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: 6.20 | 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 7.966.903.38-0.50-0.13-0.05-0.02-0.01-0-0
Revenue (%)
EBITDA -27.97-34.57-32.83-14.70-8.84-0.76-0.28-0.10-0.04-0.01
EBITDA (%)
EBIT -28.42-35.01-33.23-14.86-8.91-0.76-0.28-0.10-0.04-0.01
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 7.844.4711.333.1869.595.121.880.690.250.09
Total Cash (%)
Account Receivables 1.830.500.45-0.07-0.02-0.01-0-0-0-0
Account Receivables (%)
Inventories 2.703.251.03-0.19-0.05-0.02-0.01-0-0-0
Inventories (%)
Accounts Payable 0.751.301.090.490.520.040.020.0100
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 10.94
Cost of Debt
Tax Rate -0.13
After-tax Cost of Debt 5.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.225
Total Debt 0.24
Total Equity 45.29
Total Capital 45.52
Debt Weighting 0.52
Equity Weighting 99.48
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 7.966.903.38-0.50-0.13-0.05-0.02-0.01-0-0
EBITDA -27.97-34.57-32.83-14.70-8.84-0.76-0.28-0.10-0.04-0.01
EBIT -28.42-35.01-33.23-14.86-8.91-0.76-0.28-0.10-0.04-0.01
Tax Rate 0.00%0.00%0.00%0.00%-0.13%-0.03%-0.03%-0.03%-0.03%-0.03%
EBIAT -28.42-35.01-33.23-14.86-8.92-0.76-0.28-0.10-0.04-0.01
Depreciation 0.460.440.400.160.070.010000
Accounts Receivable -1.330.050.53-0.05-0.01-0-0-0-0
Inventories --0.552.221.21-0.14-0.03-0.01-0-0-0
Accounts Payable -0.55-0.21-0.610.03-0.48-0.03-0.01-0-0
Capital Expenditure -0.27-0.16-0.49-0.33-0.01-0.01-0-0-0-0
UFCF -28.23-33.41-31.27-13.89-9.02-1.28-0.32-0.12-0.04-0.02
WACC
PV UFCF -1.10-0.24-0.08-0.02-0.01
SUM PV UFCF -1.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.17
Free cash flow (t + 1) -0.02
Terminal Value -0.11
Present Value of Terminal Value -0.05

Intrinsic Value

Enterprise Value -1.50
Net Debt -69.36
Equity Value 67.86
Shares Outstanding 10.94
Equity Value Per Share 6.20