Discounted Cash Flow (DCF) Analysis Unlevered
Motus GI Holdings, Inc. (MOTS)
$0.45
+0.01 (+0.00%)
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 | -15.55 | -23.43 | -18.79 | -18.06 | -17.30 | -255.26 | -599.35 | -1,407.27 | -3,304.26 | -7,758.38 |
| EBITDA (%) | ||||||||||
| EBIT | -15.71 | -23.65 | -19.17 | -18.76 | -18.14 | -258.97 | -608.07 | -1,427.75 | -3,352.34 | -7,871.27 |
| 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 | - | - | - | - | 1.97 | 4.62 | 10.86 | 25.49 | 59.85 | 140.52 |
| 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 | $ 0.45 |
|---|---|
| Beta | 1.897 |
| Diluted Shares Outstanding | 3.24 |
| Cost of Debt | |
| Tax Rate | 2.72 |
| After-tax Cost of Debt | 10.65% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.528 |
| Total Debt | 11.44 |
| Total Equity | 1.46 |
| Total Capital | 12.89 |
| Debt Weighting | 88.70 |
| Equity Weighting | 11.30 |
| 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 | -15.55 | -23.43 | -18.79 | -18.06 | -17.30 | -255.26 | -599.35 | -1,407.27 | -3,304.26 | -7,758.38 |
| EBIT | -15.71 | -23.65 | -19.17 | -18.76 | -18.14 | -258.97 | -608.07 | -1,427.75 | -3,352.34 | -7,871.27 |
| Tax Rate | 0.00% | 2.13% | -1.78% | 0.64% | 2.72% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| EBIAT | -15.71 | -23.15 | -19.51 | -18.64 | -17.65 | -257.05 | -603.55 | -1,417.13 | -3,327.42 | -7,812.75 |
| 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 | - | - | - | - | - | 2.65 | 6.23 | 14.63 | 34.36 | 80.67 |
| Capital Expenditure | -0.55 | -0.47 | -0.09 | -0.47 | -0.22 | -6.13 | -14.39 | -33.79 | -79.34 | -186.29 |
| UFCF | -16.10 | -24.46 | -18.96 | -18.18 | -16.98 | -262.40 | -611.26 | -1,435.24 | -3,369.92 | -7,912.55 |
| WACC | ||||||||||
| PV UFCF | -236.44 | -496.29 | -1,050 | -2,221.47 | -4,699.95 | |||||
| SUM PV UFCF | -8,704.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.98 |
| Free cash flow (t + 1) | -8,070.81 |
| Terminal Value | -89,875.34 |
| Present Value of Terminal Value | -53,384.72 |
Intrinsic Value
| Enterprise Value | -62,088.87 |
|---|---|
| Net Debt | -2.61 |
| Equity Value | -62,086.26 |
| Shares Outstanding | 3.24 |
| Equity Value Per Share | -19,174.55 |