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 |