Discounted Cash Flow (DCF) Analysis Unlevered

STAAR Surgical Company (STAA)

$68.43

-3.47 (-4.83%)
All numbers are in Millions, Currency in USD
Stock DCF: -17.86 | 68.43 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 90.61123.95169.57231.96317.32434.09593.83812.341,111.271,520.19
Revenue (%)
EBITDA 0.959.277.229.8813.5218.4925.3034.6147.3564.77
EBITDA (%)
EBIT -2.416.802.403.284.496.158.4111.5015.7321.52
EBIT (%)
Depreciation 3.352.464.826.609.0312.3516.8923.1131.6143.24
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 18.52103.8888.38120.90165.39226.25309.51423.40579.20792.34
Total Cash (%)
Account Receivables 19.4927.7137.1850.8769.5895.19130.22178.14243.69333.36
Account Receivables (%)
Inventories 13.3116.7023.8832.6744.6961.1383.63114.40156.49214.08
Inventories (%)
Accounts Payable 6.036.5210.1113.8318.9125.8735.4048.4266.2490.61
Accounts Payable (%)
Capital Expenditure -1.05-2.25-2.51-3.44-4.71-6.44-8.81-12.05-16.48-22.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 68.43
Beta 1.066
Diluted Shares Outstanding 49.46
Cost of Debt
Tax Rate 21.73
After-tax Cost of Debt -0.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.584
Total Debt 32.06
Total Equity 3,384.27
Total Capital 3,416.34
Debt Weighting 0.94
Equity Weighting 99.06
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 90.61123.95169.57231.96317.32434.09593.83812.341,111.271,520.19
EBITDA 0.959.277.229.8813.5218.4925.3034.6147.3564.77
EBIT -2.416.802.403.284.496.158.4111.5015.7321.52
Tax Rate 6.84%25.17%11.47%-7.85%21.73%11.47%11.47%11.47%11.47%11.47%
EBIAT -2.245.092.133.543.525.447.4410.1813.9319.05
Depreciation 3.352.464.826.609.0312.3516.8923.1131.6143.24
Accounts Receivable --8.22-9.48-13.68-18.72-25.61-35.03-47.92-65.55-89.67
Inventories --3.39-7.18-8.79-12.02-16.44-22.49-30.77-42.10-57.59
Accounts Payable -0.493.583.725.096.969.5213.0317.8224.37
Capital Expenditure -1.05-2.25-2.51-10.18-13.64-6.44-8.81-12.05-16.48-22.54
UFCF 0.06-5.82-8.63-12.05-17.81-23.74-32.47-44.42-60.77-83.13
WACC
PV UFCF -10.16-13.07-17.81-21.88-27.58-34.78-43.85-55.28
SUM PV UFCF -183.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.50
Free cash flow (t + 1) -84.79
Terminal Value -1,304.45
Present Value of Terminal Value -867.52

Intrinsic Value

Enterprise Value -1,050.89
Net Debt -167.65
Equity Value -883.24
Shares Outstanding 49.46
Equity Value Per Share -17.86