Discounted Cash Flow (DCF) Analysis Unlevered

NeuroMetrix, Inc. (NURO)

$3.78

-0.24 (-5.97%)
All numbers are in Millions, Currency in USD
Stock DCF: -Infinity | 3.78 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 9.277.388.258.265.905.354.864.4143.63
Revenue (%)
EBITDA -11.53-2.09-2.28-4.74-7.15-3.85-3.49-3.17-2.87-2.61
EBITDA (%)
EBIT -11.66-2.18-2.36-4.79-7.07-3.87-3.52-3.19-2.89-2.63
EBIT (%)
Depreciation 0.120.090.080.05-0.080.030.030.020.020.02
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 3.135.2322.5721.201810.069.138.297.526.82
Total Cash (%)
Account Receivables 0.490.330.310.650.520.320.290.270.240.22
Account Receivables (%)
Inventories 1.161.050.711.611.560.870.790.720.650.59
Inventories (%)
Accounts Payable 0.730.140.280.370.220.230.210.190.170.15
Accounts Payable (%)
Capital Expenditure -0.05-0.04-0.04-0.04-0.03-0.03-0.03-0.02-0.02-0.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.78
Beta 2.270
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.924
Total Debt 0.09
Total Equity -
Total Capital 0.09
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 9.277.388.258.265.905.354.864.4143.63
EBITDA -11.53-2.09-2.28-4.74-7.15-3.85-3.49-3.17-2.87-2.61
EBIT -11.66-2.18-2.36-4.79-7.07-3.87-3.52-3.19-2.89-2.63
Tax Rate 3.29%4.30%3.35%1.12%0.00%2.41%2.41%2.41%2.41%2.41%
EBIAT -11.28-2.09-2.28-4.74-7.07-3.78-3.43-3.11-2.82-2.56
Depreciation 0.120.090.080.05-0.080.030.030.020.020.02
Accounts Receivable -0.150.02-0.340.130.200.030.030.020.02
Inventories -0.110.34-0.910.060.690.080.070.070.06
Accounts Payable --0.580.140.08-0.150.01-0.02-0.02-0.02-0.02
Capital Expenditure -0.05-0.04-0.13-0.02-0.18-0.03-0.03-0.02-0.02-0.02
UFCF -11.20-2.36-1.74-5.89-7.15-2.88-3.34-3.03-2.75-2.50
WACC
PV UFCF -2.75-3.03-2.62-2.26-1.96
SUM PV UFCF -12.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.00
Free cash flow (t + 1) -2.55
Terminal Value -84.84
Present Value of Terminal Value -66.48

Intrinsic Value

Enterprise Value -79.09
Net Debt 18.09
Equity Value -97.18
Shares Outstanding -
Equity Value Per Share -Infinity