Discounted Cash Flow (DCF) Analysis Unlevered

MDxHealth SA (MDXH.BR)

0.281 €

+0.01 (+2.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.84 | 0.281 | overvalue

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 40.5128.4011.7918.3722.2421.6020.9820.3819.8019.23
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 1.892.943.423.333.043.283.183.0932.92
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 16.8326.2022.0515.9558.5028.9828.1527.3426.5625.80
Total Cash (%)
Account Receivables 16.5116.685.923.084.037.987.757.537.317.10
Account Receivables (%)
Inventories 1.921.811.192.321.911.831.781.731.681.63
Inventories (%)
Accounts Payable 8.066.454.965.327.466.366.1865.835.66
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 40.5128.4011.7918.3722.2421.6020.9820.3819.8019.23
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 1.892.943.423.333.043.283.183.0932.92
Accounts Receivable --0.1710.762.84-0.95-3.950.230.220.220.21
Inventories -0.110.61-1.130.410.080.050.050.050.05
Accounts Payable --1.60-1.490.362.13-1.10-0.18-0.18-0.17-0.17
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