Discounted Cash Flow (DCF) Analysis Unlevered
MDxHealth SA (MDXH.BR)
0.346 €
+0.01 (+2.06%)
All numbers are in Millions, Currency in USD
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 | 28.40 | 11.79 | 18.37 | 22.24 | 37.05 | 44.93 | 54.49 | 66.08 | 80.13 | 97.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2.94 | 3.42 | 3.33 | 3.04 | 4.91 | 7.58 | 9.20 | 11.15 | 13.53 | 16.40 |
| 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 | 26.20 | 22.05 | 15.95 | 58.50 | 15.50 | 60.31 | 73.13 | 88.69 | 107.54 | 130.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 16.68 | 5.92 | 3.08 | 4.03 | 9.36 | 15.20 | 18.43 | 22.35 | 27.10 | 32.86 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.81 | 1.19 | 2.32 | 1.91 | 2.33 | 3.95 | 4.80 | 5.81 | 7.05 | 8.55 |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.45 | 4.96 | 5.32 | 7.46 | 10.18 | 13.91 | 16.86 | 20.45 | 24.80 | 30.07 |
| 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 | 28.40 | 11.79 | 18.37 | 22.24 | 37.05 | 44.93 | 54.49 | 66.08 | 80.13 | 97.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2.94 | 3.42 | 3.33 | 3.04 | 4.91 | 7.58 | 9.20 | 11.15 | 13.53 | 16.40 |
| Accounts Receivable | - | 10.76 | 2.84 | -0.95 | -5.33 | -5.84 | -3.23 | -3.92 | -4.75 | -5.76 |
| Inventories | - | 0.61 | -1.13 | 0.41 | -0.42 | -1.63 | -0.84 | -1.02 | -1.24 | -1.50 |
| Accounts Payable | - | -1.49 | 0.36 | 2.13 | 2.72 | 3.73 | 2.96 | 3.59 | 4.35 | 5.27 |
| 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 |