Discounted Cash Flow (DCF) Analysis Unlevered
InspireMD, Inc. (NSPR)
$1.73
-0.05 (-2.71%)
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 | 3.60 | 3.72 | 2.49 | 4.50 | 5.17 | 6.02 | 7.02 | 8.18 | 9.53 | 11.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -7.09 | -9.86 | -10.23 | -14.56 | -18.30 | -18.69 | -21.78 | -25.37 | -29.56 | -34.44 |
| EBITDA (%) | ||||||||||
| EBIT | -7.24 | -10.02 | -10.38 | -14.72 | -18.49 | -18.95 | -22.08 | -25.73 | -29.98 | -34.92 |
| EBIT (%) | ||||||||||
| Depreciation | 0.15 | 0.16 | 0.15 | 0.16 | 0.19 | 0.26 | 0.31 | 0.36 | 0.41 | 0.48 |
| 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 | 9.38 | 5.51 | 12.65 | 34.04 | 4.63 | 21.26 | 24.77 | 28.86 | 33.63 | 39.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.82 | 0.97 | 0.95 | 1.39 | 1.52 | 1.78 | 2.07 | 2.41 | 2.81 | 3.27 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.13 | 1.24 | 1.42 | 1.14 | 1.62 | 2.15 | 2.50 | 2.92 | 3.40 | 3.96 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.93 | 0.65 | 0.24 | 0.89 | 0.94 | 1.09 | 1.27 | 1.48 | 1.73 | 2.01 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.07 | -0.28 | -0.09 | -0.34 | -0.47 | -0.36 | -0.42 | -0.49 | -0.57 | -0.66 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.73 |
|---|---|
| Beta | 0.882 |
| Diluted Shares Outstanding | 7.87 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.855 |
| Total Debt | 1.20 |
| Total Equity | 13.62 |
| Total Capital | 14.81 |
| Debt Weighting | 8.07 |
| Equity Weighting | 91.93 |
| 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 | 3.60 | 3.72 | 2.49 | 4.50 | 5.17 | 6.02 | 7.02 | 8.18 | 9.53 | 11.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -7.09 | -9.86 | -10.23 | -14.56 | -18.30 | -18.69 | -21.78 | -25.37 | -29.56 | -34.44 |
| EBIT | -7.24 | -10.02 | -10.38 | -14.72 | -18.49 | -18.95 | -22.08 | -25.73 | -29.98 | -34.92 |
| Tax Rate | 0.00% | -0.24% | -0.04% | -0.30% | 0.00% | -0.12% | -0.12% | -0.12% | -0.12% | -0.12% |
| EBIAT | -7.24 | -10.04 | -10.38 | -14.76 | -18.49 | -18.97 | -22.11 | -25.76 | -30.01 | -34.96 |
| Depreciation | 0.15 | 0.16 | 0.15 | 0.16 | 0.19 | 0.26 | 0.31 | 0.36 | 0.41 | 0.48 |
| Accounts Receivable | - | -0.15 | 0.03 | -0.44 | -0.13 | -0.25 | -0.29 | -0.34 | -0.40 | -0.46 |
| Inventories | - | -0.10 | -0.18 | 0.27 | -0.48 | -0.53 | -0.35 | -0.41 | -0.48 | -0.56 |
| Accounts Payable | - | -0.28 | -0.41 | 0.66 | 0.04 | 0.15 | 0.18 | 0.21 | 0.24 | 0.29 |
| Capital Expenditure | -0.07 | -0.28 | -0.09 | -0.34 | -0.47 | -0.36 | -0.42 | -0.49 | -0.57 | -0.66 |
| UFCF | -7.16 | -10.70 | -10.88 | -14.46 | -19.34 | -19.70 | -22.69 | -26.43 | -30.80 | -35.88 |
| WACC | ||||||||||
| PV UFCF | -18.30 | -19.59 | -21.21 | -22.96 | -24.86 | |||||
| SUM PV UFCF | -106.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.62 |
| Free cash flow (t + 1) | -36.60 |
| Terminal Value | -651.27 |
| Present Value of Terminal Value | -451.12 |
Intrinsic Value
| Enterprise Value | -558.04 |
|---|---|
| Net Debt | -3.44 |
| Equity Value | -554.60 |
| Shares Outstanding | 7.87 |
| Equity Value Per Share | -70.45 |