Discounted Cash Flow (DCF) Analysis Unlevered
Cutera, Inc. (CUTR)
$2.22
-0.18 (-7.50%)
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 | 162.72 | 181.71 | 147.68 | 231.27 | 252.40 | 289.43 | 331.88 | 380.57 | 436.40 | 500.42 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -12.18 | -10.52 | -21.43 | 0.06 | -38 | -24.79 | -28.42 | -32.59 | -37.37 | -42.85 |
EBITDA (%) | ||||||||||
EBIT | -13.39 | -12.06 | -22.83 | -1.29 | -40.62 | -27.19 | -31.18 | -35.76 | -41 | -47.02 |
EBIT (%) | ||||||||||
Depreciation | 1.21 | 1.55 | 1.39 | 1.34 | 2.62 | 2.41 | 2.76 | 3.17 | 3.63 | 4.16 |
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 | 35.58 | 33.92 | 47.05 | 164.16 | 317.31 | 155.76 | 178.61 | 204.82 | 234.86 | 269.32 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 19.64 | 21.56 | 21.96 | 31.45 | 45.56 | 40.78 | 46.76 | 53.62 | 61.49 | 70.51 |
Account Receivables (%) | ||||||||||
Inventories | 28.01 | 33.92 | 28.51 | 39.50 | 63.63 | 56.42 | 64.70 | 74.19 | 85.08 | 97.56 |
Inventories (%) | ||||||||||
Accounts Payable | 11.28 | 12.69 | 6.68 | 7.89 | 33.74 | 20.39 | 23.38 | 26.80 | 30.74 | 35.25 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1.49 | -0.99 | -1.28 | -1.02 | -22.70 | -6.81 | -7.80 | -8.95 | -10.26 | -11.77 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 2.22 |
---|---|
Beta | 1.741 |
Diluted Shares Outstanding | 18.75 |
Cost of Debt | |
Tax Rate | -2.03 |
After-tax Cost of Debt | 4.10% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.321 |
Total Debt | 430.62 |
Total Equity | 41.62 |
Total Capital | 472.24 |
Debt Weighting | 91.19 |
Equity Weighting | 8.81 |
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 | 162.72 | 181.71 | 147.68 | 231.27 | 252.40 | 289.43 | 331.88 | 380.57 | 436.40 | 500.42 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -12.18 | -10.52 | -21.43 | 0.06 | -38 | -24.79 | -28.42 | -32.59 | -37.37 | -42.85 |
EBIT | -13.39 | -12.06 | -22.83 | -1.29 | -40.62 | -27.19 | -31.18 | -35.76 | -41 | -47.02 |
Tax Rate | -127.67% | -0.69% | -2.01% | 39.08% | -2.03% | -18.66% | -18.66% | -18.66% | -18.66% | -18.66% |
EBIAT | -30.49 | -12.15 | -23.29 | -0.78 | -41.45 | -32.27 | -37 | -42.43 | -48.65 | -55.79 |
Depreciation | 1.21 | 1.55 | 1.39 | 1.34 | 2.62 | 2.41 | 2.76 | 3.17 | 3.63 | 4.16 |
Accounts Receivable | - | -1.92 | -0.41 | -9.49 | -14.11 | 4.78 | -5.98 | -6.86 | -7.87 | -9.02 |
Inventories | - | -5.91 | 5.41 | -10.99 | -24.13 | 7.20 | -8.28 | -9.49 | -10.88 | -12.48 |
Accounts Payable | - | 1.41 | -6 | 1.21 | 25.85 | -13.35 | 2.99 | 3.43 | 3.93 | 4.51 |
Capital Expenditure | -1.49 | -0.99 | -1.28 | -1.01 | -22.70 | -6.81 | -7.80 | -8.95 | -10.26 | -11.77 |
UFCF | -30.77 | -18.01 | -24.17 | -19.73 | -73.92 | -38.03 | -53.32 | -61.14 | -70.10 | -80.39 |
WACC | ||||||||||
PV UFCF | -36.28 | -48.52 | -53.07 | -58.05 | -63.50 | |||||
SUM PV UFCF | -259.42 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.83 |
Free cash flow (t + 1) | -82 |
Terminal Value | -2,897.42 |
Present Value of Terminal Value | -2,288.67 |
Intrinsic Value
Enterprise Value | -2,548.09 |
---|---|
Net Debt | 284.70 |
Equity Value | -2,832.79 |
Shares Outstanding | 18.75 |
Equity Value Per Share | -151.11 |