Discounted Cash Flow (DCF) Analysis Unlevered

23andMe Holding Co. (ME)

$3.33

-0.85 (-20.33%)
All numbers are in Millions, Currency in USD
Stock DCF: -104.67 | 3.33 | overvalue

Operating Data

Year
A/P
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 243.92271.89303.07337.83376.57419.76467.90
Revenue (%)
EBITDA -163.37-194.55-209.92-234-260.83-290.75-324.09
EBITDA (%)
EBIT -183.62-220.69-237.08-264.26-294.57-328.35-366.01
EBIT (%)
Depreciation 20.2526.1527.1530.2733.7437.6041.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 282.49553.18483.81539.29601.14670.08746.92
Total Cash (%)
Account Receivables 2.483.383.433.824.264.745.29
Account Receivables (%)
Inventories 6.2410.799.8911.0212.2913.7015.27
Inventories (%)
Accounts Payable 12.2737.9328.7632.0635.7439.8444.41
Accounts Payable (%)
Capital Expenditure -7.37-13.97-12.37-13.79-15.37-17.13-19.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.33
Beta 0.000
Diluted Shares Outstanding 361.53
Cost of Debt
Tax Rate 1.57
After-tax Cost of Debt 0.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.989
Total Debt 86.31
Total Equity 1,203.89
Total Capital 1,290.20
Debt Weighting 6.69
Equity Weighting 93.31
Wacc

Build Up Free Cash

Year
A/P
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 243.92271.89303.07337.83376.57419.76467.90
EBITDA -163.37-194.55-209.92-234-260.83-290.75-324.09
EBIT -183.62-220.69-237.08-264.26-294.57-328.35-366.01
Tax Rate 0.00%1.57%0.79%0.79%0.79%0.79%0.79%
EBIAT -183.62-217.22-235.21-262.18-292.25-325.77-363.13
Depreciation 20.2526.1527.1530.2733.7437.6041.92
Accounts Receivable --0.90-0.05-0.39-0.44-0.49-0.54
Inventories --4.550.90-1.13-1.26-1.41-1.57
Accounts Payable -25.66-9.173.303.684.104.57
Capital Expenditure -7.37-13.97-12.37-13.79-15.37-17.13-19.10
UFCF -170.75-184.83-228.74-243.93-271.91-303.09-337.85
WACC
PV UFCF -241.77-250.79-271.91-294.81-319.63
SUM PV UFCF -1,268.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.81
Free cash flow (t + 1) -344.61
Terminal Value -42,544.01
Present Value of Terminal Value -37,039.20

Intrinsic Value

Enterprise Value -38,308.11
Net Debt -466.87
Equity Value -37,841.24
Shares Outstanding 361.53
Equity Value Per Share -104.67