Discounted Cash Flow (DCF) Analysis Unlevered

Positive Physicians Holdings, Inc. (PPHI)

$8.75

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -112.63 | 8.75 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 13.2513.4127.9720.2022.3427.5033.8741.7051.3663.24
Revenue (%)
EBITDA -0.17-0.100.90-0.80-2.03-0.66-0.81-1-1.23-1.51
EBITDA (%)
EBIT -0.27-0.15-0.23-2.28-3.21-1.63-2.01-2.48-3.05-3.75
EBIT (%)
Depreciation 0.100.051.121.481.170.981.201.481.822.24
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 45.9043.16117.91124.98121.23123.84152.50187.79231.24284.75
Total Cash (%)
Account Receivables 11.5311.1916.5520.8422.2923.7929.3036.0844.4354.71
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.752.876.975.245.926.578.099.9712.2715.11
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.75
Beta 0.048
Diluted Shares Outstanding 3.56
Cost of Debt
Tax Rate 21.77
After-tax Cost of Debt 0.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.924
Total Debt 3.37
Total Equity 31.18
Total Capital 34.55
Debt Weighting 9.76
Equity Weighting 90.24
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 13.2513.4127.9720.2022.3427.5033.8741.7051.3663.24
EBITDA -0.17-0.100.90-0.80-2.03-0.66-0.81-1-1.23-1.51
EBIT -0.27-0.15-0.23-2.28-3.21-1.63-2.01-2.48-3.05-3.75
Tax Rate 92.66%61.84%-3.01%47.00%21.77%44.05%44.05%44.05%44.05%44.05%
EBIAT -0.02-0.06-0.24-1.21-2.51-0.91-1.12-1.39-1.71-2.10
Depreciation 0.100.051.121.481.170.981.201.481.822.24
Accounts Receivable -0.34-5.36-4.29-1.46-1.50-5.51-6.78-8.35-10.28
Inventories ----------
Accounts Payable -0.124.10-1.730.680.651.521.872.312.84
Capital Expenditure ----------
UFCF ------0.78-3.91-4.81-5.93-7.30
WACC
PV UFCF -0.76-3.64-4.33-5.15-6.12
SUM PV UFCF -20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.58
Free cash flow (t + 1) -7.44
Terminal Value -471.14
Present Value of Terminal Value -395.16

Intrinsic Value

Enterprise Value -415.16
Net Debt -13.83
Equity Value -401.33
Shares Outstanding 3.56
Equity Value Per Share -112.63