Discounted Cash Flow (DCF) Analysis Unlevered
NovaBay Pharmaceuticals, Inc. (NBY)
$2.29
+0.27 (+13.37%)
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 | 18.23 | 12.51 | 6.60 | 9.93 | 8.42 | 7.51 | 6.70 | 5.97 | 5.32 | 4.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -7.30 | -6.27 | -9.59 | -10.98 | -5.71 | -6.21 | -5.54 | -4.94 | -4.41 | -3.93 |
| EBITDA (%) | ||||||||||
| EBIT | -7.40 | -6.54 | -9.65 | -11.03 | -5.82 | -6.30 | -5.62 | -5.01 | -4.47 | -3.98 |
| EBIT (%) | ||||||||||
| Depreciation | 0.09 | 0.27 | 0.07 | 0.05 | 0.12 | 0.08 | 0.07 | 0.07 | 0.06 | 0.05 |
| 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 | 3.20 | 3.18 | 6.94 | 11.95 | 7.50 | 5.37 | 4.79 | 4.27 | 3.81 | 3.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.72 | 3.49 | 1.07 | 1.11 | 1.67 | 1.43 | 1.28 | 1.14 | 1.02 | 0.91 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.50 | 0.28 | 0.49 | 0.61 | 3.22 | 0.85 | 0.76 | 0.68 | 0.60 | 0.54 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.47 | 0.55 | 0.33 | 0.30 | 1.04 | 0.41 | 0.37 | 0.33 | 0.29 | 0.26 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.24 | -0.04 | -0.02 | -0.03 | -0.05 | -0.04 | -0.04 | -0.03 | -0.03 | -0.03 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.29 |
|---|---|
| Beta | 2.712 |
| Diluted Shares Outstanding | 0.62 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.320 |
| Total Debt | 0.55 |
| Total Equity | 1.42 |
| Total Capital | 1.97 |
| Debt Weighting | 28.01 |
| Equity Weighting | 71.99 |
| 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 | 18.23 | 12.51 | 6.60 | 9.93 | 8.42 | 7.51 | 6.70 | 5.97 | 5.32 | 4.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -7.30 | -6.27 | -9.59 | -10.98 | -5.71 | -6.21 | -5.54 | -4.94 | -4.41 | -3.93 |
| EBIT | -7.40 | -6.54 | -9.65 | -11.03 | -5.82 | -6.30 | -5.62 | -5.01 | -4.47 | -3.98 |
| Tax Rate | -0.04% | -0.06% | -0.06% | -0.05% | 0.00% | -0.04% | -0.04% | -0.04% | -0.04% | -0.04% |
| EBIAT | -7.40 | -6.54 | -9.66 | -11.04 | -5.82 | -6.30 | -5.62 | -5.01 | -4.47 | -3.98 |
| Depreciation | 0.09 | 0.27 | 0.07 | 0.05 | 0.12 | 0.08 | 0.07 | 0.07 | 0.06 | 0.05 |
| Accounts Receivable | - | 0.22 | 2.43 | -0.04 | -0.56 | 0.24 | 0.16 | 0.14 | 0.12 | 0.11 |
| Inventories | - | 0.22 | -0.21 | -0.12 | -2.61 | 2.37 | 0.09 | 0.08 | 0.07 | 0.07 |
| Accounts Payable | - | 0.09 | -0.22 | -0.03 | 0.74 | -0.63 | -0.04 | -0.04 | -0.04 | -0.03 |
| Capital Expenditure | -0.24 | -0.04 | -0.02 | -0.03 | -0.05 | -0.04 | -0.04 | -0.03 | -0.03 | -0.03 |
| UFCF | -7.55 | -5.79 | -7.62 | -11.20 | -8.19 | -4.29 | -5.38 | -4.80 | -4.28 | -3.81 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -3.89 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -6.95 |
| Equity Value | - |
| Shares Outstanding | 0.62 |
| Equity Value Per Share | - |