Discounted Cash Flow (DCF) Analysis Unlevered
Myomo, Inc. (MYO)
$0.5343
+0.02 (+4.76%)
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 | 2.44 | 3.84 | 7.58 | 13.86 | 15.56 | 25.26 | 41.03 | 66.62 | 108.20 | 175.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -10.25 | -10.62 | -10.98 | -9.93 | -10.02 | -49.35 | -80.15 | -130.16 | -211.38 | -343.28 |
| EBITDA (%) | ||||||||||
| EBIT | -10.32 | -10.71 | -11.09 | -10.27 | -10.56 | -49.99 | -81.19 | -131.85 | -214.12 | -347.74 |
| EBIT (%) | ||||||||||
| Depreciation | 0.07 | 0.10 | 0.11 | 0.34 | 0.54 | 0.64 | 1.04 | 1.69 | 2.74 | 4.45 |
| 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 | 6.54 | 4.47 | 12.24 | 15.52 | 5.35 | 34.95 | 56.76 | 92.18 | 149.70 | 243.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.38 | 0.42 | 0.92 | 1.96 | 1.90 | 3.30 | 5.35 | 8.69 | 14.12 | 22.92 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.26 | 0.44 | 0.71 | 0.81 | 1.40 | 2.33 | 3.78 | 6.14 | 9.97 | 16.20 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.43 | 0.45 | 0.18 | 0.72 | 0.57 | 2.04 | 3.32 | 5.39 | 8.75 | 14.22 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.13 | -0.05 | -0.05 | -0.33 | -0.11 | -0.52 | -0.84 | -1.36 | -2.21 | -3.59 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.5,343 |
|---|---|
| Beta | 0.837 |
| Diluted Shares Outstanding | 0 |
| Cost of Debt | |
| Tax Rate | -0.66 |
| After-tax Cost of Debt | 16.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.761 |
| Total Debt | 0.55 |
| Total Equity | 0 |
| Total Capital | 0.55 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| 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 | 2.44 | 3.84 | 7.58 | 13.86 | 15.56 | 25.26 | 41.03 | 66.62 | 108.20 | 175.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -10.25 | -10.62 | -10.98 | -9.93 | -10.02 | -49.35 | -80.15 | -130.16 | -211.38 | -343.28 |
| EBIT | -10.32 | -10.71 | -11.09 | -10.27 | -10.56 | -49.99 | -81.19 | -131.85 | -214.12 | -347.74 |
| Tax Rate | 0.00% | 0.00% | 0.00% | -0.86% | -0.66% | -0.30% | -0.30% | -0.30% | -0.30% | -0.30% |
| EBIAT | -10.32 | -10.71 | -11.09 | -10.36 | -10.63 | -50.14 | -81.44 | -132.25 | -214.78 | -348.80 |
| Depreciation | 0.07 | 0.10 | 0.11 | 0.34 | 0.54 | 0.64 | 1.04 | 1.69 | 2.74 | 4.45 |
| Accounts Receivable | - | -0.04 | -0.50 | -1.04 | 0.06 | -1.40 | -2.06 | -3.34 | -5.42 | -8.81 |
| Inventories | - | -0.18 | -0.27 | -0.10 | -0.59 | -0.93 | -1.45 | -2.36 | -3.83 | -6.22 |
| Accounts Payable | - | 0.02 | -0.27 | 0.54 | -0.15 | 1.47 | 1.28 | 2.07 | 3.36 | 5.46 |
| Capital Expenditure | -0.13 | -0.05 | -0.05 | -0.33 | -0.11 | -0.52 | -0.84 | -1.36 | -2.21 | -3.59 |
| UFCF | -10.37 | -10.87 | -12.06 | -10.94 | -10.88 | -50.87 | -83.47 | -135.55 | -220.14 | -357.51 |
| WACC | ||||||||||
| PV UFCF | -43.85 | -62.01 | -86.80 | -121.50 | -170.07 | |||||
| SUM PV UFCF | -484.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 16.02 |
| Free cash flow (t + 1) | -364.66 |
| Terminal Value | -2,600.96 |
| Present Value of Terminal Value | -1,237.29 |
Intrinsic Value
| Enterprise Value | -1,721.51 |
|---|---|
| Net Debt | -4.79 |
| Equity Value | -1,716.71 |
| Shares Outstanding | 0 |
| Equity Value Per Share | -1,716,713,773.15 |