Discounted Cash Flow (DCF) Analysis Unlevered

NanoString Technologies, Inc. (NSTG)

$14.44

-0.96 (-6.23%)
All numbers are in Millions, Currency in USD
Stock DCF: -20.99 | 14.44 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 114.91106.73125.57117.32118.87120.44122.03123.64125.27126.93
Revenue (%)
EBITDA -33.85-65.65-27.02-88.68-55.89-56.63-57.38-58.13-58.90-59.68
EBITDA (%)
EBIT -37.21-69.72-31.94-94.42-61.76-61.56-62.37-63.20-64.03-64.88
EBIT (%)
Depreciation 3.354.074.925.745.874.9355.065.135.20
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 77.5594156.85440.73348.89228.75231.77234.83237.94241.08
Total Cash (%)
Account Receivables 19.5617.2827.1531.1040.1327.7328.0928.4628.8429.22
Account Receivables (%)
Inventories 20.0613.1719.7822.9631.4922.0722.3622.6522.9523.26
Inventories (%)
Accounts Payable 4.098.6410.285.3114.288.768.8899.129.24
Accounts Payable (%)
Capital Expenditure -4.28-4.49-7.88-7.46-8.65-6.71-6.79-6.88-6.98-7.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.44
Beta 1.997
Diluted Shares Outstanding 45.30
Cost of Debt
Tax Rate -0.15
After-tax Cost of Debt 2.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.189
Total Debt 251.73
Total Equity 654.12
Total Capital 905.84
Debt Weighting 27.79
Equity Weighting 72.21
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 114.91106.73125.57117.32118.87120.44122.03123.64125.27126.93
EBITDA -33.85-65.65-27.02-88.68-55.89-56.63-57.38-58.13-58.90-59.68
EBIT -37.21-69.72-31.94-94.42-61.76-61.56-62.37-63.20-64.03-64.88
Tax Rate -0.47%-0.32%-0.67%-0.23%-0.15%-0.37%-0.37%-0.37%-0.37%-0.37%
EBIAT -37.38-69.95-32.15-94.63-61.85-61.79-62.60-63.43-64.27-65.12
Depreciation 3.354.074.925.745.874.9355.065.135.20
Accounts Receivable -2.28-9.87-3.95-9.0312.40-0.37-0.37-0.38-0.38
Inventories -6.88-6.61-3.18-8.539.42-0.29-0.30-0.30-0.30
Accounts Payable -4.541.65-4.978.97-5.520.120.120.120.12
Capital Expenditure -4.28-4.49-7.88-7.46-8.65-6.71-6.79-6.88-6.98-7.07
UFCF -38.31-56.65-49.95-108.45-73.21-47.26-64.94-65.80-66.67-67.55
WACC
PV UFCF -73.21-43.11-54.03-49.94-46.15-42.66
SUM PV UFCF -235.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.63
Free cash flow (t + 1) -68.90
Terminal Value -903.03
Present Value of Terminal Value -570.24

Intrinsic Value

Enterprise Value -806.13
Net Debt 144.66
Equity Value -950.78
Shares Outstanding 45.30
Equity Value Per Share -20.99