Discounted Cash Flow (DCF) Analysis Unlevered

MDxHealth SA (MDXH.BR)

0.346 €

+0.01 (+2.06%)
All numbers are in Millions, Currency in USD
Stock DCF: -11.35 | 0.346 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 28.4011.7918.3722.2437.0544.9354.4966.0880.1397.17
Revenue (%)
EBITDA -29.47-39.94-23.98-24.09-32.99-69.25-83.98-101.83-123.49-149.75
EBITDA (%)
EBIT -32.41-43.36-27.32-27.13-37.90-76.83-93.17-112.99-137.01-166.15
EBIT (%)
Depreciation 2.943.423.333.044.917.589.2011.1513.5316.40
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 26.2022.0515.9558.5015.5060.3173.1388.69107.54130.41
Total Cash (%)
Account Receivables 16.685.923.084.039.3615.2018.4322.3527.1032.86
Account Receivables (%)
Inventories 1.811.192.321.912.333.954.805.817.058.55
Inventories (%)
Accounts Payable 6.454.965.327.4610.1813.9116.8620.4524.8030.07
Accounts Payable (%)
Capital Expenditure -1.35-0.07-0.54-0.90-4.16-2.12-2.57-3.11-3.77-4.58
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.346
Beta 0.864
Diluted Shares Outstanding 120.84
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 15.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.887
Total Debt 39.79
Total Equity 41.81
Total Capital 81.60
Debt Weighting 48.76
Equity Weighting 51.24
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 28.4011.7918.3722.2437.0544.9354.4966.0880.1397.17
EBITDA -29.47-39.94-23.98-24.09-32.99-69.25-83.98-101.83-123.49-149.75
EBIT -32.41-43.36-27.32-27.13-37.90-76.83-93.17-112.99-137.01-166.15
Tax Rate 0.13%1.32%0.00%0.00%0.00%0.29%0.29%0.29%0.29%0.29%
EBIAT -32.37-42.79-27.32-27.13-37.90-76.61-92.90-112.66-136.62-165.67
Depreciation 2.943.423.333.044.917.589.2011.1513.5316.40
Accounts Receivable -10.762.84-0.95-5.33-5.84-3.23-3.92-4.75-5.76
Inventories -0.61-1.130.41-0.42-1.63-0.84-1.02-1.24-1.50
Accounts Payable --1.490.362.132.723.732.963.594.355.27
Capital Expenditure -1.34-0.07-0.54-0.90-4.16-2.12-2.57-3.11-3.77-4.58
UFCF -30.78-29.56-22.45-23.39-40.17-74.88-87.39-105.97-128.50-155.83
WACC
PV UFCF -67.12-70.20-76.30-82.93-90.14
SUM PV UFCF -386.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.57
Free cash flow (t + 1) -158.95
Terminal Value -1,660.90
Present Value of Terminal Value -960.74

Intrinsic Value

Enterprise Value -1,347.44
Net Debt 24.29
Equity Value -1,371.73
Shares Outstanding 120.84
Equity Value Per Share -11.35