Discounted Cash Flow (DCF) Analysis Unlevered
Motus GI Holdings, Inc. (MOTS)
$0.696
+0.04 (+5.45%)
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 | 0.04 | 0.11 | 0.10 | 0.39 | 0.59 | 1.39 | 3.26 | 7.66 | 17.99 | 42.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -22.11 | -22.86 | -18.42 | -17.61 | -17.76 | -303.21 | -711.93 | -1,671.61 | -3,924.93 | -9,215.72 |
| EBITDA (%) | ||||||||||
| EBIT | -22.26 | -23.09 | -18.79 | -18.32 | -18.60 | -306.92 | -720.65 | -1,692.09 | -3,973.01 | -9,328.61 |
| EBIT (%) | ||||||||||
| Depreciation | 0.15 | 0.22 | 0.38 | 0.70 | 0.84 | 3.71 | 8.72 | 20.48 | 48.08 | 112.89 |
| 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 | 21.09 | 28.73 | 20.82 | 22.56 | 14.04 | 319.23 | 749.55 | 1,759.93 | 4,132.31 | 9,702.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.01 | 0.08 | 0.04 | 0.11 | 0.06 | 0.46 | 1.08 | 2.53 | 5.94 | 13.94 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.02 | 1.01 | 0.80 | 0.50 | 0.49 | 5.68 | 13.33 | 31.30 | 73.49 | 172.56 |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | 0 | 0.01 | 0.01 | 0.03 | 0.08 | 0.18 | 0.43 | 1.01 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.55 | -0.47 | -0.09 | -0.47 | -0.22 | -6.13 | -14.39 | -33.79 | -79.34 | -186.29 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.696 |
|---|---|
| Beta | 1.904 |
| Diluted Shares Outstanding | 3.24 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.731 |
| Total Debt | 7.54 |
| Total Equity | 2.25 |
| Total Capital | 9.80 |
| Debt Weighting | 77.00 |
| Equity Weighting | 23.00 |
| 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 | 0.04 | 0.11 | 0.10 | 0.39 | 0.59 | 1.39 | 3.26 | 7.66 | 17.99 | 42.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -22.11 | -22.86 | -18.42 | -17.61 | -17.76 | -303.21 | -711.93 | -1,671.61 | -3,924.93 | -9,215.72 |
| EBIT | -22.26 | -23.09 | -18.79 | -18.32 | -18.60 | -306.92 | -720.65 | -1,692.09 | -3,973.01 | -9,328.61 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -22.26 | -23.09 | -18.79 | -18.32 | -18.60 | -306.92 | -720.65 | -1,692.09 | -3,973.01 | -9,328.61 |
| Depreciation | 0.15 | 0.22 | 0.38 | 0.70 | 0.84 | 3.71 | 8.72 | 20.48 | 48.08 | 112.89 |
| Accounts Receivable | - | -0.08 | 0.05 | -0.07 | 0.05 | -0.40 | -0.62 | -1.45 | -3.41 | -8 |
| Inventories | - | -0.99 | 0.21 | 0.31 | 0.01 | -5.19 | -7.65 | -17.97 | -42.19 | -99.07 |
| Accounts Payable | - | - | - | 0.01 | 0 | 0.02 | 0.04 | 0.10 | 0.25 | 0.58 |
| Capital Expenditure | -0.55 | -0.47 | -0.09 | -0.47 | -0.22 | -6.13 | -14.39 | -33.79 | -79.34 | -186.29 |
| UFCF | -22.65 | -24.40 | -18.25 | -17.84 | -17.92 | -314.91 | -734.55 | -1,724.72 | -4,049.63 | -9,508.50 |
| WACC | ||||||||||
| PV UFCF | -294.91 | -644.23 | -1,416.60 | -3,114.98 | -6,849.56 | |||||
| SUM PV UFCF | -12,320.29 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.78 |
| Free cash flow (t + 1) | -9,698.67 |
| Terminal Value | -202,901.08 |
| Present Value of Terminal Value | -146,162.10 |
Intrinsic Value
| Enterprise Value | -158,482.39 |
|---|---|
| Net Debt | -6.50 |
| Equity Value | -158,475.89 |
| Shares Outstanding | 3.24 |
| Equity Value Per Share | -48,943.25 |