Discounted Cash Flow (DCF) Analysis Unlevered

Positive Physicians Holdings, Inc. (PPHI)

$ 9.15
0.00 0.00%

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 9.7713.2513.4127.9720.2026.1433.8143.7556.6073.23
Revenue (%)
EBITDA 1.56-0.17-0.100.90-0.800.690.891.151.491.93
EBITDA (%)
EBIT 1.46-0.27-0.15-0.23-2.28-0.02-0.02-0.03-0.04-0.05
EBIT (%)
Depreciation 0.100.100.051.121.480.710.911.181.531.98
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 44.2045.9043.16117.91124.98112.95146.13189.07244.62316.49
Total Cash (%)
Account Receivables 12.5311.5311.1916.5520.8424.1031.1840.3452.1967.52
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.142.752.876.975.247.089.1511.8415.3219.83
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.15
Beta 0.081
Diluted Shares Outstanding 3.56
Cost of Debt
Tax Rate 47.00
After-tax Cost of Debt 2.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.108
Total Debt -
Total Equity 32.60
Total Capital 32.60
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 9.7713.2513.4127.9720.2026.1433.8143.7556.6073.23
EBITDA 1.56-0.17-0.100.90-0.800.690.891.151.491.93
EBIT 1.46-0.27-0.15-0.23-2.28-0.02-0.02-0.03-0.04-0.05
Tax Rate 41.51%92.66%61.84%-3.01%47.00%48.00%48.00%48.00%48.00%48.00%
EBIAT 0.86-0.02-0.06-0.24-1.21-0.01-0.01-0.02-0.02-0.03
Depreciation 0.100.100.051.121.480.710.911.181.531.98
Accounts Receivable -1.010.34-5.36-4.29-3.26-7.08-9.16-11.85-15.33
Inventories ----------
Accounts Payable --1.390.124.10-1.731.842.082.693.484.50
Capital Expenditure ----------
UFCF 0.96-0.300.45-0.37-5.75-0.73-4.10-5.30-6.86-8.88
WACC
PV UFCF -0.75-4.10-5.14-6.46-8.10
SUM PV UFCF -23.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.11
Free cash flow (t + 1) -9.24
Terminal Value 1,037.64
Present Value of Terminal Value 890.31

Intrinsic Value

Enterprise Value 867.22
Net Debt -18.88
Equity Value 886.10
Shares Outstanding 3.56
Equity Value Per Share 248.67