Discounted Cash Flow (DCF) Analysis Unlevered

Ekso Bionics Holdings, Inc. (EKSO)

$ 3.44
-0.07 (-1.99%)
Stock DCF: -43.12 | 3.44 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 14.227.3511.3313.928.888.718.558.398.238.08
Revenue (%)
EBITDA -25.93-29.55-25.55-15.95-11.58-18.38-18.03-17.69-17.36-17.03
EBITDA (%)
EBIT -27.78-31.28-27.07-16.64-12.20-19.46-19.09-18.73-18.38-18.03
EBIT (%)
Depreciation 1.861.731.520.690.621.081.061.041.021
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 16.8527.817.6610.8712.8613.7213.4613.2112.9612.71
Total Cash (%)
Account Receivables 1.782.763.665.213.392.752.702.652.602.55
Account Receivables (%)
Inventories 1.563.033.372.491.982.132.092.052.011.97
Inventories (%)
Accounts Payable 1.882.423.161.901.501.821.791.751.721.69
Accounts Payable (%)
Capital Expenditure -1.10-0.46-0.13-0.06-0.34-0.34-0.33-0.32-0.32-0.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.44
Beta 1.918
Diluted Shares Outstanding 7.16
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.535
Total Debt 3.86
Total Equity 24.64
Total Capital 28.50
Debt Weighting 13.53
Equity Weighting 86.47
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 14.227.3511.3313.928.888.718.558.398.238.08
EBITDA -25.93-29.55-25.55-15.95-11.58-18.38-18.03-17.69-17.36-17.03
EBIT -27.78-31.28-27.07-16.64-12.20-19.46-19.09-18.73-18.38-18.03
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -27.78-31.28-27.07-16.64-12.20-19.46-19.09-18.73-18.38-18.03
Depreciation 1.861.731.520.690.621.081.061.041.021
Accounts Receivable --0.98-0.90-1.551.820.640.050.050.050.05
Inventories --1.47-0.350.880.51-0.150.040.040.040.04
Accounts Payable -0.540.74-1.25-0.400.32-0.03-0.03-0.03-0.03
Capital Expenditure -1.10-0.46-0.13-0.06-0.34-0.34-0.33-0.32-0.32-0.31
UFCF -27.02-31.92-26.19-17.93-9.99-17.91-18.31-17.96-17.62-17.29
WACC
PV UFCF -16.34-15.24-13.64-12.21-10.93
SUM PV UFCF -68.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.60
Free cash flow (t + 1) -18.16
Terminal Value -394.68
Present Value of Terminal Value -249.57

Intrinsic Value

Enterprise Value -317.94
Net Debt -9.01
Equity Value -308.94
Shares Outstanding 7.16
Equity Value Per Share -43.12