Discounted Cash Flow (DCF) Analysis Levered
Vapotherm, Inc. (VAPO)
$0.6025
-0.02 (-2.82%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 48.10 | 125.73 | 113.29 | 66.80 | 91.39 | 125.04 | 171.08 | 234.06 | 320.23 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | -39.66 | -39.47 | -55.37 | -80.16 | -64.59 | -88.38 | -120.91 | -165.43 | -226.33 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -4.75 | -9.80 | -5.89 | -11.61 | -9.20 | -12.58 | -17.21 | -23.55 | -32.22 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | -44.41 | -49.26 | -61.27 | -91.77 | -73.79 | -100.96 | -138.12 | -188.97 | -258.55 |
Weighted Average Cost Of Capital
| Share price | $ 0.6,025 |
|---|---|
| Beta | -1.140 |
| Diluted Shares Outstanding | 26.73 |
| Cost of Debt | |
| Tax Rate | -0.01 |
| After-tax Cost of Debt | 12.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | -1.671 |
| Total Debt | 96.99 |
| Total Equity | 16.11 |
| Total Capital | 113.10 |
| Debt Weighting | 85.76 |
| Equity Weighting | 14.24 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 48.10 | 125.73 | 113.29 | 66.80 | 91.39 | 125.04 | 171.08 | 234.06 | 320.23 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -39.66 | -39.47 | -55.37 | -80.16 | -64.59 | -88.38 | -120.91 | -165.43 | -226.33 |
| Capital Expenditure | -4.75 | -9.80 | -5.89 | -11.61 | -9.20 | -12.58 | -17.21 | -23.55 | -32.22 |
| Free Cash Flow | -44.41 | -49.26 | -61.27 | -91.77 | -73.79 | -100.96 | -138.12 | -188.97 | -258.55 |
| WACC | |||||||||
| PV LFCF | -73.79 | -91.74 | -114.05 | -141.79 | -176.27 | ||||
| SUM PV LFCF | -543.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.05 |
| Free cash flow (t + 1) | -263.72 |
| Terminal Value | -3,275.98 |
| Present Value of Terminal Value | -2,029.51 |
Intrinsic Value
| Enterprise Value | -2,572.56 |
|---|---|
| Net Debt | 81.26 |
| Equity Value | -2,653.82 |
| Shares Outstanding | 26.73 |
| Equity Value Per Share | -99.27 |