Discounted Cash Flow (DCF) Analysis Unlevered

Molecular Templates, Inc. (MTEM)

$0.53

+0.01 (+2.91%)
All numbers are in Millions, Currency in USD
Stock DCF: -850.92 | 0.53 | 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 3.4013.2822.2718.8438.7082.13174.29369.90785.021,666.02
Revenue (%)
EBITDA -22.13-28.32-66.94110.54-73.01-126.11-267.63-567.98-1,205.41-2,558.21
EBITDA (%)
EBIT -22.29-29.30-68.12106.63-79.64-135.16-286.85-608.76-1,291.96-2,741.89
EBIT (%)
Depreciation 0.160.971.183.926.639.0519.2240.7886.55183.67
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 58.9197.96125.0893.88143.04640.921,360.192,886.706,126.3513,001.77
Total Cash (%)
Account Receivables -0.247.510.234.7410.0621.3645.3396.20204.15
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.520.781.472.351.6116.9535.9876.36162.07343.95
Accounts Payable (%)
Capital Expenditure -1.10-5.72-9.65-7.39-4-27.66-58.69-124.57-264.36-561.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.53
Beta 1.174
Diluted Shares Outstanding 47.60
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 7.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.321
Total Debt 47.66
Total Equity 25.23
Total Capital 72.89
Debt Weighting 65.39
Equity Weighting 34.61
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 3.4013.2822.2718.8438.7082.13174.29369.90785.021,666.02
EBITDA -22.13-28.32-66.94110.54-73.01-126.11-267.63-567.98-1,205.41-2,558.21
EBIT -22.29-29.30-68.12106.63-79.64-135.16-286.85-608.76-1,291.96-2,741.89
Tax Rate 0.00%0.00%0.00%-0.00%0.00%-0.00%-0.00%-0.00%-0.00%-0.00%
EBIAT -22.29-29.30-68.12106.63-79.64-135.16-286.85-608.77-1,291.97-2,741.91
Depreciation 0.160.971.183.926.639.0519.2240.7886.55183.67
Accounts Receivable ---7.277.27-4.51-5.32-11.29-23.97-50.87-107.96
Inventories ----------
Accounts Payable --1.740.690.88-0.7415.3419.0340.3885.70181.88
Capital Expenditure -1.10-5.72-9.65-7.39-4-27.66-58.69-124.57-264.36-561.05
UFCF -23.23-35.78-83.17111.32-82.25-143.74-318.59-676.14-1,434.96-3,045.37
WACC
PV UFCF -133.28-273.90-538.99-1,060.62-2,087.08
SUM PV UFCF -4,093.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.85
Free cash flow (t + 1) -3,106.27
Terminal Value -53,098.69
Present Value of Terminal Value -36,390.08

Intrinsic Value

Enterprise Value -40,483.95
Net Debt 22.68
Equity Value -40,506.62
Shares Outstanding 47.60
Equity Value Per Share -850.92