Discounted Cash Flow (DCF) Analysis Unlevered

Cryoport, Inc. (CYRX)

$15.82

-0.12 (-0.75%)
All numbers are in Millions, Currency in USD
Stock DCF: -858.27 | 15.82 | 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 19.6333.9478.70222.61237.28471.15935.531,857.613,688.557,324.12
Revenue (%)
EBITDA -8.57-16.90-30.94-20.65-37.43-148.71-295.28-586.32-1,164.22-2,311.71
EBITDA (%)
EBIT -9.42-19.32-40.81-40.90-60.19-188.96-375.21-745.02-1,479.35-2,937.45
EBIT (%)
Depreciation 0.862.429.8720.2522.7740.2579.93158.70315.13625.73
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 47.2694.3093.32628.80523.321,074.412,133.384,236.128,411.4016,701.98
Total Cash (%)
Account Receivables 3.547.1031.3839.4143.86108.39215.22427.36848.571,684.96
Account Receivables (%)
Inventories 0.220.4710.5316.5027.6832.9765.46129.97258.08512.46
Inventories (%)
Accounts Payable 1.712.5024.8428.5828.0568.13135.28268.61533.361,059.07
Accounts Payable (%)
Capital Expenditure -2.96-5.41-9.67-25.01-24.20-61-121.13-240.52-477.59-948.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.82
Beta 1.574
Diluted Shares Outstanding 48.99
Cost of Debt
Tax Rate -6.38
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.714
Total Debt 435.91
Total Equity 774.98
Total Capital 1,210.89
Debt Weighting 36.00
Equity Weighting 64.00
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 19.6333.9478.70222.61237.28471.15935.531,857.613,688.557,324.12
EBITDA -8.57-16.90-30.94-20.65-37.43-148.71-295.28-586.32-1,164.22-2,311.71
EBIT -9.42-19.32-40.81-40.90-60.19-188.96-375.21-745.02-1,479.35-2,937.45
Tax Rate -0.21%-0.34%0.14%-0.62%-6.38%-1.48%-1.48%-1.48%-1.48%-1.48%
EBIAT -9.44-19.38-40.75-41.15-64.03-191.76-380.76-756.06-1,501.25-2,980.95
Depreciation 0.862.429.8720.2522.7740.2579.93158.70315.13625.73
Accounts Receivable --3.55-24.28-8.04-4.45-64.53-106.83-212.13-421.22-836.39
Inventories --0.25-10.06-5.97-11.18-5.29-32.49-64.52-128.11-254.38
Accounts Payable -0.7922.353.74-0.5440.0867.15133.33264.75525.70
Capital Expenditure -2.96-5.41-9.67-25.01-24.20-61-121.13-240.52-477.59-948.33
UFCF -11.55-25.40-52.55-56.17-81.62-242.25-494.14-981.19-1,948.29-3,868.60
WACC
PV UFCF -222.16-415.61-756.83-1,378.19-2,509.71
SUM PV UFCF -5,282.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.04
Free cash flow (t + 1) -3,945.97
Terminal Value -56,050.71
Present Value of Terminal Value -36,362.34

Intrinsic Value

Enterprise Value -41,644.85
Net Debt 399.31
Equity Value -42,044.16
Shares Outstanding 48.99
Equity Value Per Share -858.27