Discounted Cash Flow (DCF) Analysis Levered
Establishment Labs Holdings Inc. (ESTA)
$67.78
-2.67 (-3.79%)
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 | 61.21 | 89.56 | 84.68 | 126.68 | 161.70 | 209.45 | 271.30 | 351.42 | 455.19 | 589.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -33.88 | -29.98 | -12.51 | -27.53 | -52.17 | -66.02 | -85.52 | -110.77 | -143.48 | -185.85 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.77 | -7 | -3.91 | -2.86 | -29.92 | -15.12 | -19.58 | -25.36 | -32.85 | -42.55 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -35.66 | -36.98 | -16.42 | -30.39 | -82.09 | -81.14 | -105.10 | -136.13 | -176.33 | -228.40 |
Weighted Average Cost Of Capital
| Share price | $ 67.78 |
|---|---|
| Beta | 1.032 |
| Diluted Shares Outstanding | 24.09 |
| Cost of Debt | |
| Tax Rate | -3.28 |
| After-tax Cost of Debt | 367.50% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.372 |
| Total Debt | 3.20 |
| Total Equity | 1,632.92 |
| Total Capital | 1,636.12 |
| Debt Weighting | 0.20 |
| Equity Weighting | 99.80 |
| 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 | 61.21 | 89.56 | 84.68 | 126.68 | 161.70 | 209.45 | 271.30 | 351.42 | 455.19 | 589.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -33.88 | -29.98 | -12.51 | -27.53 | -52.17 | -66.02 | -85.52 | -110.77 | -143.48 | -185.85 |
| Capital Expenditure | -1.77 | -7 | -3.91 | -2.86 | -29.92 | -15.12 | -19.58 | -25.36 | -32.85 | -42.55 |
| Free Cash Flow | -35.66 | -36.98 | -16.42 | -30.39 | -82.09 | -81.14 | -105.10 | -136.13 | -176.33 | -228.40 |
| WACC | ||||||||||
| PV LFCF | -74.39 | -88.34 | -104.92 | -124.60 | -147.97 | |||||
| SUM PV LFCF | -540.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.07 |
| Free cash flow (t + 1) | -232.97 |
| Terminal Value | -3,295.20 |
| Present Value of Terminal Value | -2,134.79 |
Intrinsic Value
| Enterprise Value | -2,675.01 |
|---|---|
| Net Debt | -63.16 |
| Equity Value | -2,611.85 |
| Shares Outstanding | 24.09 |
| Equity Value Per Share | -108.41 |