Discounted Cash Flow (DCF) Analysis Unlevered
Interpace Biosciences, Inc. (IDXG)
$1.045
+0.03 (+3.47%)
All numbers are in Millions, Currency in USD
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 | 15.90 | 21.90 | 24.08 | 32.40 | 41.31 | 52.65 | 67.10 | 85.52 | 108.99 | 138.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -8.49 | -8.38 | -22.13 | -20.35 | -9.32 | -28.32 | -36.09 | -45.99 | -58.61 | -74.70 |
| EBITDA (%) | ||||||||||
| EBIT | -12.18 | -11.84 | -26.32 | -25.85 | -14.69 | -37.42 | -47.68 | -60.77 | -77.45 | -98.70 |
| EBIT (%) | ||||||||||
| Depreciation | 3.69 | 3.46 | 4.19 | 5.50 | 5.37 | 9.10 | 11.60 | 14.78 | 18.83 | 24 |
| 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 | 15.20 | 6.07 | 2.32 | 2.77 | 3.06 | 15.68 | 19.99 | 25.47 | 32.46 | 41.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.44 | 9.48 | 10.20 | 8.03 | 6.16 | 15.48 | 19.72 | 25.14 | 32.03 | 40.83 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | 1.82 | 2.05 | 1.79 | 3.20 | 4.08 | 5.20 | 6.62 | 8.44 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.39 | 1.06 | 4.81 | 4.51 | 2.69 | 5.03 | 6.40 | 8.16 | 10.40 | 13.26 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.03 | -0.45 | -0.13 | -1.57 | -0.35 | -0.89 | -1.14 | -1.45 | -1.85 | -2.36 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.045 |
|---|---|
| Beta | 0.821 |
| Diluted Shares Outstanding | 4.13 |
| Cost of Debt | |
| Tax Rate | 3.05 |
| After-tax Cost of Debt | 6.51% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.409 |
| Total Debt | 13.72 |
| Total Equity | 4.32 |
| Total Capital | 18.04 |
| Debt Weighting | 76.04 |
| Equity Weighting | 23.96 |
| 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 | 15.90 | 21.90 | 24.08 | 32.40 | 41.31 | 52.65 | 67.10 | 85.52 | 108.99 | 138.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -8.49 | -8.38 | -22.13 | -20.35 | -9.32 | -28.32 | -36.09 | -45.99 | -58.61 | -74.70 |
| EBIT | -12.18 | -11.84 | -26.32 | -25.85 | -14.69 | -37.42 | -47.68 | -60.77 | -77.45 | -98.70 |
| Tax Rate | 6.98% | -0.02% | -0.22% | -1.16% | 3.05% | 1.72% | 1.72% | 1.72% | 1.72% | 1.72% |
| EBIAT | -11.33 | -11.84 | -26.37 | -26.15 | -14.24 | -36.77 | -46.86 | -59.72 | -76.11 | -97 |
| Depreciation | 3.69 | 3.46 | 4.19 | 5.50 | 5.37 | 9.10 | 11.60 | 14.78 | 18.83 | 24 |
| Accounts Receivable | - | -6.05 | -0.71 | 2.17 | 1.87 | -9.32 | -4.25 | -5.41 | -6.90 | -8.79 |
| Inventories | - | - | - | -0.23 | 0.27 | -1.41 | -0.88 | -1.12 | -1.43 | -1.82 |
| Accounts Payable | - | 0.67 | 3.75 | -0.30 | -1.82 | 2.33 | 1.38 | 1.76 | 2.24 | 2.85 |
| Capital Expenditure | -0.03 | -0.45 | -0.13 | -1.57 | -0.35 | -0.89 | -1.14 | -1.45 | -1.85 | -2.36 |
| UFCF | -7.67 | -14.20 | -19.28 | -20.58 | -8.90 | -36.97 | -40.15 | -51.17 | -65.21 | -83.11 |
| WACC | ||||||||||
| PV UFCF | -34.64 | -35.25 | -42.10 | -50.28 | -60.04 | |||||
| SUM PV UFCF | -222.31 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.72 |
| Free cash flow (t + 1) | -84.77 |
| Terminal Value | -1,796.04 |
| Present Value of Terminal Value | -1,297.44 |
Intrinsic Value
| Enterprise Value | -1,519.74 |
|---|---|
| Net Debt | 10.65 |
| Equity Value | -1,530.40 |
| Shares Outstanding | 4.13 |
| Equity Value Per Share | -370.11 |