Discounted Cash Flow (DCF) Analysis Unlevered
enVVeno Medical Corporation (HJLI)
$10.38
-0.21 (-1.98%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 0.19 | 0.03 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -7.40 | -6.64 | -8.96 | -16.75 | -24.51 | -0.92 | -0.15 | -0.03 | -0 | -0 |
| EBITDA (%) | ||||||||||
| EBIT | -7.54 | -7.04 | -9.35 | -17.21 | -25.03 | -0.95 | -0.16 | -0.03 | -0 | -0 |
| EBIT (%) | ||||||||||
| Depreciation | 0.13 | 0.40 | 0.38 | 0.45 | 0.53 | 0.02 | 0 | 0 | 0 | 0 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 2.74 | 1.31 | 9.33 | 54.73 | 39.04 | 1.62 | 0.27 | 0.05 | 0.01 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.03 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.08 | 1.22 | 1.39 | 0.56 | 0.65 | 0.03 | 0 | 0 | 0 | 0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.01 | -0.36 | -0.18 | -0.37 | -0.11 | -0.01 | -0 | -0 | -0 | -0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.38 |
|---|---|
| Beta | 1.540 |
| Diluted Shares Outstanding | 11.23 |
| Cost of Debt | |
| Tax Rate | 1.48 |
| After-tax Cost of Debt | 4.24% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.578 |
| Total Debt | 1.72 |
| Total Equity | 116.57 |
| Total Capital | 118.28 |
| Debt Weighting | 1.45 |
| Equity Weighting | 98.55 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 0.19 | 0.03 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -7.40 | -6.64 | -8.96 | -16.75 | -24.51 | -0.92 | -0.15 | -0.03 | -0 | -0 |
| EBIT | -7.54 | -7.04 | -9.35 | -17.21 | -25.03 | -0.95 | -0.16 | -0.03 | -0 | -0 |
| Tax Rate | 0.00% | 0.00% | 2.36% | 2.01% | 1.48% | 1.17% | 1.17% | 1.17% | 1.17% | 1.17% |
| EBIAT | -7.54 | -7.04 | -9.13 | -16.86 | -24.66 | -0.93 | -0.16 | -0.03 | -0 | -0 |
| Depreciation | 0.13 | 0.40 | 0.38 | 0.45 | 0.53 | 0.02 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | 0.03 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.14 | 0.17 | -0.83 | 0.09 | -0.62 | -0.02 | -0 | -0 | -0 |
| Capital Expenditure | -0.01 | -0.36 | -0.18 | -0.37 | -0.12 | -0.01 | -0 | -0 | -0 | -0 |
| UFCF | -7.41 | -6.83 | -8.75 | -17.60 | -24.17 | -1.54 | -0.18 | -0.03 | -0 | -0 |
| WACC | ||||||||||
| PV UFCF | -10.87 | -19.62 | -24.17 | -1.38 | -0.14 | -0.02 | -0 | -0 | ||
| SUM PV UFCF | -1.55 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.47 |
| Free cash flow (t + 1) | -0 |
| Terminal Value | -0.01 |
| Present Value of Terminal Value | -0.01 |
Intrinsic Value
| Enterprise Value | -1.55 |
|---|---|
| Net Debt | -2.84 |
| Equity Value | 1.28 |
| Shares Outstanding | 11.23 |
| Equity Value Per Share | 0.11 |