Discounted Cash Flow (DCF) Analysis Unlevered
Champions Oncology, Inc. (CSBR)
$4.11
+0.06 (+1.48%)
All numbers are in Millions, Currency in USD
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 | 20.24 | 27.07 | 32.12 | 41.04 | 49.11 | 61.36 | 76.68 | 95.81 | 119.73 | 149.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.08 | 0.84 | -1.02 | 1.62 | 2.21 | 0.37 | 0.46 | 0.58 | 0.72 | 0.90 |
| EBITDA (%) | ||||||||||
| EBIT | -1.44 | 0.23 | -1.84 | 0.44 | 0.58 | -1.20 | -1.50 | -1.87 | -2.34 | -2.92 |
| EBIT (%) | ||||||||||
| Depreciation | 0.36 | 0.61 | 0.82 | 1.18 | 1.63 | 1.57 | 1.96 | 2.45 | 3.06 | 3.83 |
| 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 | 0.86 | 3.24 | 8.34 | 4.69 | 9.01 | 8.83 | 11.03 | 13.78 | 17.22 | 21.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.92 | 4.38 | 4.77 | 6.99 | 9.51 | 10.65 | 13.31 | 16.63 | 20.78 | 25.96 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.15 | 2.81 | 3.14 | 1.89 | 2.87 | 5.06 | 6.32 | 7.90 | 9.88 | 12.34 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.23 | -0.83 | -2.22 | -3.28 | -2.38 | -3.55 | -4.43 | -5.54 | -6.92 | -8.65 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.11 |
|---|---|
| Beta | 0.983 |
| Diluted Shares Outstanding | 14.16 |
| Cost of Debt | |
| Tax Rate | 6.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.156 |
| Total Debt | 9.47 |
| Total Equity | 58.20 |
| Total Capital | 67.66 |
| Debt Weighting | 13.99 |
| Equity Weighting | 86.01 |
| 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 | 20.24 | 27.07 | 32.12 | 41.04 | 49.11 | 61.36 | 76.68 | 95.81 | 119.73 | 149.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.08 | 0.84 | -1.02 | 1.62 | 2.21 | 0.37 | 0.46 | 0.58 | 0.72 | 0.90 |
| EBIT | -1.44 | 0.23 | -1.84 | 0.44 | 0.58 | -1.20 | -1.50 | -1.87 | -2.34 | -2.92 |
| Tax Rate | -2.29% | 44.59% | -7.05% | 17.16% | 6.00% | 11.68% | 11.68% | 11.68% | 11.68% | 11.68% |
| EBIAT | -1.48 | 0.13 | -1.97 | 0.36 | 0.55 | -1.06 | -1.32 | -1.65 | -2.07 | -2.58 |
| Depreciation | 0.36 | 0.61 | 0.82 | 1.18 | 1.63 | 1.57 | 1.96 | 2.45 | 3.06 | 3.83 |
| Accounts Receivable | - | -0.46 | -0.39 | -2.22 | -2.53 | -1.14 | -2.66 | -3.32 | -4.15 | -5.18 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.65 | 0.33 | -1.25 | 0.97 | 2.19 | 1.26 | 1.58 | 1.97 | 2.46 |
| Capital Expenditure | -1.23 | -0.83 | -2.22 | -3.28 | -2.38 | -3.55 | -4.43 | -5.54 | -6.92 | -8.65 |
| UFCF | -2.34 | 0.09 | -3.43 | -5.20 | -1.76 | -1.98 | -5.19 | -6.49 | -8.10 | -10.13 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -10.33 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 0.46 |
| Equity Value | - |
| Shares Outstanding | 14.16 |
| Equity Value Per Share | - |