Discounted Cash Flow (DCF) Analysis Unlevered

Ra Medical Systems, Inc. (RMED)

$0.129

+0.00 (+2.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -12.09 | 0.129 | 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 5.876.267.204.400.020.020.010.010.010
Revenue (%)
EBITDA -17.54-30.18-54.94-33.56-25.69-3.71-2.63-1.86-1.32-0.93
EBITDA (%)
EBIT -17.76-30.81-56.69-35.93-27.26-3.94-2.79-1.97-1.40-0.99
EBIT (%)
Depreciation 0.220.621.752.371.560.220.160.110.080.06
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 8.2464.3130.5823.9115.052.201.561.100.780.55
Total Cash (%)
Account Receivables 0.521.320.790.240.0200000
Account Receivables (%)
Inventories 1.202.102.782.220.990.140.100.070.050.04
Inventories (%)
Accounts Payable 0.431.131.530.570.990.140.100.070.050.04
Accounts Payable (%)
Capital Expenditure -0.55-0.58-0.27-0.070.590.080.060.040.030.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.129
Beta 1.043
Diluted Shares Outstanding 1.70
Cost of Debt
Tax Rate 8.02
After-tax Cost of Debt 4.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.618
Total Debt 2.26
Total Equity 0.22
Total Capital 2.48
Debt Weighting 91.17
Equity Weighting 8.83
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 5.876.267.204.400.020.020.010.010.010
EBITDA -17.54-30.18-54.94-33.56-25.69-3.71-2.63-1.86-1.32-0.93
EBIT -17.76-30.81-56.69-35.93-27.26-3.94-2.79-1.97-1.40-0.99
Tax Rate -0.01%-0.03%-0.03%-0.02%8.02%1.59%1.59%1.59%1.59%1.59%
EBIAT -17.76-30.82-56.71-35.94-25.07-3.87-2.74-1.94-1.38-0.98
Depreciation 0.220.621.752.371.560.220.160.110.080.06
Accounts Receivable --0.800.530.550.220.020000
Inventories --0.90-0.680.561.230.840.040.030.020.01
Accounts Payable -0.700.41-0.960.42-0.85-0.04-0.03-0.02-0.01
Capital Expenditure -0.55-0.58-0.27-0.070.590.080.060.040.030.02
UFCF -18.09-31.78-54.96-33.49-21.05-3.55-2.52-1.79-1.27-0.90
WACC
PV UFCF -3.39-2.29-1.55-1.04-0.70
SUM PV UFCF -8.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.95
Free cash flow (t + 1) -0.91
Terminal Value -31.01
Present Value of Terminal Value -24.36

Intrinsic Value

Enterprise Value -33.33
Net Debt -12.78
Equity Value -20.55
Shares Outstanding 1.70
Equity Value Per Share -12.09