Discounted Cash Flow (DCF) Analysis Unlevered

Molecular Templates, Inc. (MTEM)

$4.99

+0.11 (+2.25%)
All numbers are in Millions, Currency in USD
Stock DCF: -149.01 | 4.99 | overvalue

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 7.2819.5015.6338.7019.7531.9351.6083.39134.77217.81
Revenue (%)
EBITDA -30.25-46-99.81-80.07-87.88-123.97-200.35-323.80-523.31-845.76
EBITDA (%)
EBIT -31.22-47.18-103.73-86.70-95.27-130.29-210.56-340.31-549.99-888.88
EBIT (%)
Depreciation 0.971.183.926.637.386.3210.2216.5126.6843.13
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 97.96125.0893.88143.0461.05208.52337544.64880.241,422.61
Total Cash (%)
Account Receivables 0.247.510.235.582.854.617.4512.0319.4531.44
Account Receivables (%)
Inventories 2.246.826.0813.506.8911.141829.0947.0275.99
Inventories (%)
Accounts Payable 0.781.472.351.610.502.554.126.6710.7717.41
Accounts Payable (%)
Capital Expenditure -5.72-9.65-7.39-4-3.20-12.89-20.83-33.66-54.41-87.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.99
Beta 1.425
Diluted Shares Outstanding 56.33
Cost of Debt
Tax Rate -0.06
After-tax Cost of Debt 9.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.882
Total Debt 50.58
Total Equity 281.11
Total Capital 331.69
Debt Weighting 15.25
Equity Weighting 84.75
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 7.2819.5015.6338.7019.7531.9351.6083.39134.77217.81
EBITDA -30.25-46-99.81-80.07-87.88-123.97-200.35-323.80-523.31-845.76
EBIT -31.22-47.18-103.73-86.70-95.27-130.29-210.56-340.31-549.99-888.88
Tax Rate 0.00%-0.17%-0.00%4.45%-0.06%0.84%0.84%0.84%0.84%0.84%
EBIAT -31.22-47.26-103.74-82.84-95.32-129.19-208.79-337.43-545.35-881.38
Depreciation 0.971.183.926.637.386.3210.2216.5126.6843.13
Accounts Receivable --7.277.27-5.352.73-1.76-2.84-4.59-7.42-11.98
Inventories --4.570.74-7.426.61-4.25-6.86-11.09-17.93-28.97
Accounts Payable -0.690.89-0.74-1.112.051.572.544.116.64
Capital Expenditure -5.72-9.65-7.39-4-3.20-12.89-20.83-33.66-54.41-87.93
UFCF -35.97-66.89-98.31-93.72-82.90-139.71-227.53-367.73-594.31-960.50
WACC
PV UFCF -126.25-185.80-271.36-396.32-578.82
SUM PV UFCF -1,558.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.66
Free cash flow (t + 1) -979.71
Terminal Value -11,313.03
Present Value of Terminal Value -6,817.51

Intrinsic Value

Enterprise Value -8,376.07
Net Debt 18.39
Equity Value -8,394.46
Shares Outstanding 56.33
Equity Value Per Share -149.01