Discounted Cash Flow (DCF) Analysis Unlevered

BIOLASE, Inc. (BIOL)

$0.1491

-0.00 (-0.13%)
All numbers are in Millions, Currency in USD
Stock DCF: -3,163.71 | 0.1491 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 46.1637.8022.7839.1948.4653.0558.0763.5669.5876.16
Revenue (%)
EBITDA -17.26-14.64-13.82-15.72-24.84-24.21-26.50-29-31.75-34.75
EBITDA (%)
EBIT -18.20-15.62-14.32-16.12-25.34-25.15-27.53-30.13-32.99-36.11
EBIT (%)
Depreciation 0.950.980.500.400.500.941.031.131.241.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 8.045.7917.5629.974.1820.6822.6424.7827.1329.70
Total Cash (%)
Account Receivables 11.118.763.064.245.848.869.7010.6211.6312.73
Account Receivables (%)
Inventories 12.2510.9911.1612.9315.8818.0819.7921.6623.7125.95
Inventories (%)
Accounts Payable 5.955.332.653.315.796.266.857.508.218.99
Accounts Payable (%)
Capital Expenditure -0.56-0.21-0.10-0.71-3.73-1.24-1.36-1.48-1.62-1.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.1,491
Beta 0.865
Diluted Shares Outstanding 0.07
Cost of Debt
Tax Rate -0.38
After-tax Cost of Debt 18.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.410
Total Debt 15.05
Total Equity 0.01
Total Capital 15.06
Debt Weighting 99.93
Equity Weighting 0.07
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 46.1637.8022.7839.1948.4653.0558.0763.5669.5876.16
EBITDA -17.26-14.64-13.82-15.72-24.84-24.21-26.50-29-31.75-34.75
EBIT -18.20-15.62-14.32-16.12-25.34-25.15-27.53-30.13-32.99-36.11
Tax Rate -0.29%0.25%-0.77%-0.40%-0.38%-0.32%-0.32%-0.32%-0.32%-0.32%
EBIAT -18.25-15.58-14.43-16.18-25.43-25.23-27.62-30.23-33.09-36.22
Depreciation 0.950.980.500.400.500.941.031.131.241.35
Accounts Receivable -2.355.70-1.18-1.60-3.02-0.84-0.92-1.01-1.10
Inventories -1.25-0.16-1.77-2.95-2.19-1.71-1.87-2.05-2.24
Accounts Payable --0.62-2.680.662.480.480.590.650.710.78
Capital Expenditure -0.56-0.21-0.10-0.71-3.73-1.24-1.36-1.48-1.62-1.78
UFCF -17.87-11.82-11.17-18.78-30.75-30.26-29.90-32.73-35.82-39.21
WACC
PV UFCF -25.59-21.38-19.79-18.32-16.95
SUM PV UFCF -102.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.26
Free cash flow (t + 1) -40
Terminal Value -246
Present Value of Terminal Value -106.35

Intrinsic Value

Enterprise Value -208.38
Net Debt 10.87
Equity Value -219.25
Shares Outstanding 0.07
Equity Value Per Share -3,163.71