Discounted Cash Flow (DCF) Analysis Unlevered
Plus Therapeutics, Inc. (PSTV)
$1.25
-0.03 (0.00%)
All numbers are in Millions, Currency in USD
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 | 2.98 | 7 | 0.30 | 0.36 | 0.43 | 0.52 | 0.62 | 0.74 | 0.88 | 1.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2 | 0.90 | 0.37 | 0.40 | 0.62 | 0.47 | 0.56 | 0.67 | 0.80 | 0.95 |
| 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 | 5.26 | 17.55 | 8.35 | 18.40 | 18.12 | 12.87 | 15.37 | 18.36 | 21.94 | 26.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.23 | 1.17 | 0.06 | 0.01 | 0.05 | 0.06 | 0.07 | 0.08 | 0.10 | 0.12 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.11 | 0.11 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.72 | 0.33 | 0.79 | 2.61 | 8.36 | 3.04 | 3.63 | 4.34 | 5.19 | 6.20 |
| 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 | 2.98 | 7 | 0.30 | 0.36 | 0.43 | 0.52 | 0.62 | 0.74 | 0.88 | 1.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2 | 0.90 | 0.37 | 0.40 | 0.62 | 0.47 | 0.56 | 0.67 | 0.80 | 0.95 |
| Accounts Receivable | - | -0.94 | 1.11 | 0.05 | -0.04 | -0.01 | -0.01 | -0.01 | -0.02 | -0.02 |
| Inventories | - | 0 | 0.10 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | -0.39 | 0.46 | 1.82 | 5.75 | -5.32 | 0.59 | 0.71 | 0.85 | 1.01 |
| 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 |