Example of Enterprise value

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Evendale Medical Center, LLC

Historical Financial Analysis
Historical and Projected TTM Performance

($ in thousands)

Adjusted
Dec-11

Jan-12

Feb-12

Mar-12

Projected
Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Budget

Oct-12

Nov-12

Dec-12

2012

Income Statement
Total Net Patient Revenue

$

Operating Expenses:
Clinical Salaries & Benefits
Administrative Salaries & Benefits
Medical Supplies
Purchased Services
Lease Expense
Facility Costs
Professional Fees
Insurance
Taxes
General and Administrative
Total Operating Expenses
Operating Income
Depreciation & Amortization
EBIT

$

EBIT Margin
EBITDA
EBITDA Margin

$

35,900 $

36,077 $

36,382 $

36,391 $

36,313 $

36,625 $

36,641 $

37,077 $

37,300 $

37,633 $

Enterprise Value

37,852

$

35,849

8,514
2,450
8,302
800
1,393
3,588
359
146
407
1,592

8,585
2,507
8,340
812
1,229
3,622
380
141
438
1,628

8,593
2,479
8,466
822
1,041
3,650
346
137
480
1,688

8,632
2,524
8,496
836
871
3,685
329
133
519
1,734

8,812
2,484
8,607
856
699
3,718
340
127
553
1,805

8,842
2,462
8,614
868
519
3,752
387
129
578
1,859

8,969
2,581
8,757
883
353
3,778
402
131
612
1,869

9,055
2,566
8,802
894
166
3,805
415
132
650
1,894

9,151
2,567
8,881
912
3,836
432
134
685
1,917

9,177
2,545
8,882
919
3,845
439
134
687
1,888

9,205
2,536
8,765
926
###
3,845
452
134
688
1,882

8,901
2,448
8,737
942
3,935
462
134
685
1,758

8,059
2,109
7,947
865
###
3,676
724
116
888
1,382

27,435

27,552

27,682

27,704

27,758

28,000

28,009

28,333

28,379

28,515

28,515

28,432

28,003

25,766

8,465

8,525

8,700

8,687

8,555

8,624

8,632

8,744

8,922

9,118

9,267

9,488

9,849

10,082

1,206

1,280

1,354

1,406

1,466

1,478

1,475

1,472

1,468

1,391

1,314

1,362

1,460

7,259 $
20%
8,465 $
24%

7,245 $
20%
8,525 $
24%

7,346 $
20%
8,700 $
24%

7,281 $
20%
8,687 $
24%

7,106 $
20%
8,572 $
24%

7,164 $
20%
8,642 $
24%

7,174 $
20%
8,649 $
24%

7,290 $
20%
8,761 $
24%

7,471 $
20%
8,939 $
24%

7,744 $
21%
9,135 $
24%

7,970 $
21%
9,284 $
25%

8,143 $
21%
9,505 $
25%

8,407
$
22%
9,867 # $
26%

-

Adjusted Book EBITDA
New Physicians
Physicians At Risk
Retiring Physicians
Valuation EBITDA
Valuation Multiple
Retained Assets - Net Working Capital

37,920 $

8,374
2,445
8,258
784
1,564
3,575
349
150
375
1,561

Adjustments CAT Tax
Board Stipend @ 75%
M&A Stipend @ 100%
Total Adjustment

37,782 $

$

$

Less Capital Leases
Notes To Shareholders
Other Debt
Total Debt

99.2

99.2

99.2

121.9

121.9

121.9

70.0

70.0

70.0

291

291

291
###

9,575

9,796

10,158

3,302

3,302

3,302

(106)

###

(106)

(324)

###

12,448 $

12,669 $

9.4

###

9.4

3,700

###

3,700

120,709 $

122,787 $

(324)
13,030

126,185

(1,350)

###

(1,350)

(1,092)

###

(1,092)

(3,612)

###

(3,612)

(6,054)

(6,054)

(6,054)

