Discounted Cash Flow (DCF) Analysis Unlevered

Otonomy, Inc. (OTIC)

$0.2708

-0.01 (-2.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.40 | 0.2708 | undervalue

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 1.240.750.600.27000000
Revenue (%)
EBITDA -88.84-49.18-41.93-42.100.800.070.030.020.010
EBITDA (%)
EBIT -90.13-50.36-43.08-43.16-0.05-0.01-0-0-0-0
EBIT (%)
Depreciation 1.291.191.151.060.860.080.040.020.010
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 12097.2860.6786.3477.417.223.361.570.730.34
Total Cash (%)
Account Receivables 0.110.110.050.03000000
Account Receivables (%)
Inventories 0.01000000000
Inventories (%)
Accounts Payable 0.961.031.160.851.090.100.050.020.010
Accounts Payable (%)
Capital Expenditure -1.26-0.50-0.70-0.130.730.070.030.010.010
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.2,708
Beta 1.478
Diluted Shares Outstanding 40.85
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -0.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.939
Total Debt 19.45
Total Equity 11.06
Total Capital 30.51
Debt Weighting 63.75
Equity Weighting 36.25
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 1.240.750.600.27000000
EBITDA -88.84-49.18-41.93-42.100.800.070.030.020.010
EBIT -90.13-50.36-43.08-43.16-0.05-0.01-0-0-0-0
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -90.13-50.36-43.08-43.16-0.05-0.01-0-0-0-0
Depreciation 1.291.191.151.060.860.080.040.020.010
Accounts Receivable --00.060.020.0300000
Inventories -000000000
Accounts Payable -0.070.13-0.310.24-0.99-0.05-0.03-0.01-0.01
Capital Expenditure -1.26-0.50-0.70-0.130.730.070.030.010.010
UFCF -90.10-49.60-42.44-42.521.80-0.850.01000
WACC
PV UFCF -0.820.01000
SUM PV UFCF -0.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.96
Free cash flow (t + 1) 0
Terminal Value 0.05
Present Value of Terminal Value 0.04

Intrinsic Value

Enterprise Value -0.76
Net Debt -57.96
Equity Value 57.20
Shares Outstanding 40.85
Equity Value Per Share 1.40