Discounted Cash Flow (DCF) Analysis Unlevered
T2 Biosystems, Inc. (TTOO)
$0.0807
+0.00 (+2.28%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10.50 | 8.33 | 18.13 | 28.06 | 22.30 | 29.62 | 39.33 | 52.23 | 69.35 | 92.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -42.02 | -48.02 | -39.58 | -40.12 | -53.98 | -93.57 | -124.25 | -164.99 | -219.09 | -290.92 |
| EBITDA (%) | ||||||||||
| EBIT | -44.47 | -51.66 | -41.29 | -42.66 | -56.25 | -99.24 | -131.78 | -174.98 | -232.36 | -308.55 |
| EBIT (%) | ||||||||||
| Depreciation | 2.45 | 3.64 | 1.71 | 2.54 | 2.27 | 5.67 | 7.53 | 9.99 | 13.27 | 17.62 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 50.81 | 11.03 | 42.19 | 32.24 | 10.33 | 59.84 | 79.46 | 105.51 | 140.11 | 186.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.79 | 2.83 | 5.10 | 5.13 | 2.16 | 6.34 | 8.42 | 11.18 | 14.84 | 19.71 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.68 | 3.60 | 3.64 | 3.91 | 4.28 | 7.22 | 9.59 | 12.73 | 16.90 | 22.45 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.74 | 3.75 | 2.06 | 2.83 | 1.30 | 4.70 | 6.24 | 8.29 | 11.01 | 14.62 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.59 | -0.76 | -0 | -0.46 | -0.34 | -1.06 | -1.41 | -1.87 | -2.49 | -3.31 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.0,807 |
|---|---|
| Beta | 0.337 |
| Diluted Shares Outstanding | 5.10 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 10.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.379 |
| Total Debt | 59.22 |
| Total Equity | 0.41 |
| Total Capital | 59.63 |
| Debt Weighting | 99.31 |
| Equity Weighting | 0.69 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10.50 | 8.33 | 18.13 | 28.06 | 22.30 | 29.62 | 39.33 | 52.23 | 69.35 | 92.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -42.02 | -48.02 | -39.58 | -40.12 | -53.98 | -93.57 | -124.25 | -164.99 | -219.09 | -290.92 |
| EBIT | -44.47 | -51.66 | -41.29 | -42.66 | -56.25 | -99.24 | -131.78 | -174.98 | -232.36 | -308.55 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -44.47 | -51.66 | -41.29 | -42.66 | -56.25 | -99.24 | -131.78 | -174.98 | -232.36 | -308.55 |
| Depreciation | 2.45 | 3.64 | 1.71 | 2.54 | 2.27 | 5.67 | 7.53 | 9.99 | 13.27 | 17.62 |
| Accounts Receivable | - | -1.04 | -2.27 | -0.04 | 2.97 | -4.18 | -2.08 | -2.76 | -3.67 | -4.87 |
| Inventories | - | -0.92 | -0.04 | -0.27 | -0.38 | -2.93 | -2.37 | -3.14 | -4.17 | -5.54 |
| Accounts Payable | - | 3.01 | -1.70 | 0.77 | -1.54 | 3.41 | 1.54 | 2.05 | 2.72 | 3.61 |
| Capital Expenditure | -0.59 | -0.76 | -0 | -0.46 | -0.34 | -1.06 | -1.41 | -1.87 | -2.49 | -3.31 |
| UFCF | -42.62 | -47.73 | -43.59 | -40.11 | -53.26 | -98.34 | -128.57 | -170.72 | -226.70 | -301.03 |
| WACC | ||||||||||
| PV UFCF | -89.20 | -105.79 | -127.43 | -153.49 | -184.89 | |||||
| SUM PV UFCF | -660.81 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.24 |
| Free cash flow (t + 1) | -307.05 |
| Terminal Value | -3,726.34 |
| Present Value of Terminal Value | -2,288.69 |
Intrinsic Value
| Enterprise Value | -2,949.50 |
|---|---|
| Net Debt | 48.89 |
| Equity Value | -2,998.38 |
| Shares Outstanding | 5.10 |
| Equity Value Per Share | -587.87 |