Discounted Cash Flow (DCF) Analysis Unlevered
Molecular Templates, Inc. (MTEM)
$0.53
+0.01 (+2.91%)
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 | $ 0.53 |
|---|---|
| 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 | 3.40 | 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 | -133.28 | -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 |