Discounted Cash Flow (DCF) Analysis Unlevered

Quanterix Corporation (QTRX)

$13.1

-0.01 (-0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -196.28 | 13.1 | overvalue

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 22.8737.6356.7386.38110.56164.60245.05364.83543.16808.66
Revenue (%)
EBITDA -25.59-30.20-38.60-27.59-53.20-112-166.75-248.25-369.60-550.26
EBITDA (%)
EBIT -26.07-31.56-41.61-31.91-58.06-118.71-176.74-263.13-391.74-583.22
EBIT (%)
Depreciation 0.481.353.014.314.856.719.9914.8722.1432.97
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 79.6844.43109.16181.58396.46404.13601.67895.771,333.621,985.49
Total Cash (%)
Account Receivables 5.606.7910.9117.1823.7933.9650.5675.27112.06166.84
Account Receivables (%)
Inventories 3.575.9410.4614.8622.1928.6842.7063.5794.64140.90
Inventories (%)
Accounts Payable 3.555.115.786.8013.0319.4128.8943.0164.0495.34
Accounts Payable (%)
Capital Expenditure -1.13-1.52-10.85-3.93-13.62-14.80-22.04-32.81-48.85-72.73
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.1
Beta 1.314
Diluted Shares Outstanding 36.52
Cost of Debt
Tax Rate 0.06
After-tax Cost of Debt -1.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.770
Total Debt 21.89
Total Equity 478.39
Total Capital 500.28
Debt Weighting 4.38
Equity Weighting 95.62
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 22.8737.6356.7386.38110.56164.60245.05364.83543.16808.66
EBITDA -25.59-30.20-38.60-27.59-53.20-112-166.75-248.25-369.60-550.26
EBIT -26.07-31.56-41.61-31.91-58.06-118.71-176.74-263.13-391.74-583.22
Tax Rate 0.00%-0.08%0.46%1.18%0.06%0.32%0.32%0.32%0.32%0.32%
EBIAT -26.07-31.58-41.42-31.53-58.02-118.33-176.16-262.27-390.47-581.34
Depreciation 0.481.353.014.314.856.719.9914.8722.1432.97
Accounts Receivable --1.19-4.11-6.28-6.60-10.17-16.60-24.71-36.79-54.78
Inventories --2.37-4.52-4.39-7.33-6.49-14.02-20.87-31.07-46.26
Accounts Payable -1.560.671.026.246.379.4914.1221.0331.30
Capital Expenditure -1.13-1.52-10.85-3.93-13.62-14.80-22.04-32.81-48.85-72.73
UFCF -26.72-33.76-57.22-40.80-74.48-136.71-209.35-311.67-464.02-690.83
WACC
PV UFCF -125.12-175.36-238.95-325.60-443.68
SUM PV UFCF -1,308.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.26
Free cash flow (t + 1) -704.65
Terminal Value -9,705.90
Present Value of Terminal Value -6,233.47

Intrinsic Value

Enterprise Value -7,542.19
Net Debt -374.57
Equity Value -7,167.62
Shares Outstanding 36.52
Equity Value Per Share -196.28