基于DCF某医疗护理企业案例研究.pdfVIP

DCF/ValuationCaseStudy–AttendoAB–30Minutes

SITUATIONOVERVIEW:

AttendoAB[OM:ATT]isaleadinghealthcareandnursinghomeproviderintheNordic

countries,withover50%ofitsrevenuefromSweden,over40%fromFinland,andthe

remainderfromNorwayandDenmark.

Itearned5.6billionSwedishkrona(SEK)inrevenueinitsmostrecentfiscalyear(approximately

£477millionGBP),alongwithEBITDAof1.0billionSEKandEBITof848millionSEK.The

companyhas354OwnedUnits,8,612OwnedBeds,and135OutsourcedUnitswith3,984

OutsourcedBeds.

Attendorecentlycompletedaninitialpublicoffering(IPO)andhashiredyourbanktocomplete

apreliminaryvaluationofthebusinessandadvisemanagementonthebestoptionstorealise

umvalue.

Whilstthecompany’sIPOwaswell-received,itsstockpricehasstagnatedsincethen,remaining

atapproximately80.00SEKforthepastseveralmonths.Managementbelievethecompanyis

undervaluedandthatthemarketisunfairlypenalisingit.

Yourjobistoreviewthecompany’shistoricalfinancialinformationand10-yearbusinessn,

valuethefirmwithaDCFanalysis,andanswermanagement’squestions.

TASK:

Pleasecompletetherevenue/expenseprojectionsandDiscountedCashFlow(DCF)analysisfor

AttendoAB.Usethefollowingassumptions:

Revenue:

•OwnOperations–#Units:10%growthdecliningto3%byYear8.

•OwnOperations–BedsperUnit:25risingto30byYear10.

•OwnOperations–RevenueperBed:2.5%growth.

•OutsourcingOperations–#Units:(5%)growthfor5years;(4%)forthenext3years,

and(3%)forthefinal2years.

•OutsourcingOperations–BedsperUnit:30risingto35byYear10.

•OutsourcingOperations–RevenueperBed:3.0%growth,Years1–5;2.5%thereafter.

•StaffingOperations:(3.0%)growthrisingto(1.0%)byYear7.

ExpensesandCapitalExpenditures:

•CapExperNewOwned