Calculate and interpret the net present value (NPV) of the companies’ annual free cash flow (FCP)… 1 answer below »

Common size Income statements a. DaVita Income statement for DaVita Year ended December 31, 2017 (in thousands, except share data) Income statement data: Common-Size Income Statement Net revenues $10,876,634 100% Operating expenses and charges $9,063,879 83% Operating income $ 1,812,755 17% Debt Expense $ (430,634) -4% Debt refinancing and redemption charges – Other income, net 17665 0% income from continuing operations before income taxes $1,399,786 13% income tax expense 323859 3% Net income from continuing operations 1075927 10% Net(loss) income from discontinued operations, net of tax -245372 -2% Gain on disposal of discontinued operations, net of tax – Net income 830555 8% Less Net Income attributable to noncontrolling interests -166937 Net income attributable to DaVita Inc. $663,618 Basic income from continuing operations per share attributable to DaVita Inc. 4.78 Diluted income from continuing operations per share attributable to DaVita Inc. 4.71 Weighted average shares outstanding Basic 188,626,000 Diluted 191349000 Ratio of earnings to fixed charges 2.94:1 b. Aetna Income statement for Aetna Year ended December 31, 2017 (in millions, except share data) Income statement data: Common-Size Income Statement Total revenue $60,535 100% Net income attributable to Aetna 1904 3% Net realized capital (losses) gains, net of tax $ (155.00) 0% Per Common Share Data Cumulative annual dividends declared 2 Net income attributable to Aetna: Basic 5.71 Dilute 5.68 Common size balance sheets a. DaVita DaVita Inc. Balance Sheet Year Ended December 31, 2017 Common-Size balance sheet Working capital $5,703,181 30% Total assets $18,948,193 100% Long-term debt $9,158,018 48% Total DaVita Inc. shareholders’ equity $4,690,029 25% b. Aetna Balance Sheet Year Ended December 31, 2017 (Millions) Common-Size balance sheet Total assets $ 55,151.00 100.00% Short-term debt $ – Long-term debt $ 9,159.00 16.61% Total Aetna shareholders’ equity $ 15,580.00 28.25% a. DanVita DaVita Inc. Balance Sheet Years 2017-2013 (thousands) Year 2017 2016 2015 2014 2013 Working capital $ 5,703,181 344% $ 1,283,784 -39% $ 2,104,143 36% $ 1,547,518 158% $ 600,789 Total assets $ 18,948,193 1% $ 18,755,776 1% $ 18,524,224 5% $ 17,624,137 6% $ 16,614,893 Long-term debt $ 9,158,018 2% $ 8,944,676 -31% $ 12,972,282 56% $ 8,298,624 3% $ 8,064,196 Total DaVita Inc. shareholders’ equity $ 4,690,029 1% $ 4,648,047 -5% $ 4,870,781 -6% $ 5,170,513 17% $ 4,432,480 b. Aetna Aetna Balance Sheet Years 2017-2013 (Millions) Year 2017 2016 2015 2014 2013 Total assets $ 55,151 -20% $ 69,146 29% $ 53,509 0% $ 53,354 7% $ 49,723 Short-term debt $ – $ – $ – $ 500 $ – Long-term debt $ 9,159 -56% $ 20,661 165% $ 7,785 -3% $ 8,033 -2% $ 8,210 Total Aetna shareholders’ equity $ 15,580 -13% $ 17,881 11% $ 16,114 11% $ 14,483 3% $ 14,026 a. Aetna

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