Equity Value

$

114,655 $

116,733 $

120,131

TriHealth Acquisition Price

$

117,009 $

119,087 $

122,485

2,439
7,644
21%
10,082
28%

Evendale Medical Center, LLC

Historical Financial Analysis
Historical and Projected TTM Performance

($ in thousands)

Adjusted
Dec-11

Jan-12

Feb-12

Mar-12

Projected
Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Budget

Oct-12

Nov-12

Dec-12

2012

Income Statement
Total Net Patient Revenue

$

Operating Expenses:
Clinical Salaries & Benefits
Administrative Salaries & Benefits
Medical Supplies
Purchased Services
Lease Expense
Facility Costs
Professional Fees
Insurance
Taxes
General and Administrative
Total Operating Expenses
Operating Income
Depreciation & Amortization
EBIT

$

EBIT Margin
EBITDA
EBITDA Margin

$

35,900 $

36,077 $

36,382 $

36,391 $

36,313 $

36,625 $

36,641 $

37,077 $

37,300 $

37,633 $

Enterprise Value

$

35,849

8,585
2,507
8,340
812
1,229
3,622
380
141
438
1,628

8,593
2,479
8,466
822
1,041
3,650
346
137
480
1,688

8,632
2,524
8,496
836
871
3,685
329
133
519
1,734

8,812
2,484
8,607
856
699
3,718
340
127
553
1,805

8,842
2,462
8,614
868
519
3,752
387
129
578
1,859

8,969
2,581
8,757
883
353
3,778
402
131
612
1,869

9,055
2,566
8,802
894
166
3,805
415
132
650
1,894

9,151
2,567
8,881
912
3,836
432
134
685
1,917

9,177
2,545
8,882
919
3,845
439
134
687
1,888

9,205
2,536
8,765
926
###
3,845
452
134
688
1,882

8,901
2,448
8,737
942
3,935
462
134
685
1,758

8,059
2,109
7,947
865
###
3,676
724
116
888
1,382

27,435

27,552

27,682

27,704

27,758

28,000

28,009

28,333

28,379

28,515

28,515

28,432

28,003

25,766

8,465

8,525

8,700

8,687

8,555

8,624

8,632

8,744

8,922

9,118

9,267

9,488

9,849

10,082

1,206

1,280

1,354

1,406

1,466

1,478

1,475

1,472

1,468

1,391

1,314

1,362

1,460

7,259 $
20%
8,465 $
24%

7,245 $
20%
8,525 $
24%

7,346 $
20%
8,700 $
24%

7,281 $
20%
8,687 $
24%

7,106 $
20%
8,572 $
24%

7,164 $
20%
8,642 $
24%

7,174 $
20%
8,649 $
24%

7,290 $
20%
8,761 $
24%

7,471 $
20%
8,939 $
24%

7,744 $
21%
9,135 $
24%

7,970 $
21%
9,284 $
25%

8,143 $
21%
9,505 $
25%

8,407
$
22%
9,867 # $
26%

-

$

$

Less Capital Leases
Notes To Shareholders
Other Debt
Total Debt
TriHealth Equity Value

37,852

8,514
2,450
8,302
800
1,393
3,588
359
146
407
1,592

Adjusted Book EBITDA
New Physicians
Physicians At Risk
Retiring Physicians
Valuation EBITDA
Valuation Multiple

37,920 $

8,374
2,445
8,258
784
1,564
3,575
349
150
375
1,561

Adjustments CAT Tax
Board Stipend @ 75%
M&A Stipend @ 100%
Total Adjustment

37,782 $

$

99.2

99.2

99.2

121.9

121.9

121.9

70.0

70.0

70.0

291

291

291
###

9,575

9,796

10,158

3,302

3,302

3,302

(106)

###

(106)

(324)

###

12,448 $

12,669 $

9.4

###

117,009 $

119,087 $

(324)
13,030
9.4

122,485

(1,350)

###

(1,350)

(1,092)

###

(1,092)

(3,612)

###

(3,612)

(6,054)

(6,054)

110,955 $

113,033 $

(6,054)
116,431

2,439
7,644
21%
10,082
28%

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