Discounted Cash Flow (DCF) Analysis Unlevered

Cutera, Inc. (CUTR)

$36.23

+0.03 (+0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -25.39 | 36.23 | overvalue

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 151.49162.72181.71147.68231.27264.20301.82344.79393.89449.97
Revenue (%)
EBITDA 12.98-12.31-10.52-21.437.24-8.54-9.76-11.15-12.74-14.55
EBITDA (%)
EBIT 11.96-13.51-12.06-22.835.90-10.55-12.05-13.76-15.72-17.96
EBIT (%)
Depreciation 1.021.211.551.391.3422.292.612.993.41
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 35.9135.5733.9247.05164.1688.28100.85115.21131.62150.36
Total Cash (%)
Account Receivables 20.7819.6421.5621.9631.4534.9439.9145.5952.0859.50
Account Receivables (%)
Inventories 28.7828.0133.9228.5139.5048.2355.0962.9471.9082.13
Inventories (%)
Accounts Payable 711.2812.696.687.8913.9915.9818.2520.8523.82
Accounts Payable (%)
Capital Expenditure -0.86-1.49-0.99-1.28-1.02-1.76-2.01-2.30-2.62-3
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.23
Beta 1.685
Diluted Shares Outstanding 17.95
Cost of Debt
Tax Rate 39.08
After-tax Cost of Debt 1.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.484
Total Debt 150.15
Total Equity 650.15
Total Capital 800.29
Debt Weighting 18.76
Equity Weighting 81.24
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 151.49162.72181.71147.68231.27264.20301.82344.79393.89449.97
EBITDA 12.98-12.31-10.52-21.437.24-8.54-9.76-11.15-12.74-14.55
EBIT 11.96-13.51-12.06-22.835.90-10.55-12.05-13.76-15.72-17.96
Tax Rate -150.78%-127.67%-0.69%-2.01%39.08%-48.41%-48.41%-48.41%-48.41%-48.41%
EBIAT 29.99-30.77-12.15-23.293.59-15.65-17.88-20.42-23.33-26.65
Depreciation 1.021.211.551.391.3422.292.612.993.41
Accounts Receivable -1.14-1.92-0.41-9.49-3.49-4.97-5.68-6.49-7.42
Inventories -0.77-5.915.41-10.99-8.72-6.87-7.84-8.96-10.24
Accounts Payable -4.281.41-61.216.101.992.282.602.97
Capital Expenditure -0.85-1.49-0.99-1.28-1.01-1.76-2.01-2.30-2.62-3
UFCF 30.15-24.86-18.01-24.17-15.35-21.52-27.45-31.36-35.82-40.92
WACC
PV UFCF -19.65-22.88-23.87-24.90-25.97
SUM PV UFCF -117.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.52
Free cash flow (t + 1) -41.74
Terminal Value -555.08
Present Value of Terminal Value -352.28

Intrinsic Value

Enterprise Value -469.55
Net Debt -14.02
Equity Value -455.54
Shares Outstanding 17.95
Equity Value Per Share -25.39