Discounted Cash Flow (DCF) Analysis Unlevered

TELA Bio, Inc. (TELA)

$8.6

+0.22 (+2.63%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,888.86 | 8.6 | 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 4.258.2715.4518.2129.4648.7180.52133.12220.07363.82
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 0.761.250.580.520.544.046.6811.0418.2630.18
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 11.3517.2854.5974.3943.93135.12223.38369.30610.521,009.30
Total Cash (%)
Account Receivables 0.761.302.842.684.237.8913.0421.5635.6458.93
Account Receivables (%)
Inventories 1.824.354.603.917.6616.8127.7945.9475.95125.56
Inventories (%)
Accounts Payable 1.513.423.170.652.4110.6317.5829.0648.0479.42
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 $ 8.6
Beta 1.214
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 9.331
Total Debt 31.49
Total Equity 111.24
Total Capital 142.73
Debt Weighting 22.06
Equity Weighting 77.94
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 4.258.2715.4518.2129.4648.7180.52133.12220.07363.82
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 0.761.250.580.520.544.046.6811.0418.2630.18
Accounts Receivable --0.54-1.540.15-1.55-3.66-5.15-8.52-14.08-23.28
Inventories --2.53-0.260.70-3.75-9.15-10.98-18.15-30.01-49.61
Accounts Payable -1.91-0.25-2.521.768.226.9511.4818.9831.38
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 -98.72-157.26-248.20-391.71-618.20
SUM PV UFCF -1,514.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.75
Free cash flow (t + 1) -795.24
Terminal Value -28,917.99
Present Value of Terminal Value -22,929.68

Intrinsic Value

Enterprise Value -24,443.76
Net Debt -12.44
Equity Value -24,431.32
Shares Outstanding 12.93
Equity Value Per Share -1,888.86