Discounted Cash Flow (DCF) Analysis Unlevered
TELA Bio, Inc. (TELA)
$11.6285
+0.10 (+0.85%)
All numbers are in Millions, Currency in USD
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 | 4.25 | 8.27 | 15.45 | 18.21 | 29.46 | 48.71 | 80.52 | 133.12 | 220.07 | 363.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -16.01 | -18.04 | -18.23 | -24.71 | -36.34 | -94.72 | -156.59 | -258.88 | -427.98 | -707.53 |
| EBITDA (%) | ||||||||||
| EBIT | -16.78 | -19.29 | -18.82 | -25.23 | -36.87 | -98.76 | -163.27 | -269.92 | -446.23 | -737.71 |
| EBIT (%) | ||||||||||
| Depreciation | 0.76 | 1.25 | 0.58 | 0.52 | 0.54 | 4.04 | 6.68 | 11.04 | 18.26 | 30.18 |
| 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 | 11.35 | 17.28 | 54.59 | 74.39 | 43.93 | 135.12 | 223.38 | 369.30 | 610.52 | 1,009.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.76 | 1.30 | 2.84 | 2.68 | 4.23 | 7.89 | 13.04 | 21.56 | 35.64 | 58.93 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.82 | 4.35 | 4.60 | 3.91 | 7.66 | 16.81 | 27.79 | 45.94 | 75.95 | 125.56 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.51 | 3.42 | 3.17 | 0.65 | 2.41 | 10.63 | 17.58 | 29.06 | 48.04 | 79.42 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.11 | -1.56 | -2.70 | -0.17 | -0.63 | -4.10 | -6.78 | -11.20 | -18.52 | -30.61 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 11.6,285 |
|---|---|
| Beta | 0.985 |
| Diluted Shares Outstanding | 12.93 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -11.42% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.186 |
| Total Debt | 31.49 |
| Total Equity | 150.41 |
| Total Capital | 181.90 |
| Debt Weighting | 17.31 |
| Equity Weighting | 82.69 |
| 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 | 4.25 | 8.27 | 15.45 | 18.21 | 29.46 | 48.71 | 80.52 | 133.12 | 220.07 | 363.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -16.01 | -18.04 | -18.23 | -24.71 | -36.34 | -94.72 | -156.59 | -258.88 | -427.98 | -707.53 |
| EBIT | -16.78 | -19.29 | -18.82 | -25.23 | -36.87 | -98.76 | -163.27 | -269.92 | -446.23 | -737.71 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -16.78 | -19.29 | -18.82 | -25.23 | -36.87 | -98.76 | -163.27 | -269.92 | -446.23 | -737.71 |
| Depreciation | 0.76 | 1.25 | 0.58 | 0.52 | 0.54 | 4.04 | 6.68 | 11.04 | 18.26 | 30.18 |
| Accounts Receivable | - | -0.54 | -1.54 | 0.15 | -1.55 | -3.66 | -5.15 | -8.52 | -14.08 | -23.28 |
| Inventories | - | -2.53 | -0.26 | 0.70 | -3.75 | -9.15 | -10.98 | -18.15 | -30.01 | -49.61 |
| Accounts Payable | - | 1.91 | -0.25 | -2.52 | 1.76 | 8.22 | 6.95 | 11.48 | 18.98 | 31.38 |
| Capital Expenditure | -0.11 | -1.56 | -2.70 | -0.17 | -0.63 | -4.10 | -6.78 | -11.20 | -18.52 | -30.61 |
| UFCF | -16.13 | -20.76 | -22.97 | -26.54 | -40.50 | -103.41 | -172.56 | -285.27 | -471.60 | -779.65 |
| WACC | ||||||||||
| PV UFCF | -98.68 | -157.14 | -247.91 | -391.11 | -617.02 | |||||
| SUM PV UFCF | -1,511.87 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.79 |
| Free cash flow (t + 1) | -795.24 |
| Terminal Value | -28,503.40 |
| Present Value of Terminal Value | -22,557.84 |
Intrinsic Value
| Enterprise Value | -24,069.70 |
|---|---|
| Net Debt | -12.44 |
| Equity Value | -24,057.26 |
| Shares Outstanding | 12.93 |
| Equity Value Per Share | -1,859.94 |