Discounted Cash Flow (DCF) Analysis Levered
22nd Century Group, Inc. (XXII)
$1.82
+0.02 (+1.11%)
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 | 16.60 | 26.43 | 25.83 | 28.11 | 30.95 | 36.82 | 43.80 | 52.11 | 61.99 | 73.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -12.07 | -17.84 | -14.59 | -15.62 | -22.84 | -24.01 | -28.56 | -33.98 | -40.42 | -48.09 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.61 | -1.11 | -1.09 | -0.52 | -1.07 | -1.72 | -2.05 | -2.44 | -2.90 | -3.45 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -13.68 | -18.95 | -15.68 | -16.14 | -23.91 | -25.73 | -30.61 | -36.42 | -43.33 | -51.54 |
Weighted Average Cost Of Capital
| Share price | $ 1.82 |
|---|---|
| Beta | 1.603 |
| Diluted Shares Outstanding | 156.21 |
| Cost of Debt | |
| Tax Rate | -0.04 |
| After-tax Cost of Debt | 2.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.416 |
| Total Debt | 2.34 |
| Total Equity | 284.30 |
| Total Capital | 286.63 |
| Debt Weighting | 0.81 |
| Equity Weighting | 99.19 |
| 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 | 16.60 | 26.43 | 25.83 | 28.11 | 30.95 | 36.82 | 43.80 | 52.11 | 61.99 | 73.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -12.07 | -17.84 | -14.59 | -15.62 | -22.84 | -24.01 | -28.56 | -33.98 | -40.42 | -48.09 |
| Capital Expenditure | -1.61 | -1.11 | -1.09 | -0.52 | -1.07 | -1.72 | -2.05 | -2.44 | -2.90 | -3.45 |
| Free Cash Flow | -13.68 | -18.95 | -15.68 | -16.14 | -23.91 | -25.73 | -30.61 | -36.42 | -43.33 | -51.54 |
| WACC | ||||||||||
| PV LFCF | -23.32 | -25.14 | -27.10 | -29.22 | -31.50 | |||||
| SUM PV LFCF | -136.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.35 |
| Free cash flow (t + 1) | -52.57 |
| Terminal Value | -629.62 |
| Present Value of Terminal Value | -384.78 |
Intrinsic Value
| Enterprise Value | -521.06 |
|---|---|
| Net Debt | 1 |
| Equity Value | -522.06 |
| Shares Outstanding | 156.21 |
| Equity Value Per Share | -3.34 |