Discounted Cash Flow (DCF) Analysis Unlevered

Positive Physicians Holdings, Inc. (PPHI)

$6.5

+0.50 (+8.33%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 6.5 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13.4127.9720.2022.3429.133849.5764.6584.33110
Revenue (%)
EBITDA -0.100.89-0.80-2.41-0.90-1.17-1.53-1.99-2.60-3.39
EBITDA (%)
EBIT -0.15-0.23-2.29-3.58-2.14-2.79-3.63-4.74-6.18-8.06
EBIT (%)
Depreciation 0.051.121.481.171.241.612.102.753.584.67
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 43.16117.91124.98121.23138.74180.97236.05307.90401.62523.86
Total Cash (%)
Account Receivables 11.1916.5520.8422.2925.1732.8342.8255.8672.8695.03
Account Receivables (%)
Inventories --49.07-49.14-41.37-58.65-76.50-99.79-130.16-169.78-221.46
Inventories (%)
Accounts Payable 2.876.975.245.927.199.3812.2415.9620.8227.15
Accounts Payable (%)
Capital Expenditure ---0.010.010.010.010.020.030.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.5
Beta 0.166
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 31.90
After-tax Cost of Debt 3.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.046
Total Debt -
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13.4127.9720.2022.3429.133849.5764.6584.33110
EBITDA -0.100.89-0.80-2.41-0.90-1.17-1.53-1.99-2.60-3.39
EBIT -0.15-0.23-2.29-3.58-2.14-2.79-3.63-4.74-6.18-8.06
Tax Rate 61.84%-3.01%47.00%21.77%31.90%31.90%31.90%31.90%31.90%31.90%
EBIAT -0.06-0.24-1.21-2.80-1.45-1.90-2.47-3.23-4.21-5.49
Depreciation 0.051.121.481.171.241.612.102.753.584.67
Accounts Receivable --5.36-4.29-1.46-2.87-7.66-9.99-13.03-17-22.18
Inventories --0.07-7.7717.2817.8523.2930.3739.6251.68
Accounts Payable -4.10-1.730.681.272.192.863.724.866.34
Capital Expenditure ---0.010.010.010.010.020.030.03
UFCF -0.01-0.37-5.68-10.1615.4712.1115.7920.6026.8735.05
WACC
PV UFCF 15.47-----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 35.75
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -
Equity Value -
Shares Outstanding -
Equity Value Per Share -