Discounted Cash Flow (DCF) Analysis Unlevered

4D Molecular Therapeutics, Inc. (FDMT)

$22.67

-0.40 (-1.73%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 22.67 | 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 5.7914.136.9913.6118.042843.4567.45104.68162.48
Revenue (%)
EBITDA -10.60-8.85-48.30-55.25-68.30-96.40-149.62-232.23-360.45-559.46
EBITDA (%)
EBIT -11.22-9.55-49.31-56.69-71.32-99.62-154.62-239.98-372.48-578.13
EBIT (%)
Depreciation 0.630.7011.443.023.224.997.7512.0318.67
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 23.8591.7649.65276.73247.78289.97450.07698.561,084.241,682.87
Total Cash (%)
Account Receivables 0.321.120.981.490.052.173.365.228.1012.57
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.460.951.741.792.383.695.738.9013.8221.44
Accounts Payable (%)
Capital Expenditure -0.57-0.41-3.20-1-9.11-6.52-10.13-15.72-24.40-37.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.67
Beta 0.000
Diluted Shares Outstanding 6.43
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.506
Total Debt 16.45
Total Equity 145.78
Total Capital 162.23
Debt Weighting 10.14
Equity Weighting 89.86
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 5.7914.136.9913.6118.042843.4567.45104.68162.48
EBITDA -10.60-8.85-48.30-55.25-68.30-96.40-149.62-232.23-360.45-559.46
EBIT -11.22-9.55-49.31-56.69-71.32-99.62-154.62-239.98-372.48-578.13
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -11.22-9.55-49.31-56.69-71.32-99.62-154.62-239.98-372.48-578.13
Depreciation 0.630.7011.443.023.224.997.7512.0318.67
Accounts Receivable --0.800.15-0.511.44-2.12-1.20-1.86-2.88-4.47
Inventories ----------
Accounts Payable -0.490.790.040.591.312.043.174.917.63
Capital Expenditure -0.57-0.41-3.20-1-9.11-6.52-10.13-15.72-24.40-37.87
UFCF -11.17-9.58-50.57-56.72-75.37-103.73-158.91-246.64-382.81-594.17
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -606.05
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -136.55
Equity Value -
Shares Outstanding 6.43
Equity Value Per Share -