Discounted Cash Flow (DCF) Analysis Unlevered

Plus Therapeutics, Inc. (PSTV)

$1.25

-0.03 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -25.82 | 1.25 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2.9870.300.360.430.520.620.740.881.05
Revenue (%)
EBITDA -6.72-2.71-9.17-12.01-18.95-11.35-13.56-16.20-19.36-23.12
EBITDA (%)
EBIT -8.72-3.60-9.53-12.41-19.56-11.82-14.12-16.87-20.16-24.08
EBIT (%)
Depreciation 20.900.370.400.620.470.560.670.800.95
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 5.2617.558.3518.4018.1212.8715.3718.3621.9426.21
Total Cash (%)
Account Receivables 0.231.170.060.010.050.060.070.080.100.12
Account Receivables (%)
Inventories 0.110.110.010.010.010.010.020.020.020.03
Inventories (%)
Accounts Payable 0.720.330.792.618.363.043.634.345.196.20
Accounts Payable (%)
Capital Expenditure -0.13-0.07-0.49-0.14-0.51-0.34-0.40-0.48-0.57-0.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.25
Beta 0.334
Diluted Shares Outstanding 26.26
Cost of Debt
Tax Rate -2.78
After-tax Cost of Debt 12.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.120
Total Debt 5.64
Total Equity 32.82
Total Capital 38.46
Debt Weighting 14.68
Equity Weighting 85.32
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2.9870.300.360.430.520.620.740.881.05
EBITDA -6.72-2.71-9.17-12.01-18.95-11.35-13.56-16.20-19.36-23.12
EBIT -8.72-3.60-9.53-12.41-19.56-11.82-14.12-16.87-20.16-24.08
Tax Rate -42.31%-288.12%-13.43%-6.96%-2.78%-70.72%-70.72%-70.72%-70.72%-70.72%
EBIAT -12.41-13.98-10.81-13.27-20.11-20.18-24.11-28.80-34.41-41.11
Depreciation 20.900.370.400.620.470.560.670.800.95
Accounts Receivable --0.941.110.05-0.04-0.01-0.01-0.01-0.02-0.02
Inventories -00.10-0-0-0-0-0-0-0
Accounts Payable --0.390.461.825.75-5.320.590.710.851.01
Capital Expenditure -0.13-0.07-0.49-0.14-0.51-0.34-0.40-0.48-0.57-0.69
UFCF -10.54-14.48-9.27-11.15-14.29-25.38-23.38-27.92-33.36-39.85
WACC
PV UFCF -11.93-14.29-23.71-20.39-22.75-25.38-28.32
SUM PV UFCF -120.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.07
Free cash flow (t + 1) -40.65
Terminal Value -801.76
Present Value of Terminal Value -569.78

Intrinsic Value

Enterprise Value -690.33
Net Debt -12.47
Equity Value -677.85
Shares Outstanding 26.26
Equity Value Per Share -25.82