Discounted Cash Flow (DCF) Analysis Levered
Establishment Labs Holdings Inc. (ESTA)
$68.87
-0.61 (-0.88%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 34.68 | 61.21 | 89.56 | 84.68 | 126.68 | 179.56 | 254.51 | 360.75 | 511.33 | 724.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -31.97 | -33.88 | -29.98 | -12.51 | -27.53 | -78.12 | -110.73 | -156.95 | -222.46 | -315.32 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.94 | -1.77 | -7 | -3.91 | -2.86 | -7.29 | -10.33 | -14.64 | -20.75 | -29.41 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -32.91 | -35.66 | -36.98 | -16.42 | -30.39 | -85.41 | -121.06 | -171.59 | -243.21 | -344.73 |
Weighted Average Cost Of Capital
| Share price | $ 68.87 |
|---|---|
| Beta | 1.060 |
| Diluted Shares Outstanding | 24.09 |
| Cost of Debt | |
| Tax Rate | -3.59 |
| After-tax Cost of Debt | -16.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.679 |
| Total Debt | 55.71 |
| Total Equity | 1,659.18 |
| Total Capital | 1,714.89 |
| Debt Weighting | 3.25 |
| Equity Weighting | 96.75 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 34.68 | 61.21 | 89.56 | 84.68 | 126.68 | 179.56 | 254.51 | 360.75 | 511.33 | 724.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -31.97 | -33.88 | -29.98 | -12.51 | -27.53 | -78.12 | -110.73 | -156.95 | -222.46 | -315.32 |
| Capital Expenditure | -0.94 | -1.77 | -7 | -3.91 | -2.86 | -7.29 | -10.33 | -14.64 | -20.75 | -29.41 |
| Free Cash Flow | -32.91 | -35.66 | -36.98 | -16.42 | -30.39 | -85.41 | -121.06 | -171.59 | -243.21 | -344.73 |
| WACC | ||||||||||
| PV LFCF | -79.18 | -104.04 | -136.70 | -179.63 | -236.03 | |||||
| SUM PV LFCF | -735.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.87 |
| Free cash flow (t + 1) | -351.62 |
| Terminal Value | -5,990.20 |
| Present Value of Terminal Value | -4,101.46 |
Intrinsic Value
| Enterprise Value | -4,837.04 |
|---|---|
| Net Debt | 2.29 |
| Equity Value | -4,839.33 |
| Shares Outstanding | 24.09 |
| Equity Value Per Share | -200.87 |