Discounted Cash Flow (DCF) Analysis Unlevered
Molecular Templates, Inc. (MTEM)
$0.57
+0.01 (+1.44%)
All numbers are in Millions, Currency in USD
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 | 3.40 | 13.28 | 22.27 | 18.84 | 38.70 | 82.13 | 174.29 | 369.90 | 785.02 | 1,666.02 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -22.13 | -28.32 | -66.94 | 110.54 | -73.01 | -126.11 | -267.63 | -567.98 | -1,205.41 | -2,558.21 |
EBITDA (%) | ||||||||||
EBIT | -22.29 | -29.30 | -68.12 | 106.63 | -79.64 | -135.16 | -286.85 | -608.76 | -1,291.96 | -2,741.89 |
EBIT (%) | ||||||||||
Depreciation | 0.16 | 0.97 | 1.18 | 3.92 | 6.63 | 9.05 | 19.22 | 40.78 | 86.55 | 183.67 |
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 | 58.91 | 97.96 | 125.08 | 93.88 | 143.04 | 640.92 | 1,360.19 | 2,886.70 | 6,126.35 | 13,001.77 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | 0.24 | 7.51 | 0.23 | 4.74 | 10.06 | 21.36 | 45.33 | 96.20 | 204.15 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 2.52 | 0.78 | 1.47 | 2.35 | 1.61 | 16.95 | 35.98 | 76.36 | 162.07 | 343.95 |
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 | $ 0.57 |
---|---|
Beta | 1.224 |
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 | 9.307 |
Total Debt | 47.66 |
Total Equity | 27.13 |
Total Capital | 74.79 |
Debt Weighting | 63.72 |
Equity Weighting | 36.28 |
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 | 3.40 | 13.28 | 22.27 | 18.84 | 38.70 | 82.13 | 174.29 | 369.90 | 785.02 | 1,666.02 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -22.13 | -28.32 | -66.94 | 110.54 | -73.01 | -126.11 | -267.63 | -567.98 | -1,205.41 | -2,558.21 |
EBIT | -22.29 | -29.30 | -68.12 | 106.63 | -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 | -68.12 | 106.63 | -79.64 | -135.16 | -286.85 | -608.77 | -1,291.97 | -2,741.91 |
Depreciation | 0.16 | 0.97 | 1.18 | 3.92 | 6.63 | 9.05 | 19.22 | 40.78 | 86.55 | 183.67 |
Accounts Receivable | - | - | -7.27 | 7.27 | -4.51 | -5.32 | -11.29 | -23.97 | -50.87 | -107.96 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -1.74 | 0.69 | 0.88 | -0.74 | 15.34 | 19.03 | 40.38 | 85.70 | 181.88 |
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 | -83.17 | 111.32 | -82.25 | -143.74 | -318.59 | -676.14 | -1,434.96 | -3,045.37 |
WACC | ||||||||||
PV UFCF | -133.24 | -273.75 | -538.54 | -1,059.44 | -2,084.18 | |||||
SUM PV UFCF | -4,089.15 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.88 |
Free cash flow (t + 1) | -3,106.27 |
Terminal Value | -52,827.77 |
Present Value of Terminal Value | -36,154.11 |
Intrinsic Value
Enterprise Value | -40,243.25 |
---|---|
Net Debt | 22.68 |
Equity Value | -40,265.93 |
Shares Outstanding | 47.60 |
Equity Value Per Share | -845.86 |