Discounted Cash Flow (DCF) Analysis Unlevered

Cutera, Inc. (CUTR)

$2.22

-0.18 (-7.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -151.11 | 2.22 | overvalue

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 162.72181.71147.68231.27252.40289.43331.88380.57436.40500.42
Revenue (%)
EBITDA -12.18-10.52-21.430.06-38-24.79-28.42-32.59-37.37-42.85
EBITDA (%)
EBIT -13.39-12.06-22.83-1.29-40.62-27.19-31.18-35.76-41-47.02
EBIT (%)
Depreciation 1.211.551.391.342.622.412.763.173.634.16
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 35.5833.9247.05164.16317.31155.76178.61204.82234.86269.32
Total Cash (%)
Account Receivables 19.6421.5621.9631.4545.5640.7846.7653.6261.4970.51
Account Receivables (%)
Inventories 28.0133.9228.5139.5063.6356.4264.7074.1985.0897.56
Inventories (%)
Accounts Payable 11.2812.696.687.8933.7420.3923.3826.8030.7435.25
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 162.72181.71147.68231.27252.40289.43331.88380.57436.40500.42
EBITDA -12.18-10.52-21.430.06-38-24.79-28.42-32.59-37.37-42.85
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 1.211.551.391.342.622.412.763.173.634.16
Accounts Receivable --1.92-0.41-9.49-14.114.78-5.98-6.86-7.87-9.02
Inventories --5.915.41-10.99-24.137.20-8.28-9.49-10.88-12.48
Accounts Payable -1.41-61.2125.85-13.352.993.433.934.51
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