DCF — PORTAGE HEALTH SYSTEM
Enterprise Value: $-170.5M
🛡️ Public data only — no PHI permitted on this instance.
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$-170.5M
Enterprise Value
$-52.7M
PV of Cash Flows
$-117.7M
PV of Terminal Value
$-189.6M
Terminal Value
10.0%
WACC
2.5%
Terminal Growth
Cash Flow Projections
PROJ| Year | Revenue | EBITDA | Margin | FCF | PV(FCF) |
|---|---|---|---|---|---|
| Year 1 | $71.4M | $-11.3M | -16.0% | $-14.3M | $-13.0M |
| Year 2 | $73.6M | $-10.9M | -15.0% | $-14.0M | $-11.6M |
| Year 3 | $75.8M | $-10.4M | -14.0% | $-13.6M | $-10.3M |
| Year 4 | $78.1M | $-10.4M | -13.0% | $-13.7M | $-9.3M |
| Year 5 | $80.4M | $-10.5M | -13.0% | $-13.9M | $-8.6M |
Interpretation
INTAt a WACC of 10.0% and terminal growth of 2.5%, enterprise value is $-170.5M. Terminal value accounts for 0% of total EV — consider sensitivity to terminal assumptions.
Next steps: Check the LBO model to see equity returns at this entry price, or the EBITDA bridge to model value creation levers.
Assumptions
ASSMrevenue base$69.3M
revenue growth rates[0.03, 0.03, 0.03, 0.03, 0.03]
ebitda margin base-0.16273316791769973
ebitda margin improvement bps[50, 100, 100, 50, 25]
capex pct revenue0.04
nwc pct revenue0.08
tax rate0.25
projection years5