Discounted Cash Flow (DCF) Analysis Unlevered

Second Sight Medical Products, Inc. (EYES)

$4.14

-0.22 (-5.05%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 4.14 | undervalue

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 7.966.903.380000000
Revenue (%)
EBITDA -28.06-34.66-33.19-14.720.06-0.30-0.12-0.05-0.02-0.01
EBITDA (%)
EBIT -28.52-35.09-33.59-14.88-0.01-0.31-0.13-0.05-0.02-0.01
EBIT (%)
Depreciation 0.460.440.400.160.070.010000
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 7.844.4711.333.1869.595.692.300.930.380.15
Total Cash (%)
Account Receivables 1.830.500.450000000
Account Receivables (%)
Inventories 2.703.251.030000000
Inventories (%)
Accounts Payable 0.751.301.090.490.520.050.020.0100
Accounts Payable (%)
Capital Expenditure -0.27-0.16-0.49-0.33-0.01-0.01-0-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.14
Beta 2.557
Diluted Shares Outstanding 20.57
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.948
Total Debt 0.24
Total Equity 85.18
Total Capital 85.42
Debt Weighting 0.28
Equity Weighting 99.72
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 7.966.903.380000000
EBITDA -28.06-34.66-33.19-14.720.06-0.30-0.12-0.05-0.02-0.01
EBIT -28.52-35.09-33.59-14.88-0.01-0.31-0.13-0.05-0.02-0.01
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -28.52-35.09-33.59-14.88-0.01-0.31-0.13-0.05-0.02-0.01
Depreciation 0.460.440.400.160.070.010000
Accounts Receivable -1.330.050.45000000
Inventories --0.552.221.03000000
Accounts Payable -0.55-0.21-0.610.03-0.47-0.03-0.01-0.01-0
Capital Expenditure -0.27-0.16-0.49-0.33-0.01-0.01-0-0-0-0
UFCF -28.32-33.49-31.63-14.170.08-0.78-0.16-0.06-0.03-0.01
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -0.01
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -69.36
Equity Value -
Shares Outstanding 20.57
Equity Value Per Share -