Discounted Cash Flow (DCF) Analysis Unlevered

Burning Rock Biotech Limited (BNR)

$2.2

-0.04 (-1.79%)
All numbers are in Millions, Currency in USD
Stock DCF: -166.92 | 2.2 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 33.4261.0768.7881.26112154.38212.79293.30404.27
Revenue (%)
EBITDA -21.58-22.05-59.72-119.44-93.66-129.09-177.94-245.26-338.06
EBITDA (%)
EBIT -25.53-27.06-65.05-127.08-104.07-143.45-197.72-272.53-375.64
EBIT (%)
Depreciation 3.955.025.337.6410.4114.3519.7827.2737.58
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 20.8265.32361.19239.21276.85381.60525.99724.99999.30
Total Cash (%)
Account Receivables 13.1933.3723.5425.8344.8461.8085.18117.41161.84
Account Receivables (%)
Inventories 7.859.3010.8819.7122.0630.4141.9257.7879.64
Inventories (%)
Accounts Payable 2.601.985.6810.098.8812.2316.8623.2432.04
Accounts Payable (%)
Capital Expenditure -3.95-7.32-12.73-34.15-23.62-32.55-44.87-61.85-85.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.2
Beta 0.175
Diluted Shares Outstanding 104.21
Cost of Debt
Tax Rate -0.11
After-tax Cost of Debt 1.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.571
Total Debt 13.87
Total Equity 229.26
Total Capital 243.13
Debt Weighting 5.70
Equity Weighting 94.30
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 33.4261.0768.7881.26112154.38212.79293.30404.27
EBITDA -21.58-22.05-59.72-119.44-93.66-129.09-177.94-245.26-338.06
EBIT -25.53-27.06-65.05-127.08-104.07-143.45-197.72-272.53-375.64
Tax Rate 0.00%0.00%0.00%-0.11%-0.03%-0.03%-0.03%-0.03%-0.03%
EBIAT -25.53-27.06-65.05-127.23-104.10-143.49-197.77-272.60-375.74
Depreciation 3.955.025.337.6410.4114.3519.7827.2737.58
Accounts Receivable --20.179.83-2.29-19.01-16.96-23.38-32.23-44.42
Inventories --1.45-1.58-8.83-2.35-8.35-11.51-15.86-21.86
Accounts Payable --0.633.704.42-1.223.364.636.388.79
Capital Expenditure -3.95-7.32-12.73-34.15-23.62-32.55-44.87-61.85-85.25
UFCF -25.53-51.62-60.51-160.44-139.88-183.64-253.12-348.89-480.90
WACC
PV UFCF -139.88-175.88-232.19-306.52-404.65
SUM PV UFCF -1,205.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.41
Free cash flow (t + 1) -490.52
Terminal Value -20,353.32
Present Value of Terminal Value -16,403.06

Intrinsic Value

Enterprise Value -17,609.01
Net Debt -215.14
Equity Value -17,393.87
Shares Outstanding 104.21
Equity Value Per Share -166.92