DCF Tool


Computer Programs & Systems Inc – Custom Computer Programming Services
cpsi is the leading provider of ehr systems to rural, community, and critical access hospitals. the cpsi ehr system provides complete integration of patient data across the healthcare delivery system resulting in improved care delivery and better patient outcomes.
Analysis Results
Intrinsic Value $32.69
Latest Price $10.86
Relative Value 67% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -5.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -5.9%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 21.2 20.4
2024 20.0 18.4
2025 18.8 16.6
2026 17.7 15.0
2027 16.6 13.6
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 499 million. This corresponds to a present value of 391 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 84.1 million. Adding in the terminal value gives a total present value of 476 million.

There are presently 14.5 million outstanding shares, so the intrinsic value per share is 32.69.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 74,559,000
Current Cash 6,951,000
Current Liabilities 44,455,000
Current Debt 3,141,000
Non-Cash Working Capital (NCWC) 26,294,000
Change in NCWC 10,760,000
EBIT 22,783,000
Tax Provision 2,214,000
Depreciation and Amortization 23,330,000
Capital Expenditure -19,367,000
Unlevered Free Cash Flow 34,716,244
Current Assets 68,998,000
Current Cash 11,431,000
Current Liabilities 46,427,000
Current Debt 4,394,000
Non-Cash Working Capital (NCWC) 15,534,000
Change in NCWC -4,954,000
EBIT 24,707,000
Tax Provision 4,646,000
Depreciation and Amortization 16,873,000
Capital Expenditure -10,285,000
Unlevered Free Cash Flow 21,366,623
Current Assets 67,144,000
Current Cash 12,671,000
Current Liabilities 37,442,000
Current Debt 3,457,000
Non-Cash Working Capital (NCWC) 20,488,000
Change in NCWC -5,487,000
EBIT 21,054,000
Tax Provision 4,538,000
Depreciation and Amortization 13,329,000
Capital Expenditure -6,664,000
Unlevered Free Cash Flow 17,145,593
Current Assets 66,832,000
Current Cash 7,357,000
Current Liabilities 41,930,000
Current Debt 8,430,000
Non-Cash Working Capital (NCWC) 25,975,000
Change in NCWC -6,214,000
EBIT 24,583,000
Tax Provision 3,228,000
Depreciation and Amortization 12,413,000
Capital Expenditure -1,760,000
Unlevered Free Cash Flow 25,673,167
Current Assets 69,938,000
Current Cash 5,732,000
Current Liabilities 38,503,000
Current Debt 6,486,000
Non-Cash Working Capital (NCWC) 32,189,000
Change in NCWC 9,861,000
EBIT 24,882,000
Tax Provision 476,000
Depreciation and Amortization 12,282,000
Capital Expenditure -978,000
Unlevered Free Cash Flow 45,392,933
Current Assets 57,877,000
Current Cash 520,000
Current Liabilities 40,849,000
Current Debt 5,820,000
Non-Cash Working Capital (NCWC) 22,328,000
Change in NCWC 5,127,000
EBIT 23,186,000
Tax Provision 3,933,000
Depreciation and Amortization 12,879,000
Capital Expenditure -726,000
Unlevered Free Cash Flow 40,466,000
Current Assets 44,549,000
Current Cash 2,220,000
Current Liabilities 30,945,000
Current Debt 5,817,000
Non-Cash Working Capital (NCWC) 17,201,000
Change in NCWC -4,160,658
EBIT 14,375,000
Tax Provision 4,053,000
Depreciation and Amortization 13,244,000
Capital Expenditure -39,000
Unlevered Free Cash Flow 16,123,840
Current Assets 74,557,419
Current Cash 35,774,306
Current Liabilities 17,421,455
Current Debt 0
Non-Cash Working Capital (NCWC) 21,361,658
Change in NCWC -7,498,716
EBIT 25,086,282
Tax Provision 7,147,728
Depreciation and Amortization 3,174,241
Capital Expenditure -597,554
Unlevered Free Cash Flow 13,130,040
Current Assets 81,516,032
Current Cash 34,494,874
Current Liabilities 18,160,784
Current Debt 0
Non-Cash Working Capital (NCWC) 28,860,374
Change in NCWC -9,111
EBIT 49,586,590
Tax Provision 16,818,730
Depreciation and Amortization 3,665,414
Capital Expenditure -1,522,684
Unlevered Free Cash Flow 34,953,017
Current Assets 72,752,310
Current Cash 22,431,811
Current Liabilities 21,451,014
Current Debt 0
Non-Cash Working Capital (NCWC) 28,869,485
Change in NCWC 15,971,036
EBIT 50,243,941
Tax Provision 17,967,381
Depreciation and Amortization 3,429,053
Capital Expenditure -3,630,451
Unlevered Free Cash Flow 48,211,547

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