Discounted Cash Flow (DCF) Analysis Unlevered

Quanterix Corporation (QTRX)

$27

+3.04 (+12.69%)
All numbers are in Millions, Currency in USD
Stock DCF: -47.72 | 27 | 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 56.7386.38110.56104.95122.37150.44184.96227.39279.55343.69
Revenue (%)
EBITDA -41.61-31.58-58.59-43.01-49.70-73.56-90.44-111.19-136.70-168.06
EBITDA (%)
EBIT -44.62-35.90-63.44-48.36-58.08-81.58-100.29-123.30-151.59-186.36
EBIT (%)
Depreciation 3.014.314.855.358.388.019.8512.1114.8918.30
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 109.16181.58396.47338.74321.32405.16498.11612.39752.88925.60
Total Cash (%)
Account Receivables 10.9117.1823.7919.0225.4129.9436.8145.2655.6468.41
Account Receivables (%)
Inventories 10.4614.8622.1916.7922.3627.0733.2940.9250.3161.85
Inventories (%)
Accounts Payable 5.786.809.213.845.0510.2812.6415.5419.1023.48
Accounts Payable (%)
Capital Expenditure -10.85-3.93-13.62-11.73-3.79-15.12-18.59-22.85-28.10-34.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27
Beta 1.317
Diluted Shares Outstanding 37.59
Cost of Debt
Tax Rate -2.27
After-tax Cost of Debt 38.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.375
Total Debt 41.46
Total Equity 1,015.04
Total Capital 1,056.50
Debt Weighting 3.92
Equity Weighting 96.08
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 56.7386.38110.56104.95122.37150.44184.96227.39279.55343.69
EBITDA -41.61-31.58-58.59-43.01-49.70-73.56-90.44-111.19-136.70-168.06
EBIT -44.62-35.90-63.44-48.36-58.08-81.58-100.29-123.30-151.59-186.36
Tax Rate 0.46%1.18%0.06%-0.07%-2.27%-0.13%-0.13%-0.13%-0.13%-0.13%
EBIAT -44.42-35.47-63.40-48.39-59.40-81.68-100.42-123.46-151.78-186.60
Depreciation 3.014.314.855.358.388.019.8512.1114.8918.30
Accounts Receivable --6.28-6.604.77-6.40-4.53-6.87-8.45-10.38-12.77
Inventories --4.39-7.335.40-5.58-4.71-6.21-7.64-9.39-11.54
Accounts Payable -1.022.41-5.371.215.232.362.903.564.38
Capital Expenditure -10.85-3.93-13.62-11.73-3.79-15.12-18.59-22.85-28.10-34.54
UFCF -52.25-44.74-83.69-49.97-65.57-92.80-119.88-147.39-181.20-222.77
WACC
PV UFCF -83.25-96.48-106.41-117.36-129.44
SUM PV UFCF -532.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.47
Free cash flow (t + 1) -227.22
Terminal Value -2,399.41
Present Value of Terminal Value -1,394.17

Intrinsic Value

Enterprise Value -1,927.11
Net Debt -132.96
Equity Value -1,794.15
Shares Outstanding 37.59
Equity Value Per Share -47.72