 26.80 | 32.44 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 13.09 | 23.47 | 93.38 | 123.23 | 144.40 | 82.81 | 100.23 | 121.31 | 146.83 | 177.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 138.90 | 177.44 | 221 | 260.57 | 245.38 | 232.74 | 281.70 | 340.96 | 412.69 | 499.52 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.69 | 24.55 | 36.92 | 13.75 | 6.73 | 17.33 | 20.98 | 25.39 | 30.74 | 37.20 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -10.83 | -16.87 | -23.76 | -20.86 | -15.51 | -19.05 | -23.06 | -27.91 | -33.79 | -40.89 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.43 |
|---|---|
| Beta | 0.581 |
| Diluted Shares Outstanding | 26.78 |
| Cost of Debt | |
| Tax Rate | 16.61 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.433 |
| Total Debt | 106.80 |
| Total Equity | 225.76 |
| Total Capital | 332.57 |
| Debt Weighting | 32.11 |
| Equity Weighting | 67.89 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 251.40 | 506.20 | 582.77 | 538.20 | 405.36 | 490.63 | 593.85 | 718.79 | 870.01 | 1,053.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 10.08 | 92.49 | 66.93 | -106.02 | -85.28 | -6.84 | -8.28 | -10.02 | -12.13 | -14.69 |
| EBIT | 3.31 | 83.50 | 53.99 | -124.89 | -106.39 | -21.96 | -26.58 | -32.17 | -38.94 | -47.13 |
| Tax Rate | 92.71% | 19.89% | 15.82% | 16.43% | 16.61% | 32.29% | 32.29% | 32.29% | 32.29% | 32.29% |
| EBIAT | 0.24 | 66.89 | 45.45 | -104.38 | -88.72 | -14.87 | -17.99 | -21.78 | -26.36 | -31.91 |
| Depreciation | 6.77 | 8.99 | 12.94 | 18.87 | 21.11 | 15.11 | 18.29 | 22.14 | 26.80 | 32.44 |
| Accounts Receivable | - | -38.54 | -43.56 | -39.57 | 15.19 | 12.65 | -48.96 | -59.26 | -71.73 | -86.82 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 18.87 | 12.37 | -23.17 | -7.02 | 10.60 | 3.65 | 4.41 | 5.34 | 6.47 |
| Capital Expenditure | -10.83 | -16.87 | -23.76 | -20.86 | -15.51 | -19.05 | -23.06 | -27.91 | -33.79 | -40.89 |
| UFCF | -3.82 | 39.33 | 3.44 | -169.10 | -74.95 | 4.44 | -68.08 | -82.40 | -99.74 | -120.72 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -123.13 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -37.60 |
| Equity Value | - |
| Shares Outstanding | 26.78 |
| Equity Value Per Share | - |