Discounted Cash Flow (DCF) Analysis Unlevered

Delcath Systems, Inc. (DCTH)

$4.16

-0.07 (-1.65%)
All numbers are in Millions, Currency in USD
Stock DCF: -67.88 | 4.16 | 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 3.411.581.653.552.723.013.343.694.094.53
Revenue (%)
EBITDA -26.58-18.12-20.96-24.46-33.69-30.88-34.20-37.88-41.95-46.46
EBITDA (%)
EBIT -27.02-19.91-21.15-24.61-33.82-31.76-35.18-38.96-43.15-47.79
EBIT (%)
Depreciation 0.441.790.190.150.130.880.981.091.201.33
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 2.521028.5722.807.6720.2822.4624.8727.5430.51
Total Cash (%)
Account Receivables 1.160.050.060.040.370.330.370.410.460.50
Account Receivables (%)
Inventories 0.860.650.851.4121.401.551.711.902.10
Inventories (%)
Accounts Payable 7.714.531.770.642.024.304.765.275.846.46
Accounts Payable (%)
Capital Expenditure -0.08-0.02-0.78-0.14-0.21-0.38-0.42-0.47-0.52-0.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.16
Beta 0.528
Diluted Shares Outstanding 8.86
Cost of Debt
Tax Rate -7.27
After-tax Cost of Debt 16.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.765
Total Debt 15.87
Total Equity 36.88
Total Capital 52.75
Debt Weighting 30.09
Equity Weighting 69.91
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 3.411.581.653.552.723.013.343.694.094.53
EBITDA -26.58-18.12-20.96-24.46-33.69-30.88-34.20-37.88-41.95-46.46
EBIT -27.02-19.91-21.15-24.61-33.82-31.76-35.18-38.96-43.15-47.79
Tax Rate 0.00%-53.47%-1.36%-4.32%-7.27%-13.29%-13.29%-13.29%-13.29%-13.29%
EBIAT -27.02-30.55-21.44-25.67-36.28-35.98-39.85-44.14-48.89-54.14
Depreciation 0.441.790.190.150.130.880.981.091.201.33
Accounts Receivable -1.11-00.01-0.320.03-0.04-0.04-0.04-0.05
Inventories -0.20-0.20-0.56-0.590.60-0.15-0.17-0.18-0.20
Accounts Payable --3.18-2.76-1.141.382.280.460.510.570.63
Capital Expenditure -0.08-0.02-0.78-0.14-0.21-0.38-0.42-0.47-0.52-0.57
UFCF -26.65-30.65-24.99-27.35-35.89-32.57-39.02-43.21-47.86-53.01
WACC
PV UFCF -29.66-32.35-32.63-32.90-33.18
SUM PV UFCF -160.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.82
Free cash flow (t + 1) -54.07
Terminal Value -691.41
Present Value of Terminal Value -432.84

Intrinsic Value

Enterprise Value -593.56
Net Debt 8.20
Equity Value -601.77
Shares Outstanding 8.86
Equity Value Per Share -67.88