Discounted Cash Flow (DCF) Analysis Unlevered
Molecular Templates, Inc. (MTEM)
$4.99
+0.11 (+2.25%)
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 | 7.28 | 19.50 | 15.63 | 38.70 | 19.75 | 31.93 | 51.60 | 83.39 | 134.77 | 217.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.97 | 1.18 | 3.92 | 6.63 | 7.38 | 6.32 | 10.22 | 16.51 | 26.68 | 43.13 |
| 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 | 97.96 | 125.08 | 93.88 | 143.04 | 61.05 | 208.52 | 337 | 544.64 | 880.24 | 1,422.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.24 | 7.51 | 0.23 | 5.58 | 2.85 | 4.61 | 7.45 | 12.03 | 19.45 | 31.44 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.24 | 6.82 | 6.08 | 13.50 | 6.89 | 11.14 | 18 | 29.09 | 47.02 | 75.99 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.78 | 1.47 | 2.35 | 1.61 | 0.50 | 2.55 | 4.12 | 6.67 | 10.77 | 17.41 |
| 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 | 7.28 | 19.50 | 15.63 | 38.70 | 19.75 | 31.93 | 51.60 | 83.39 | 134.77 | 217.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.97 | 1.18 | 3.92 | 6.63 | 7.38 | 6.32 | 10.22 | 16.51 | 26.68 | 43.13 |
| Accounts Receivable | - | -7.27 | 7.27 | -5.35 | 2.73 | -1.76 | -2.84 | -4.59 | -7.42 | -11.98 |
| Inventories | - | -4.57 | 0.74 | -7.42 | 6.61 | -4.25 | -6.86 | -11.09 | -17.93 | -28.97 |
| Accounts Payable | - | 0.69 | 0.89 | -0.74 | -1.11 | 2.05 | 1.57 | 2.54 | 4.11 | 6.64 |
| 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 |