Discounted Cash Flow (DCF) Analysis Unlevered
P3 Health Partners Inc. (PIII)
$4.69
+0.07 (+1.52%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 145.89 | 485.54 | 1,615.89 | 5,377.73 | 17,897.19 | 59,562.27 | 198,224.56 |
|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||
| EBITDA | -34.61 | -40.28 | -258.69 | -860.93 | -2,865.20 | -9,535.44 | -31,734.15 |
| EBITDA (%) | |||||||
| EBIT | -35.01 | -41.07 | -262.23 | -872.69 | -2,904.34 | -9,665.69 | -32,167.64 |
| EBIT (%) | |||||||
| Depreciation | 0.40 | 0.80 | 3.53 | 11.76 | 39.14 | 130.26 | 433.49 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 32.59 | 36.26 | 240.83 | 801.49 | 2,667.39 | 8,877.13 | 29,543.29 |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | 18.42 | 39.25 | 167.31 | 556.80 | 1,853.03 | 6,166.93 | 20,523.69 |
| Account Receivables (%) | |||||||
| Inventories | - | - | - | - | - | - | - |
| Inventories (%) | |||||||
| Accounts Payable | 3.69 | 11.79 | 40.06 | 133.32 | 443.71 | 1,476.67 | 4,914.38 |
| Accounts Payable (%) | |||||||
| Capital Expenditure | -1.45 | -2.93 | -12.91 | -42.97 | -142.99 | -475.87 | -1,583.71 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.69 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 68.16 |
| Cost of Debt | |
| Tax Rate | 9.49 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.748 |
| Total Debt | 49.11 |
| Total Equity | 319.67 |
| Total Capital | 368.78 |
| Debt Weighting | 13.32 |
| Equity Weighting | 86.68 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 145.89 | 485.54 | 1,615.89 | 5,377.73 | 17,897.19 | 59,562.27 | 198,224.56 |
|---|---|---|---|---|---|---|---|
| EBITDA | -34.61 | -40.28 | -258.69 | -860.93 | -2,865.20 | -9,535.44 | -31,734.15 |
| EBIT | -35.01 | -41.07 | -262.23 | -872.69 | -2,904.34 | -9,665.69 | -32,167.64 |
| Tax Rate | 18.43% | 9.49% | 13.96% | 13.96% | 13.96% | 13.96% | 13.96% |
| EBIAT | -28.56 | -37.18 | -225.62 | -750.88 | -2,498.95 | -8,316.55 | -27,677.66 |
| Depreciation | 0.40 | 0.80 | 3.53 | 11.76 | 39.14 | 130.26 | 433.49 |
| Accounts Receivable | - | -20.84 | -128.05 | -389.49 | -1,296.24 | -4,313.90 | -14,356.76 |
| Inventories | - | - | - | - | - | - | - |
| Accounts Payable | - | 8.10 | 28.27 | 93.26 | 310.38 | 1,032.96 | 3,437.71 |
| Capital Expenditure | -1.45 | -2.93 | -12.91 | -42.97 | -142.99 | -475.87 | -1,583.71 |
| UFCF | -29.61 | -52.04 | -334.79 | -1,078.31 | -3,588.65 | -11,943.10 | -39,746.92 |
| WACC | |||||||
| PV UFCF | - | - | -3,588.65 | - | - | ||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -40,541.86 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 12.85 |
| Equity Value | - |
| Shares Outstanding | 68.16 |
| Equity Value Per Share | - |