Discounted Cash Flow (DCF) Analysis Unlevered
Cytek Biosciences, Inc. (CTKB)
$13.16
-0.31 (-2.30%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 57.88 | 92.84 | 127.95 | 190.78 | 284.46 | 424.15 | 632.43 | 942.98 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | -15.98 | 15.37 | 7.66 | -3.23 | -4.81 | -7.17 | -10.70 | -15.95 |
| EBITDA (%) | ||||||||
| EBIT | -16.29 | 14.76 | 6.91 | -4.36 | -6.49 | -9.68 | -14.44 | -21.53 |
| EBIT (%) | ||||||||
| Depreciation | 0.31 | 0.60 | 0.76 | 1.13 | 1.68 | 2.51 | 3.74 | 5.58 |
| 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 | 30.12 | 165.23 | 364.62 | 327.50 | 488.31 | 728.10 | 1,085.63 | 1,618.73 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 17.75 | 18.10 | 29.76 | 46.69 | 69.62 | 103.80 | 154.77 | 230.77 |
| Account Receivables (%) | ||||||||
| Inventories | 18.43 | 23.02 | 32.17 | 52.01 | 77.55 | 115.63 | 172.41 | 257.07 |
| Inventories (%) | ||||||||
| Accounts Payable | 2.34 | 2.94 | 3.03 | 6.10 | 9.09 | 13.56 | 20.21 | 30.14 |
| 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 | 57.88 | 92.84 | 127.95 | 190.78 | 284.46 | 424.15 | 632.43 | 942.98 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | -15.98 | 15.37 | 7.66 | -3.23 | -4.81 | -7.17 | -10.70 | -15.95 |
| EBIT | -16.29 | 14.76 | 6.91 | -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 | -16.83 | 19.86 | 5.13 | -4.53 | -6.76 | -10.07 | -15.02 | -22.39 |
| Depreciation | 0.31 | 0.60 | 0.76 | 1.13 | 1.68 | 2.51 | 3.74 | 5.58 |
| 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 | - | 0.60 | 0.09 | 3.06 | 2.99 | 4.46 | 6.66 | 9.93 |
| Capital Expenditure | -0.97 | -1.55 | -2.14 | -3.19 | -4.76 | -7.10 | -10.58 | -15.78 |
| UFCF | -17.49 | 14.57 | -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 |