Discounted Cash Flow (DCF) Analysis Unlevered
T2 Biosystems, Inc. (TTOO)
$0.5433
+0.03 (+5.50%)
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 | 4.67 | 10.50 | 8.33 | 18.13 | 28.06 | 47.47 | 80.30 | 135.85 | 229.81 | 388.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -50.58 | -42.02 | -48.02 | -39.58 | -40.12 | -229.89 | -388.91 | -657.94 | -1,113.05 | -1,882.97 |
| EBITDA (%) | ||||||||||
| EBIT | -53.52 | -44.47 | -51.66 | -41.29 | -42.66 | -243.99 | -412.76 | -698.28 | -1,181.30 | -1,998.44 |
| EBIT (%) | ||||||||||
| Depreciation | 2.94 | 2.45 | 3.64 | 1.71 | 2.54 | 14.10 | 23.85 | 40.35 | 68.26 | 115.47 |
| 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 | 41.80 | 50.81 | 11.03 | 42.19 | 32.24 | 176.54 | 298.66 | 505.25 | 854.75 | 1,446 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.47 | 1.79 | 2.83 | 5.10 | 5.13 | 10.19 | 17.24 | 29.16 | 49.33 | 83.46 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.34 | 2.68 | 3.60 | 3.64 | 3.91 | 12.48 | 21.11 | 35.72 | 60.43 | 102.22 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.65 | 0.74 | 3.75 | 2.06 | 2.83 | 8.30 | 14.04 | 23.76 | 40.19 | 67.99 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.48 | -0.59 | -0.76 | -0 | -0.46 | -6.60 | -11.16 | -18.88 | -31.94 | -54.04 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.5,433 |
|---|---|
| Beta | 0.316 |
| Diluted Shares Outstanding | 2.43 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 11.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.990 |
| Total Debt | 57.15 |
| Total Equity | 1.32 |
| Total Capital | 58.47 |
| Debt Weighting | 97.75 |
| Equity Weighting | 2.25 |
| 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 | 4.67 | 10.50 | 8.33 | 18.13 | 28.06 | 47.47 | 80.30 | 135.85 | 229.81 | 388.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -50.58 | -42.02 | -48.02 | -39.58 | -40.12 | -229.89 | -388.91 | -657.94 | -1,113.05 | -1,882.97 |
| EBIT | -53.52 | -44.47 | -51.66 | -41.29 | -42.66 | -243.99 | -412.76 | -698.28 | -1,181.30 | -1,998.44 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -53.52 | -44.47 | -51.66 | -41.29 | -42.66 | -243.99 | -412.76 | -698.28 | -1,181.30 | -1,998.44 |
| Depreciation | 2.94 | 2.45 | 3.64 | 1.71 | 2.54 | 14.10 | 23.85 | 40.35 | 68.26 | 115.47 |
| Accounts Receivable | - | -1.32 | -1.04 | -2.27 | -0.04 | -5.06 | -7.05 | -11.92 | -20.17 | -34.13 |
| Inventories | - | -1.33 | -0.92 | -0.04 | -0.27 | -8.57 | -8.63 | -14.60 | -24.71 | -41.80 |
| Accounts Payable | - | 0.10 | 3.01 | -1.70 | 0.77 | 5.47 | 5.74 | 9.71 | 16.43 | 27.80 |
| Capital Expenditure | -2.48 | -0.59 | -0.76 | -0 | -0.46 | -6.60 | -11.16 | -18.88 | -31.94 | -54.04 |
| UFCF | -53.06 | -45.17 | -47.73 | -43.59 | -40.11 | -244.65 | -410.01 | -693.63 | -1,173.43 | -1,985.12 |
| WACC | ||||||||||
| PV UFCF | -219.67 | -330.57 | -502.14 | -762.75 | -1,158.63 | |||||
| SUM PV UFCF | -2,973.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.37 |
| Free cash flow (t + 1) | -2,024.83 |
| Terminal Value | -21,609.66 |
| Present Value of Terminal Value | -12,612.67 |
Intrinsic Value
| Enterprise Value | -15,586.43 |
|---|---|
| Net Debt | 34.90 |
| Equity Value | -15,621.34 |
| Shares Outstanding | 2.43 |
| Equity Value Per Share | -6,437.46 |