Discounted Cash Flow (DCF) Analysis Unlevered
Omega Healthcare Investors, Inc. (OHI)
$26.82
-0.44 (-1.61%)
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 | 881.68 | 928.83 | 892.38 | 1,062.81 | 878.24 | 885.17 | 892.16 | 899.19 | 906.29 | 913.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 767.29 | 854.37 | 717.56 | 997.20 | 995.60 | 826.06 | 832.57 | 839.14 | 845.76 | 852.44 |
| EBITDA (%) | ||||||||||
| EBIT | 486.01 | 552.68 | 387.64 | 655.18 | 663.19 | 522.65 | 526.77 | 530.93 | 535.12 | 539.34 |
| EBIT (%) | ||||||||||
| Depreciation | 281.28 | 301.68 | 329.92 | 342.01 | 332.41 | 303.41 | 305.80 | 308.21 | 310.64 | 313.10 |
| 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 | 10.30 | 24.12 | 163.54 | 31.41 | 305.61 | 105.94 | 106.78 | 107.62 | 108.47 | 109.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 479.64 | 419.70 | 1,141.15 | 1,109.03 | 1,042.73 | 797.61 | 803.91 | 810.25 | 816.64 | 823.08 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -139.44 | -139.68 | -75.11 | -95.06 | -105.86 | -106.70 | -107.54 | -108.39 | -109.24 | -110.10 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 26.82 |
|---|---|
| Beta | 0.969 |
| Diluted Shares Outstanding | 235.10 |
| Cost of Debt | |
| Tax Rate | 2.11 |
| After-tax Cost of Debt | 1,120.45% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.179 |
| Total Debt | 19.25 |
| Total Equity | 6,305.49 |
| Total Capital | 6,324.74 |
| Debt Weighting | 0.30 |
| Equity Weighting | 99.70 |
| 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 | 881.68 | 928.83 | 892.38 | 1,062.81 | 878.24 | 885.17 | 892.16 | 899.19 | 906.29 | 913.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 767.29 | 854.37 | 717.56 | 997.20 | 995.60 | 826.06 | 832.57 | 839.14 | 845.76 | 852.44 |
| EBIT | 486.01 | 552.68 | 387.64 | 655.18 | 663.19 | 522.65 | 526.77 | 530.93 | 535.12 | 539.34 |
| Tax Rate | 5.04% | 0.79% | 1.85% | -0.16% | 2.11% | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
| EBIAT | 461.53 | 548.31 | 380.48 | 656.22 | 649.18 | 512.58 | 516.63 | 520.70 | 524.81 | 528.95 |
| Depreciation | 281.28 | 301.68 | 329.92 | 342.01 | 332.41 | 303.41 | 305.80 | 308.21 | 310.64 | 313.10 |
| Accounts Receivable | - | 59.94 | -721.45 | 32.12 | 66.30 | 245.12 | -6.29 | -6.34 | -6.39 | -6.44 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -139.44 | -139.68 | -75.11 | -95.06 | -105.86 | -106.70 | -107.54 | -108.39 | -109.24 | -110.10 |
| UFCF | 603.37 | 770.25 | -86.16 | 935.29 | 942.03 | 954.41 | 708.60 | 714.19 | 719.82 | 725.50 |
| WACC | ||||||||||
| PV UFCF | 855.51 | 569.35 | 514.38 | 464.72 | 419.85 | |||||
| SUM PV UFCF | 2,823.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.56 |
| Free cash flow (t + 1) | 740.01 |
| Terminal Value | 7,740.70 |
| Present Value of Terminal Value | 4,479.58 |
Intrinsic Value
| Enterprise Value | 7,303.40 |
|---|---|
| Net Debt | -277.86 |
| Equity Value | 7,581.26 |
| Shares Outstanding | 235.10 |
| Equity Value Per Share | 32.25 |