Discounted Cash Flow (DCF) Analysis Unlevered
Nanobiotix S.A. (NANO.PA)
3.585 €
-0.03 (-0.97%)
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 | 0.25 | 0.12 | 0.07 | 0.05 | 0.01 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -25.63 | -28.28 | -44.35 | -31.49 | -44.85 | -6.06 | -3 | -1.49 | -0.74 | -0.37 |
| EBITDA (%) | ||||||||||
| EBIT | -26.03 | -28.90 | -46.12 | -33.25 | -46.41 | -6.28 | -3.11 | -1.54 | -0.76 | -0.38 |
| EBIT (%) | ||||||||||
| Depreciation | 0.40 | 0.62 | 1.77 | 1.75 | 1.56 | 0.22 | 0.11 | 0.05 | 0.03 | 0.01 |
| 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 | 47.21 | 36.20 | 35.09 | 119.15 | 83.92 | 11.68 | 5.79 | 2.87 | 1.42 | 0.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | 8.36 | 3.88 | 1 | 0.50 | 0.25 | 0.12 | 0.06 | 0.03 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.14 | 6.51 | 6.15 | 5.57 | 0.70 | 0.34 | 0.17 | 0.08 | 0.04 | 0.02 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | -0.51 | -1.44 | -0.11 | -0.23 | -0.06 | -0.03 | -0.02 | -0.01 | -0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.585 |
|---|---|
| Beta | 1.885 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | -0.01 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.532 |
| Total Debt | - |
| Total Equity | 385.34 |
| Total Capital | 385.34 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 0.25 | 0.12 | 0.07 | 0.05 | 0.01 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -25.63 | -28.28 | -44.35 | -31.49 | -44.85 | -6.06 | -3 | -1.49 | -0.74 | -0.37 |
| EBIT | -26.03 | -28.90 | -46.12 | -33.25 | -46.41 | -6.28 | -3.11 | -1.54 | -0.76 | -0.38 |
| Tax Rate | -0.00% | 0.00% | -0.01% | 0.07% | -0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| EBIAT | -26.03 | -28.90 | -46.12 | -33.22 | -46.41 | -6.28 | -3.11 | -1.54 | -0.76 | -0.38 |
| Depreciation | 0.40 | 0.62 | 1.77 | 1.75 | 1.56 | 0.22 | 0.11 | 0.05 | 0.03 | 0.01 |
| Accounts Receivable | - | - | - | 4.48 | 2.88 | 0.51 | 0.25 | 0.12 | 0.06 | 0.03 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.37 | -0.36 | -0.58 | -4.88 | -0.35 | -0.17 | -0.09 | -0.04 | -0.02 |
| Capital Expenditure | - | -0.51 | -1.44 | -0.11 | -0.23 | -0.06 | -0.03 | -0.02 | -0.01 | -0 |
| UFCF | -25.63 | -27.42 | -46.16 | -27.67 | -47.09 | -5.96 | -2.96 | -1.46 | -0.73 | -0.36 |
| WACC | ||||||||||
| PV UFCF | -5.30 | -2.33 | -1.03 | -0.45 | -0.20 | |||||
| SUM PV UFCF | -9.31 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.53 |
| Free cash flow (t + 1) | -0.37 |
| Terminal Value | -3.48 |
| Present Value of Terminal Value | -1.93 |
Intrinsic Value
| Enterprise Value | -11.24 |
|---|---|
| Net Debt | -83.92 |
| Equity Value | 72.68 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | 0.68 |