Discounted Cash Flow (DCF) Analysis Unlevered

FONAR Corporation (FONR)

$16.83

-0.17 (-1.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.03 | 16.83 | undervalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 85.6989.9397.59104.16111.18118.66126.66135.18144.29
Revenue (%)
EBITDA 15.6719.9926.8623.6225.2126.9128.7230.6632.72
EBITDA (%)
EBIT 10.7614.4518.3216.4617.5618.7520.0121.3622.80
EBIT (%)
Depreciation 4.915.548.547.177.658.168.719.309.93
Depreciation (%)

Balance Sheet Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 36.8344.4949.5449.6753.0656.6360.4564.5268.86
Total Cash (%)
Account Receivables 55.6561.203.953.7239.0841.7144.5247.5250.72
Account Receivables (%)
Inventories 1.651.662.632.662.512.682.863.053.26
Inventories (%)
Accounts Payable 1.971.870.871.721.922.052.192.332.49
Accounts Payable (%)
Capital Expenditure -7.64-4.82-4.63-6.60-7.05-7.52-8.03-8.57-9.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.83
Beta 0.910
Diluted Shares Outstanding 6.63
Cost of Debt
Tax Rate 45.36
After-tax Cost of Debt 2.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.986
Total Debt 37.65
Total Equity 111.63
Total Capital 149.28
Debt Weighting 25.22
Equity Weighting 74.78
Wacc

Build Up Free Cash

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 85.6989.9397.59104.16111.18118.66126.66135.18144.29
EBITDA 15.6719.9926.8623.6225.2126.9128.7230.6632.72
EBIT 10.7614.4518.3216.4617.5618.7520.0121.3622.80
Tax Rate 41.76%42.22%45.36%43.11%43.11%43.11%43.11%43.11%43.11%
EBIAT 6.278.3510.019.369.9910.6611.3812.1512.97
Depreciation 4.915.548.547.177.658.168.719.309.93
Accounts Receivable --5.5557.250.23-35.36-2.63-2.81-3-3.20
Inventories --0.01-0.97-0.030.15-0.17-0.18-0.19-0.21
Accounts Payable --0.10-10.850.200.130.140.150.16
Capital Expenditure -7.64-4.82-4.63-6.60-7.05-7.52-8.03-8.57-9.15
UFCF 3.543.4069.1910.98-24.428.639.219.8410.50
WACC
PV UFCF 11.71-24.428.098.108.118.11
SUM PV UFCF 7.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.66
Free cash flow (t + 1) 10.71
Terminal Value 229.77
Present Value of Terminal Value 166.45

Intrinsic Value

Enterprise Value 173.94
Net Debt -11.99
Equity Value 185.93
Shares Outstanding 6.63
Equity Value Per Share 28.03