Discounted Cash Flow (DCF) Analysis Levered
Cytek Biosciences, Inc. (CTKB)
$13.16
-0.31 (-2.30%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 57.88 | 92.84 | 127.95 | 190.78 | 284.46 | 424.15 | 632.43 | 942.98 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| Operating Cash Flow | -13.75 | 15.16 | -4.75 | -7.08 | -10.56 | -15.75 | -23.48 | -35.01 |
| Operating Cash Flow (%) | ||||||||
| Capital Expenditure | -0.97 | -1.55 | -2.14 | -3.19 | -4.76 | -7.10 | -10.58 | -15.78 |
| Capital Expenditure (%) | ||||||||
| Free Cash Flow | -14.72 | 13.61 | -6.89 | -10.28 | -15.32 | -22.84 | -34.06 | -50.79 |
Weighted Average Cost Of Capital
| Share price | $ 13.16 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 81.54 |
| Cost of Debt | |
| Tax Rate | 25.74 |
| After-tax Cost of Debt | 3.71% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.640 |
| Total Debt | - |
| Total Equity | 1,073.10 |
| Total Capital | 1,073.10 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 57.88 | 92.84 | 127.95 | 190.78 | 284.46 | 424.15 | 632.43 | 942.98 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -13.75 | 15.16 | -4.75 | -7.08 | -10.56 | -15.75 | -23.48 | -35.01 |
| Capital Expenditure | -0.97 | -1.55 | -2.14 | -3.19 | -4.76 | -7.10 | -10.58 | -15.78 |
| Free Cash Flow | -14.72 | 13.61 | -6.89 | -10.28 | -15.32 | -22.84 | -34.06 | -50.79 |
| WACC | ||||||||
| PV LFCF | -10.65 | -15.32 | -22.04 | -31.71 | -45.62 | |||
| SUM PV LFCF | -116.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.64 |
| Free cash flow (t + 1) | -51.80 |
| Terminal Value | -3,158.79 |
| Present Value of Terminal Value | -2,641.70 |
Intrinsic Value
| Enterprise Value | -2,758.39 |
|---|---|
| Net Debt | -364.62 |
| Equity Value | -2,393.78 |
| Shares Outstanding | 81.54 |
| Equity Value Per Share | -29.36 |