Discounted Cash Flow (DCF) Analysis Unlevered

Cytek Biosciences, Inc. (CTKB)

$13.16

-0.31 (-2.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -117.67 | 13.16 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 57.8892.84127.95190.78284.46424.15632.43942.98
Revenue (%)
EBITDA -15.9815.377.66-3.23-4.81-7.17-10.70-15.95
EBITDA (%)
EBIT -16.2914.766.91-4.36-6.49-9.68-14.44-21.53
EBIT (%)
Depreciation 0.310.600.761.131.682.513.745.58
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 30.12165.23364.62327.50488.31728.101,085.631,618.73
Total Cash (%)
Account Receivables 17.7518.1029.7646.6969.62103.80154.77230.77
Account Receivables (%)
Inventories 18.4323.0232.1752.0177.55115.63172.41257.07
Inventories (%)
Accounts Payable 2.342.943.036.109.0913.5620.2130.14
Accounts Payable (%)
Capital Expenditure -0.97-1.55-2.14-3.19-4.76-7.10-10.58-15.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.16
Beta 0.000
Diluted Shares Outstanding 81.54
Cost of Debt
Tax Rate 25.74
After-tax Cost of Debt 3.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.640
Total Debt -
Total Equity 1,073.10
Total Capital 1,073.10
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 57.8892.84127.95190.78284.46424.15632.43942.98
EBITDA -15.9815.377.66-3.23-4.81-7.17-10.70-15.95
EBIT -16.2914.766.91-4.36-6.49-9.68-14.44-21.53
Tax Rate -3.27%-34.52%25.74%-4.02%-4.02%-4.02%-4.02%-4.02%
EBIAT -16.8319.865.13-4.53-6.76-10.07-15.02-22.39
Depreciation 0.310.600.761.131.682.513.745.58
Accounts Receivable --0.36-11.66-16.93-22.93-34.18-50.97-76
Inventories --4.58-9.15-19.84-25.54-38.08-56.78-84.66
Accounts Payable -0.600.093.062.994.466.669.93
Capital Expenditure -0.97-1.55-2.14-3.19-4.76-7.10-10.58-15.78
UFCF -17.4914.57-16.98-40.30-55.30-82.46-122.95-183.33
WACC
PV UFCF -41.76-55.30-79.57-114.47-164.69
SUM PV UFCF -424.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.64
Free cash flow (t + 1) -187
Terminal Value -11,402.31
Present Value of Terminal Value -9,535.77

Intrinsic Value

Enterprise Value -9,960.10
Net Debt -364.62
Equity Value -9,595.49
Shares Outstanding 81.54
Equity Value Per Share -117.67