Discounted Cash Flow (DCF) Analysis Unlevered

Standard BioTools Inc. (FLDM)

$3.71

-0.28 (-7.02%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.45 | 3.71 | overvalue

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 101.94112.96117.24138.14130.58139.38148.77158.80169.50180.93
Revenue (%)
EBITDA -39.37-30.95-46.62-34.61-44.27-45.92-49.02-52.32-55.85-59.61
EBITDA (%)
EBIT -57.98-47.53-62.43-50.53-59.84-65.40-69.80-74.51-79.53-84.89
EBIT (%)
Depreciation 18.6116.5715.8115.9215.5719.4720.7922.1923.6825.28
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 63.1495.4058.6468.5228.4574.6579.6885.0590.7896.90
Total Cash (%)
Account Receivables 15.0516.6518.9825.4218.3221.7823.2524.8126.4928.27
Account Receivables (%)
Inventories 15.091313.8819.6920.8319.0520.3421.7123.1724.73
Inventories (%)
Accounts Payable 4.214.036.519.2210.607.828.348.919.5110.15
Accounts Payable (%)
Capital Expenditure -1.62-0.37-2.53-12.72-13.26-6.53-6.97-7.44-7.95-8.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.71
Beta 1.138
Diluted Shares Outstanding 76.30
Cost of Debt
Tax Rate 6.95
After-tax Cost of Debt 3.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.061
Total Debt 104.81
Total Equity 283.08
Total Capital 387.89
Debt Weighting 27.02
Equity Weighting 72.98
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 101.94112.96117.24138.14130.58139.38148.77158.80169.50180.93
EBITDA -39.37-30.95-46.62-34.61-44.27-45.92-49.02-52.32-55.85-59.61
EBIT -57.98-47.53-62.43-50.53-59.84-65.40-69.80-74.51-79.53-84.89
Tax Rate 5.12%3.92%2.87%2.00%6.95%4.17%4.17%4.17%4.17%4.17%
EBIAT -55.01-45.66-60.63-49.52-55.68-62.67-66.89-71.40-76.21-81.35
Depreciation 18.6116.5715.8115.9215.5719.4720.7922.1923.6825.28
Accounts Receivable --1.60-2.33-6.447.10-3.46-1.47-1.57-1.67-1.78
Inventories -2.08-0.88-5.80-1.141.77-1.28-1.37-1.46-1.56
Accounts Payable --0.182.482.711.38-2.790.530.560.600.64
Capital Expenditure -1.62-0.37-2.53-12.72-13.26-6.53-6.97-7.44-7.95-8.48
UFCF -38.02-29.17-48.09-55.85-46.02-54.20-55.30-59.03-63.01-67.26
WACC
PV UFCF -50.41-47.83-47.48-47.13-46.78
SUM PV UFCF -239.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.53
Free cash flow (t + 1) -68.60
Terminal Value -1,240.53
Present Value of Terminal Value -862.90

Intrinsic Value

Enterprise Value -1,102.53
Net Debt 76.36
Equity Value -1,178.88
Shares Outstanding 76.30
Equity Value Per Share -15.45