Discounted Cash Flow (DCF) Analysis Unlevered

Milestone Scientific Inc. (MLSS)

$0.6821

-0.06 (-7.82%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.58 | 0.6821 | 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 11.289.628.375.4410.3010.9911.7312.5213.3514.25
Revenue (%)
EBITDA -4.59-6.53-7.25-7.36-6.73-8.70-9.29-9.91-10.57-11.28
EBITDA (%)
EBIT -5.17-7.41-7.51-7.40-6.80-9.12-9.73-10.38-11.07-11.81
EBIT (%)
Depreciation 0.570.880.260.040.070.410.440.470.500.54
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 2.640.741.5214.2214.769.9810.6511.3712.1312.94
Total Cash (%)
Account Receivables 3.762.081.711.080.942.302.452.612.792.97
Account Receivables (%)
Inventories 3.381.921.621.262.382.542.712.893.083.29
Inventories (%)
Accounts Payable 1.962.872.740.481.182.202.352.512.682.86
Accounts Payable (%)
Capital Expenditure -0.20-0.01-0.01-0.02-0.02-0.06-0.06-0.06-0.07-0.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.6,821
Beta 1.362
Diluted Shares Outstanding 68.83
Cost of Debt
Tax Rate 4.22
After-tax Cost of Debt 2.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.305
Total Debt 0.59
Total Equity 46.95
Total Capital 47.54
Debt Weighting 1.23
Equity Weighting 98.77
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 11.289.628.375.4410.3010.9911.7312.5213.3514.25
EBITDA -4.59-6.53-7.25-7.36-6.73-8.70-9.29-9.91-10.57-11.28
EBIT -5.17-7.41-7.51-7.40-6.80-9.12-9.73-10.38-11.07-11.81
Tax Rate 0.83%7.09%1.56%1.10%4.22%2.96%2.96%2.96%2.96%2.96%
EBIAT -5.13-6.88-7.39-7.32-6.51-8.85-9.44-10.07-10.74-11.46
Depreciation 0.570.880.260.040.070.410.440.470.500.54
Accounts Receivable -1.680.370.630.14-1.35-0.15-0.16-0.17-0.19
Inventories -1.460.300.37-1.12-0.16-0.17-0.18-0.19-0.21
Accounts Payable -0.91-0.13-2.260.691.030.150.160.170.18
Capital Expenditure -0.20-0.01-0.01-0.02-0.02-0.06-0.06-0.06-0.07-0.07
UFCF -4.75-1.96-6.61-8.56-6.75-8.97-9.23-9.85-10.51-11.21
WACC
PV UFCF -8.14-7.60-7.36-7.12-6.90
SUM PV UFCF -37.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.21
Free cash flow (t + 1) -11.44
Terminal Value -139.31
Present Value of Terminal Value -85.68

Intrinsic Value

Enterprise Value -122.80
Net Debt -14.18
Equity Value -108.62
Shares Outstanding 68.83
Equity Value Per Share -1.58