Discounted Cash Flow (DCF) Analysis Unlevered

Ekso Bionics Holdings, Inc. (EKSO)

$1.97

+0.03 (+1.55%)
All numbers are in Millions, Currency in USD
Stock DCF: -20.50 | 1.97 | 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 11.3313.928.8811.2512.9113.8214.7915.8216.9318.12
Revenue (%)
EBITDA -27.49-17.87-11.58-14.71-15.59-20.81-22.26-23.83-25.50-27.29
EBITDA (%)
EBIT -29-18.56-12.20-15.27-16.47-21.83-23.36-25-26.76-28.63
EBIT (%)
Depreciation 1.520.690.620.560.891.031.101.181.261.35
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 7.6610.8712.8640.4120.5322.3523.9225.6027.3929.31
Total Cash (%)
Account Receivables 3.665.213.394.664.635.125.485.866.276.71
Account Receivables (%)
Inventories 3.372.491.982.245.193.593.844.114.404.71
Inventories (%)
Accounts Payable 3.161.901.503.113.153.053.273.503.744
Accounts Payable (%)
Capital Expenditure -0.13-0.06-0.07-0.09-0.10-0.11-0.12-0.13-0.13-0.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.97
Beta 1.749
Diluted Shares Outstanding 12.96
Cost of Debt
Tax Rate 3.16
After-tax Cost of Debt 4.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.577
Total Debt 7.50
Total Equity 25.54
Total Capital 33.04
Debt Weighting 22.71
Equity Weighting 77.29
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 11.3313.928.8811.2512.9113.8214.7915.8216.9318.12
EBITDA -27.49-17.87-11.58-14.71-15.59-20.81-22.26-23.83-25.50-27.29
EBIT -29-18.56-12.20-15.27-16.47-21.83-23.36-25-26.76-28.63
Tax Rate 0.00%3.61%-7.13%13.64%3.16%2.65%2.65%2.65%2.65%2.65%
EBIAT -29-17.89-13.07-13.19-15.95-21.25-22.74-24.34-26.05-27.87
Depreciation 1.520.690.620.560.891.031.101.181.261.35
Accounts Receivable --1.551.82-1.270.04-0.49-0.36-0.38-0.41-0.44
Inventories -0.880.51-0.26-2.951.59-0.25-0.27-0.29-0.31
Accounts Payable --1.25-0.401.610.04-0.100.210.230.250.26
Capital Expenditure -0.13-0.06-0.07-0.06-0.19-0.11-0.12-0.13-0.13-0.14
UFCF -27.62-19.18-10.59-12.65-18.03-19.33-22.16-23.71-25.38-27.16
WACC
PV UFCF -17.47-18.09-17.49-16.92-16.36
SUM PV UFCF -86.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.67
Free cash flow (t + 1) -27.70
Terminal Value -319.50
Present Value of Terminal Value -192.45

Intrinsic Value

Enterprise Value -278.78
Net Debt -13.02
Equity Value -265.76
Shares Outstanding 12.96
Equity Value Per Share -20.50