Discounted Cash Flow (DCF) Analysis Levered
Apyx Medical Corporation (APYX)
$6.23
-0.26 (-4.01%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 16.69 | 28.23 | 27.71 | 48.52 | 44.51 | 59.44 | 79.38 | 106.01 | 141.57 | 189.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -21.01 | -18.47 | -16.07 | -10.45 | -20.28 | -37.62 | -50.24 | -67.09 | -89.59 | -119.65 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.36 | -1.30 | -0.58 | -0.72 | -1.01 | -1.50 | -2.01 | -2.68 | -3.58 | -4.78 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -21.37 | -19.78 | -16.65 | -11.17 | -21.29 | -39.12 | -52.24 | -69.77 | -93.17 | -124.43 |
Weighted Average Cost Of Capital
| Share price | $ 6.23 |
|---|---|
| Beta | 1.316 |
| Diluted Shares Outstanding | 34.52 |
| Cost of Debt | |
| Tax Rate | -1.19 |
| After-tax Cost of Debt | 1.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.900 |
| Total Debt | 0.80 |
| Total Equity | 215.03 |
| Total Capital | 215.83 |
| Debt Weighting | 0.37 |
| Equity Weighting | 99.63 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 16.69 | 28.23 | 27.71 | 48.52 | 44.51 | 59.44 | 79.38 | 106.01 | 141.57 | 189.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -21.01 | -18.47 | -16.07 | -10.45 | -20.28 | -37.62 | -50.24 | -67.09 | -89.59 | -119.65 |
| Capital Expenditure | -0.36 | -1.30 | -0.58 | -0.72 | -1.01 | -1.50 | -2.01 | -2.68 | -3.58 | -4.78 |
| Free Cash Flow | -21.37 | -19.78 | -16.65 | -11.17 | -21.29 | -39.12 | -52.24 | -69.77 | -93.17 | -124.43 |
| WACC | ||||||||||
| PV LFCF | -35.61 | -43.28 | -52.60 | -63.94 | -77.72 | |||||
| SUM PV LFCF | -273.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.87 |
| Free cash flow (t + 1) | -126.92 |
| Terminal Value | -1,612.66 |
| Present Value of Terminal Value | -1,007.27 |
Intrinsic Value
| Enterprise Value | -1,280.42 |
|---|---|
| Net Debt | -9.40 |
| Equity Value | -1,271.02 |
| Shares Outstanding | 34.52 |
| Equity Value Per Share | -36.82 |