Discounted Cash Flow (DCF) Analysis Unlevered

iSpecimen Inc. (ISPC)

$1.65

-0.01 (-0.60%)
All numbers are in Millions, Currency in USD
Stock DCF: -30.83 | 1.65 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4.394.308.1811.1415.7522.2731.5044.5462.99
Revenue (%)
EBITDA -3.79-2.52-1.74-5.90-8.63-12.20-17.26-24.41-34.51
EBITDA (%)
EBIT -4.26-3.16-2.56-6.86-10.36-14.66-20.73-29.31-41.46
EBIT (%)
Depreciation 0.470.630.820.961.742.453.474.916.94
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1.130.050.7027.7411.2015.8422.4131.6944.82
Total Cash (%)
Account Receivables 1.031.392.364.885.067.1510.1114.3020.22
Account Receivables (%)
Inventories 0.050.050.100.130.190.260.370.520.74
Inventories (%)
Accounts Payable 0.700.741.790.832.463.474.916.959.83
Accounts Payable (%)
Capital Expenditure -1.03-1.48-1.10-1.04-3.17-4.48-6.33-8.96-12.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.65
Beta 0.000
Diluted Shares Outstanding 4.29
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 61.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.804
Total Debt 3.42
Total Equity 7.07
Total Capital 10.50
Debt Weighting 32.61
Equity Weighting 67.39
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4.394.308.1811.1415.7522.2731.5044.5462.99
EBITDA -3.79-2.52-1.74-5.90-8.63-12.20-17.26-24.41-34.51
EBIT -4.26-3.16-2.56-6.86-10.36-14.66-20.73-29.31-41.46
Tax Rate 2.32%3.21%0.00%0.00%1.38%1.38%1.38%1.38%1.38%
EBIAT -4.16-3.06-2.56-6.86-10.22-14.45-20.44-28.91-40.88
Depreciation 0.470.630.820.961.742.453.474.916.94
Accounts Receivable --0.37-0.97-2.52-0.17-2.09-2.96-4.19-5.92
Inventories --0.01-0.04-0.03-0.05-0.08-0.11-0.15-0.22
Accounts Payable -0.041.05-0.961.621.021.442.042.88
Capital Expenditure -1.03-1.48-1.10-1.04-3.17-4.48-6.33-8.96-12.67
UFCF -4.72-4.23-2.79-10.46-10.26-17.63-24.94-35.26-49.87
WACC
PV UFCF -10.26-14.38-16.59-19.14-22.08
SUM PV UFCF -67.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 22.59
Free cash flow (t + 1) -50.87
Terminal Value -247.06
Present Value of Terminal Value -89.23

Intrinsic Value

Enterprise Value -156.49
Net Debt -24.32
Equity Value -132.18
Shares Outstanding 4.29
Equity Value Per Share -30.83