Discounted Cash Flow (DCF) Analysis Levered
Cardiovascular Systems, Inc. (CSII)
$20
+0.03 (+0.15%)
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 | 217.04 | 248.02 | 236.55 | 258.97 | 236.22 | 242.33 | 248.59 | 255.02 | 261.62 | 268.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 9.67 | 10.21 | -12.76 | -0.88 | -24.27 | -3.61 | -3.70 | -3.79 | -3.89 | -3.99 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3.07 | -3.55 | -4.09 | -3.95 | -4.22 | -3.82 | -3.92 | -4.02 | -4.13 | -4.23 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 6.60 | 6.65 | -16.85 | -4.84 | -28.49 | -7.43 | -7.62 | -7.82 | -8.02 | -8.23 |
Weighted Average Cost Of Capital
| Share price | $ 20 |
|---|---|
| Beta | 0.737 |
| Diluted Shares Outstanding | 39.23 |
| Cost of Debt | |
| Tax Rate | -0.85 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.193 |
| Total Debt | - |
| Total Equity | 784.59 |
| Total Capital | 784.59 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 217.04 | 248.02 | 236.55 | 258.97 | 236.22 | 242.33 | 248.59 | 255.02 | 261.62 | 268.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 9.67 | 10.21 | -12.76 | -0.88 | -24.27 | -3.61 | -3.70 | -3.79 | -3.89 | -3.99 |
| Capital Expenditure | -3.07 | -3.55 | -4.09 | -3.95 | -4.22 | -3.82 | -3.92 | -4.02 | -4.13 | -4.23 |
| Free Cash Flow | 6.60 | 6.65 | -16.85 | -4.84 | -28.49 | -7.43 | -7.62 | -7.82 | -8.02 | -8.23 |
| WACC | ||||||||||
| PV LFCF | -6.93 | -6.63 | -6.35 | -6.08 | -5.81 | |||||
| SUM PV LFCF | -31.80 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.19 |
| Free cash flow (t + 1) | -8.39 |
| Terminal Value | -161.69 |
| Present Value of Terminal Value | -114.27 |
Intrinsic Value
| Enterprise Value | -146.07 |
|---|---|
| Net Debt | -66.42 |
| Equity Value | -79.64 |
| Shares Outstanding | 39.23 |
| Equity Value Per Share | -2.03 |