DCF Tool

ENSG

Ensign Group Inc – General Medical and Surgical Hospitals
skilled nursing/assisted living
Analysis Results
Intrinsic Value $36.75
Latest Price $119.28
Relative Value 225% overvalued
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Cash Flow (Millions)
Analysis Parameters
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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 7.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.2%, 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)
2024 101 93.8
2025 108 93.6
2026 116 93.5
2027 124 93.3
2028 133 93.1
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2500 million. This corresponds to a present value of 1620 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 467 million. Adding in the terminal value gives a total present value of 2090 million.

There are presently 56.9 million outstanding shares, so the intrinsic value per share is 36.75.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,046,930,000
Current Cash 526,855,000
Current Liabilities 734,747,000
Current Debt 3,950,000
Non-Cash Working Capital (NCWC) -210,722,000
Change in NCWC -81,947,000
EBIT 255,367,000
Tax Provision 62,912,000
Depreciation and Amortization 72,387,000
Capital Expenditure -106,180,000
Unlevered Free Cash Flow 80,727,121
Current Assets 781,125,000
Current Cash 331,711,000
Current Liabilities 582,072,000
Current Debt 3,883,000
Non-Cash Working Capital (NCWC) -128,775,000
Change in NCWC 26,788,000
EBIT 296,825,000
Tax Provision 64,437,000
Depreciation and Amortization 62,355,000
Capital Expenditure -87,545,000
Unlevered Free Cash Flow 232,261,670
Current Assets 639,709,000
Current Cash 275,964,000
Current Liabilities 523,068,000
Current Debt 3,760,000
Non-Cash Working Capital (NCWC) -155,563,000
Change in NCWC 70,931,000
EBIT 260,465,000
Tax Provision 60,279,000
Depreciation and Amortization 55,985,000
Capital Expenditure -69,550,000
Unlevered Free Cash Flow 256,977,022
Current Assets 582,956,000
Current Cash 250,011,000
Current Liabilities 562,399,000
Current Debt 2,960,000
Non-Cash Working Capital (NCWC) -226,494,000
Change in NCWC -220,175,000
EBIT 223,155,000
Tax Provision 46,242,000
Depreciation and Amortization 54,571,000
Capital Expenditure -50,326,000
Unlevered Free Cash Flow -40,196,180
Current Assets 411,081,000
Current Cash 76,929,000
Current Liabilities 343,173,000
Current Debt 2,702,000
Non-Cash Working Capital (NCWC) -6,319,000
Change in NCWC -55,504,000
EBIT 129,180,000
Tax Provision 23,954,000
Depreciation and Amortization 51,054,000
Capital Expenditure -71,541,000
Unlevered Free Cash Flow 26,551,678
Current Assets 348,072,000
Current Cash 39,765,000
Current Liabilities 269,227,000
Current Debt 10,105,000
Non-Cash Working Capital (NCWC) 49,185,000
Change in NCWC -47,580,000
EBIT 126,824,000
Tax Provision 22,841,000
Depreciation and Amortization 47,344,000
Capital Expenditure -54,948,000
Unlevered Free Cash Flow 46,531,114
Current Assets 368,076,000
Current Cash 55,429,000
Current Liabilities 225,821,000
Current Debt 9,939,000
Non-Cash Working Capital (NCWC) 96,765,000
Change in NCWC 35,958,000
EBIT 94,606,000
Tax Provision 28,445,000
Depreciation and Amortization 44,472,000
Capital Expenditure -57,361,000
Unlevered Free Cash Flow 78,830,523
Current Assets 333,862,000
Current Cash 69,256,000
Current Liabilities 211,928,000
Current Debt 8,129,000
Non-Cash Working Capital (NCWC) 60,807,000
Change in NCWC -11,344,000
EBIT 80,622,000
Tax Provision 32,975,000
Depreciation and Amortization 38,682,000
Capital Expenditure -186,634,000
Unlevered Free Cash Flow -109,652,471
Current Assets 294,970,000
Current Cash 43,573,000
Current Liabilities 179,866,000
Current Debt 620,000
Non-Cash Working Capital (NCWC) 72,151,000
Change in NCWC 45,299,000
EBIT 93,082,000
Tax Provision 35,182,000
Depreciation and Amortization 28,111,000
Capital Expenditure -77,768,000
Unlevered Free Cash Flow 52,776,174
Current Assets 213,642,000
Current Cash 56,468,000
Current Liabilities 130,433,000
Current Debt 111,000
Non-Cash Working Capital (NCWC) 26,852,000
Change in NCWC -7,833,000
EBIT 72,924,000
Tax Provision 26,801,000
Depreciation and Amortization 26,430,000
Capital Expenditure -61,631,000
Unlevered Free Cash Flow -2,392,318
Current Assets 210,996,000
Current Cash 71,266,000
Current Liabilities 112,456,000
Current Debt 7,411,000
Non-Cash Working Capital (NCWC) 34,685,000
Change in NCWC 27,364,000
EBIT 90,942,000
Tax Provision 20,003,000
Depreciation and Amortization 33,942,000
Capital Expenditure -29,759,000
Unlevered Free Cash Flow 82,649,468
Current Assets 167,599,000
Current Cash 46,118,000
Current Liabilities 121,347,000
Current Debt 7,187,000
Non-Cash Working Capital (NCWC) 7,321,000
Change in NCWC -9,661,000
EBIT 91,047,000
Tax Provision 24,265,000
Depreciation and Amortization 28,464,000
Capital Expenditure -50,114,000
Unlevered Free Cash Flow 25,255,712

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