Discounted Cash Flow (DCF) Analysis Unlevered
MDxHealth SA (MDXH.BR)
0.281 €
+0.01 (+2.00%)
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 | 40.51 | 28.40 | 11.79 | 18.37 | 22.24 | 21.60 | 20.98 | 20.38 | 19.80 | 19.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -10.51 | -29.47 | -39.94 | -23.99 | -24.09 | -30.57 | -29.69 | -28.84 | -28.02 | -27.21 |
| EBITDA (%) | ||||||||||
| EBIT | -12.40 | -32.41 | -43.36 | -27.32 | -27.13 | -33.84 | -32.87 | -31.93 | -31.02 | -30.13 |
| EBIT (%) | ||||||||||
| Depreciation | 1.89 | 2.94 | 3.42 | 3.33 | 3.04 | 3.28 | 3.18 | 3.09 | 3 | 2.92 |
| 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 | 16.83 | 26.20 | 22.05 | 15.95 | 58.50 | 28.98 | 28.15 | 27.34 | 26.56 | 25.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 16.51 | 16.68 | 5.92 | 3.08 | 4.03 | 7.98 | 7.75 | 7.53 | 7.31 | 7.10 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.92 | 1.81 | 1.19 | 2.32 | 1.91 | 1.83 | 1.78 | 1.73 | 1.68 | 1.63 |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.06 | 6.45 | 4.96 | 5.32 | 7.46 | 6.36 | 6.18 | 6 | 5.83 | 5.66 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.86 | -1.35 | -0.07 | -0.54 | -0.90 | -1.05 | -1.02 | -0.99 | -0.96 | -0.93 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.281 |
|---|---|
| Beta | 0.848 |
| Diluted Shares Outstanding | 120.84 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 12.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.579 |
| Total Debt | 15.56 |
| Total Equity | 33.96 |
| Total Capital | 49.51 |
| Debt Weighting | 31.42 |
| Equity Weighting | 68.58 |
| 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 | 40.51 | 28.40 | 11.79 | 18.37 | 22.24 | 21.60 | 20.98 | 20.38 | 19.80 | 19.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -10.51 | -29.47 | -39.94 | -23.99 | -24.09 | -30.57 | -29.69 | -28.84 | -28.02 | -27.21 |
| EBIT | -12.40 | -32.41 | -43.36 | -27.32 | -27.13 | -33.84 | -32.87 | -31.93 | -31.02 | -30.13 |
| Tax Rate | 0.91% | 0.13% | 1.32% | 0.00% | 0.00% | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
| EBIAT | -12.29 | -32.37 | -42.79 | -27.32 | -27.13 | -33.68 | -32.72 | -31.78 | -30.87 | -29.99 |
| Depreciation | 1.89 | 2.94 | 3.42 | 3.33 | 3.04 | 3.28 | 3.18 | 3.09 | 3 | 2.92 |
| Accounts Receivable | - | -0.17 | 10.76 | 2.84 | -0.95 | -3.95 | 0.23 | 0.22 | 0.22 | 0.21 |
| Inventories | - | 0.11 | 0.61 | -1.13 | 0.41 | 0.08 | 0.05 | 0.05 | 0.05 | 0.05 |
| Accounts Payable | - | -1.60 | -1.49 | 0.36 | 2.13 | -1.10 | -0.18 | -0.18 | -0.17 | -0.17 |
| Capital Expenditure | -4.86 | -1.34 | -0.07 | -0.54 | -0.90 | -1.05 | -1.02 | -0.99 | -0.96 | -0.93 |
| UFCF | -15.26 | -32.43 | -29.56 | -22.45 | -23.39 | -36.42 | -30.46 | -29.59 | -28.74 | -27.92 |
| WACC | ||||||||||
| PV UFCF | -33.42 | -25.65 | -22.86 | -20.37 | -18.16 | |||||
| SUM PV UFCF | -120.46 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.98 |
| Free cash flow (t + 1) | -28.47 |
| Terminal Value | -407.93 |
| Present Value of Terminal Value | -265.37 |
Intrinsic Value
| Enterprise Value | -385.83 |
|---|---|
| Net Debt | -42.94 |
| Equity Value | -342.89 |
| Shares Outstanding | 120.84 |
| Equity Value Per Share | -2.84 |