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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


National HealthCare Corporation

National HealthCare Corporation (NHC)

$74.52
3.64 (+5.14%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 735.84829.29864.86880.78919.88980.411,038.941,100.971,166.701,236.351,310.16
Revenue (%)
Operating Cash Flow 102.3575.7173.9590.9094.4798.43107.74114.17120.99128.21135.86
Operating Cash Flow (%)
Capital Expenditure 43.4153.3258.3862.6232.3829.8056.7360.1163.7067.5071.53
Capital Expenditure (%)
Free Cash Flow 145.77129.04132.32153.52126.85128.24164.46174.28184.69195.71207.40

Weighted Average Cost Of Capital

Share price $ 74.52
Diluted Shares Outstanding 15.24
Cost of Debt
Tax Rate 21.26
After-tax Cost of Debt -1.01
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.96
Total Debt 55.00
Total Equity 1,135.45
Total Capital 1,190.45
Debt Weighting 4.62
Equity Weighting 95.38
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 735.84829.29864.86880.78919.88980.411,038.941,100.971,166.701,236.351,310.16
Operating Cash Flow 102.3575.7173.9590.9094.4798.43107.74114.17120.99128.21135.86
Capital Expenditure 43.4153.3258.3862.6232.3829.8056.7360.1163.7067.5071.53
Free Cash Flow 145.77129.04132.32153.52126.85128.24164.46174.28184.69195.71207.40
WACC
PV LFCF 156.75158.32159.91161.51163.12
SUM PV LFCF 1,292.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.92
Free cash flow (t + 1) 115.21
Terminal Value 12,523.20
Present Value of Terminal Value 9,849.72

Intrinsic Value

Enterprise Value 10,560.72
Net Debt -128.44
Equity Value 10,689.15
Shares Outstanding 15.24
Equity Value Per Share 1,303.49