Discounted Cash Flow (DCF) Analysis Unlevered

Cara Therapeutics, Inc. (CARA)

$12

-0.27 (-2.20%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 12 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.9113.4719.89135.0823.03133.70776.304,507.3326,170.21151,947.97
Revenue (%)
EBITDA -57.83-74.03-106.997.93-88.19-2,089.31-12,130.82-70,433.26-408,945.61-2,374,396.72
EBITDA (%)
EBIT -58.33-74.40-107.197.72-88.44-2,105.17-12,222.90-70,967.93-412,049.93-2,392,420.87
EBIT (%)
Depreciation 0.500.370.200.210.2515.8692.09534.663,104.3318,024.16
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 92.57161.38155.01180.92167.043,475.8220,181.10117,174.36680,331.113,950,099.80
Total Cash (%)
Account Receivables 0.851.591.792.061.1532.37187.971,091.366,336.5836,791.11
Account Receivables (%)
Inventories ----2.581587.11505.772,936.5917,050.27
Inventories (%)
Accounts Payable 3.834.379.104.895.63140.81817.564,746.8527,560.87160,022.34
Accounts Payable (%)
Capital Expenditure -0.06-0.07-0.02-0.35-0.04-1.99-11.53-66.95-388.72-2,256.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12
Beta 0.953
Diluted Shares Outstanding 50.72
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.017
Total Debt 3.67
Total Equity 608.63
Total Capital 612.30
Debt Weighting 0.60
Equity Weighting 99.40
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.9113.4719.89135.0823.03133.70776.304,507.3326,170.21151,947.97
EBITDA -57.83-74.03-106.997.93-88.19-2,089.31-12,130.82-70,433.26-408,945.61-2,374,396.72
EBIT -58.33-74.40-107.197.72-88.44-2,105.17-12,222.90-70,967.93-412,049.93-2,392,420.87
Tax Rate 0.35%0.52%0.76%-8.95%0.00%-1.46%-1.46%-1.46%-1.46%-1.46%
EBIAT -58.12-74.01-106.378.41-88.44-2,135.98-12,401.80-72,006.62-418,080.77-2,427,436.77
Depreciation 0.500.370.200.210.2515.8692.09534.663,104.3318,024.16
Accounts Receivable --0.74-0.20-0.280.91-31.22-155.59-903.39-5,245.22-30,454.52
Inventories ------12.42-72.11-418.66-2,430.82-14,113.68
Accounts Payable -0.544.73-4.210.73135.18676.753,929.2922,814.02132,461.47
Capital Expenditure -0.06-0.07-0.02-0.35-0.04-1.99-11.53-66.95-388.72-2,256.99
UFCF -57.69-73.91-101.663.79-86.59-2,030.56-11,872.20-68,931.68-400,227.19-2,323,776.33
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -2,370,251.86
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -9.78
Equity Value -
Shares Outstanding 50.72
Equity Value Per Share -