Discounted Cash Flow (DCF) Analysis Unlevered

Heat Biologics, Inc. (HTBX)

$2.38

+0.01 (+0.42%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 2.38 | 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 1.525.793.052.952.113.184.797.2110.8516.34
Revenue (%)
EBITDA -12.52-16.48-19.74-25.72-35.55-27.42-41.28-62.14-93.54-140.82
EBITDA (%)
EBIT -12.65-16.72-19.97-26.05-35.71-27.67-41.66-62.71-94.41-142.12
EBIT (%)
Depreciation 0.130.240.230.330.170.250.380.570.861.30
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 9.7627.7214.75111.778.0536.7555.3383.29125.39188.76
Total Cash (%)
Account Receivables 0.010.030.030.180.070.070.110.170.260.38
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.030.971.501.050.921.362.043.084.636.98
Accounts Payable (%)
Capital Expenditure -0.06-0.59-0.27-0.34-0.18-0.27-0.41-0.62-0.93-1.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.38
Beta 0.305
Diluted Shares Outstanding 25.14
Cost of Debt
Tax Rate 0.41
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.220
Total Debt 1.67
Total Equity 59.83
Total Capital 61.50
Debt Weighting 2.72
Equity Weighting 97.28
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 1.525.793.052.952.113.184.797.2110.8516.34
EBITDA -12.52-16.48-19.74-25.72-35.55-27.42-41.28-62.14-93.54-140.82
EBIT -12.65-16.72-19.97-26.05-35.71-27.67-41.66-62.71-94.41-142.12
Tax Rate 10.42%10.49%1.58%1.26%0.41%4.83%4.83%4.83%4.83%4.83%
EBIAT -11.33-14.97-19.66-25.72-35.57-26.33-39.64-59.68-89.85-135.26
Depreciation 0.130.240.230.330.170.250.380.570.861.30
Accounts Receivable --0.01-0.01-0.140.11-0.01-0.04-0.06-0.09-0.13
Inventories ----------
Accounts Payable --0.060.53-0.45-0.130.440.691.031.562.34
Capital Expenditure -0.06-0.59-0.27-0.34-0.18-0.27-0.41-0.62-0.93-1.41
UFCF -11.26-15.40-19.17-26.32-35.60-25.93-39.03-58.75-88.45-133.15
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -135.81
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -6.38
Equity Value -
Shares Outstanding 25.14
Equity Value Per Share -