Discounted Cash Flow (DCF) Analysis Unlevered
RadNet, Inc. (RDNT)
$23.935
+0.43 (+1.85%)
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 | 975.15 | 1,154.18 | 1,071.84 | 1,315.08 | 1,430.06 | 1,582.59 | 1,751.38 | 1,938.17 | 2,144.89 | 2,373.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 148.99 | 216.48 | 186.65 | 258.78 | 255.58 | 281.69 | 311.74 | 344.99 | 381.78 | 422.50 |
| EBITDA (%) | ||||||||||
| EBIT | 76.09 | 69.03 | 31.94 | 88.12 | 70.85 | 89.95 | 99.54 | 110.16 | 121.91 | 134.91 |
| EBIT (%) | ||||||||||
| Depreciation | 72.90 | 147.45 | 154.71 | 170.66 | 184.72 | 191.74 | 212.20 | 234.83 | 259.87 | 287.59 |
| 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 | 10.39 | 40.17 | 102.02 | 134.61 | 127.83 | 105.20 | 116.42 | 128.84 | 142.58 | 157.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 149.51 | 156 | 135.42 | 140.45 | 166.36 | 201.93 | 223.46 | 247.30 | 273.67 | 302.86 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 68.04 | 64.30 | 70.07 | 86.46 | 369.60 | 163.02 | 180.41 | 199.65 | 220.95 | 244.51 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -145.37 | -101.30 | -125.44 | -220.69 | -119.45 | -191.56 | -212 | -234.61 | -259.63 | -287.32 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 23.935 |
|---|---|
| Beta | 1.549 |
| Diluted Shares Outstanding | 57.32 |
| Cost of Debt | |
| Tax Rate | 75.21 |
| After-tax Cost of Debt | 1.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.801 |
| Total Debt | 851.74 |
| Total Equity | 1,371.98 |
| Total Capital | 2,223.72 |
| Debt Weighting | 38.30 |
| Equity Weighting | 61.70 |
| 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 | 975.15 | 1,154.18 | 1,071.84 | 1,315.08 | 1,430.06 | 1,582.59 | 1,751.38 | 1,938.17 | 2,144.89 | 2,373.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 148.99 | 216.48 | 186.65 | 258.78 | 255.58 | 281.69 | 311.74 | 344.99 | 381.78 | 422.50 |
| EBIT | 76.09 | 69.03 | 31.94 | 88.12 | 70.85 | 89.95 | 99.54 | 110.16 | 121.91 | 134.91 |
| Tax Rate | 16.31% | 50.26% | -1,637.70% | 58.00% | 75.21% | -287.58% | -287.58% | -287.58% | -287.58% | -287.58% |
| EBIAT | 63.68 | 34.33 | 554.97 | 37.01 | 17.56 | 348.63 | 385.81 | 426.96 | 472.50 | 522.90 |
| Depreciation | 72.90 | 147.45 | 154.71 | 170.66 | 184.72 | 191.74 | 212.20 | 234.83 | 259.87 | 287.59 |
| Accounts Receivable | - | -6.49 | 20.58 | -5.02 | -25.91 | -35.57 | -21.54 | -23.83 | -26.38 | -29.19 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -3.74 | 5.77 | 16.39 | 283.13 | -206.57 | 17.39 | 19.24 | 21.29 | 23.57 |
| Capital Expenditure | -145.37 | -101.30 | -125.44 | -220.69 | -119.45 | -191.56 | -212 | -234.61 | -259.63 | -287.32 |
| UFCF | -8.79 | 70.25 | 610.60 | -1.66 | 340.06 | 106.67 | 381.86 | 422.59 | 467.66 | 517.54 |
| WACC | ||||||||||
| PV UFCF | 99.48 | 332.11 | 342.75 | 353.73 | 365.06 | |||||
| SUM PV UFCF | 1,493.12 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.23 |
| Free cash flow (t + 1) | 527.89 |
| Terminal Value | 10,093.59 |
| Present Value of Terminal Value | 7,119.74 |
Intrinsic Value
| Enterprise Value | 8,612.86 |
|---|---|
| Net Debt | 723.91 |
| Equity Value | 7,888.95 |
| Shares Outstanding | 57.32 |
| Equity Value Per Share | 137.63 |