Discounted Cash Flow (DCF) Analysis Unlevered

NextGen Healthcare, Inc. (NXGN)

$20.57

-0.23 (-1.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.24 | 20.57 | overvalue

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 531.02529.17540.24556.82596.35614.11632.40651.23670.62690.59
Revenue (%)
EBITDA 43.3175.2354.0162.0149.0163.5365.4267.3769.3771.44
EBITDA (%)
EBIT 2.9132.106.2112.796.7013.7414.1514.571515.45
EBIT (%)
Depreciation 40.4043.1347.7949.2142.3149.7951.2752.8054.3755.99
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 28.8433.08138.0173.2959.8374.2276.4378.7081.0583.46
Total Cash (%)
Account Receivables 93.08104.3893.3997.79107.72110.74114.04117.44120.94124.54
Account Receivables (%)
Inventories 0.180.120.150.160.170.170.180.180.190.20
Inventories (%)
Accounts Payable 4.215.4310.5211.389.139.029.289.569.8510.14
Accounts Payable (%)
Capital Expenditure -28.67-25.52-26.88-28.34-28.08-30.70-31.61-32.56-33.53-34.52
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.57
Beta 1.001
Diluted Shares Outstanding 67.79
Cost of Debt
Tax Rate 68.86
After-tax Cost of Debt 2.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.256
Total Debt 20.02
Total Equity 1,394.40
Total Capital 1,414.42
Debt Weighting 1.42
Equity Weighting 98.58
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 531.02529.17540.24556.82596.35614.11632.40651.23670.62690.59
EBITDA 43.3175.2354.0162.0149.0163.5365.4267.3769.3771.44
EBIT 2.9132.106.2112.796.7013.7414.1514.571515.45
Tax Rate 690.24%16.37%-76.05%-2.59%68.86%139.37%139.37%139.37%139.37%139.37%
EBIAT -17.1926.8510.9413.122.08-5.41-5.57-5.74-5.91-6.08
Depreciation 40.4043.1347.7949.2142.3149.7951.2752.8054.3755.99
Accounts Receivable --11.3010.99-4.40-9.93-3.02-3.30-3.40-3.50-3.60
Inventories -0.06-0.03-0-0.01-0.01-0.01-0.01-0.01-0.01
Accounts Payable -1.225.090.86-2.25-0.110.270.280.280.29
Capital Expenditure -28.67-25.52-26.88-28.34-28.08-30.70-31.61-32.56-33.53-34.52
UFCF -5.4634.4447.9030.454.1210.5411.0611.3811.7212.07
WACC
PV UFCF 9.759.458.998.568.15
SUM PV UFCF 44.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.17
Free cash flow (t + 1) 12.31
Terminal Value 199.58
Present Value of Terminal Value 134.76

Intrinsic Value

Enterprise Value 179.67
Net Debt -39.81
Equity Value 219.48
Shares Outstanding 67.79
Equity Value Per Share 3.24