Discounted Cash Flow (DCF) Analysis Unlevered

Syros Pharmaceuticals, Inc. (SYRS)

$5.34

-0.24 (-4.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -475,339.50 | 5.34 | 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 1.102.051.9815.0923.4970.46211.39634.181,902.545,707.65
Revenue (%)
EBITDA -52.48-60.68-72.72-79.21-79.63-1,727.68-5,183.05-15,549.19-46,647.66-139,943.28
EBITDA (%)
EBIT -54.01-62.28-75.44-82.25-82.65-1,782.25-5,346.77-16,040.33-48,121.10-144,363.62
EBIT (%)
Depreciation 1.531.602.723.043.0254.57163.72491.151,473.444,420.34
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 72.0599.6891.42173.98130.372,498.167,494.4922,483.5367,450.74202,352.66
Total Cash (%)
Account Receivables --20.162.332.98245.49736.482,209.446,628.3419,885.08
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.283.315.853.603.6999.17297.50892.512,677.538,032.60
Accounts Payable (%)
Capital Expenditure -0.82-1.38-12.64-3.34-1.24-113.75-341.24-1,023.72-3,071.18-9,213.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.34
Beta 1.610
Diluted Shares Outstanding 4.61
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.564
Total Debt 65.19
Total Equity 24.59
Total Capital 89.78
Debt Weighting 72.61
Equity Weighting 27.39
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 1.102.051.9815.0923.4970.46211.39634.181,902.545,707.65
EBITDA -52.48-60.68-72.72-79.21-79.63-1,727.68-5,183.05-15,549.19-46,647.66-139,943.28
EBIT -54.01-62.28-75.44-82.25-82.65-1,782.25-5,346.77-16,040.33-48,121.10-144,363.62
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -54.01-62.28-75.44-82.25-82.65-1,782.25-5,346.77-16,040.33-48,121.10-144,363.62
Depreciation 1.531.602.723.043.0254.57163.72491.151,473.444,420.34
Accounts Receivable ---17.83-0.65-242.51-490.99-1,472.96-4,418.90-13,256.73
Inventories ----------
Accounts Payable -1.032.54-2.250.0995.48198.33595.011,785.025,355.07
Capital Expenditure -0.82-1.38-12.64-3.34-1.25-113.75-341.24-1,023.72-3,071.18-9,213.55
UFCF -53.30-61.03-82.81-66.97-81.44-1,988.46-5,816.94-17,450.87-52,352.71-157,058.49
WACC
PV UFCF -1,849.39-5,031.72-14,039.42-39,172.58-109,298.73
SUM PV UFCF -169,391.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.52
Free cash flow (t + 1) -160,199.66
Terminal Value -2,902,167.72
Present Value of Terminal Value -2,019,650.53

Intrinsic Value

Enterprise Value -2,189,042.38
Net Debt -27.11
Equity Value -2,189,015.27
Shares Outstanding 4.61
Equity Value Per Share -475,339.50