Discounted Cash Flow (DCF) Analysis Unlevered

T2 Biosystems, Inc. (TTOO)

$0.0807

+0.00 (+2.28%)
All numbers are in Millions, Currency in USD
Stock DCF: -587.87 | 0.0807 | overvalue

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 10.508.3318.1328.0622.3029.6239.3352.2369.3592.09
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 2.453.641.712.542.275.677.539.9913.2717.62
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 50.8111.0342.1932.2410.3359.8479.46105.51140.11186.04
Total Cash (%)
Account Receivables 1.792.835.105.132.166.348.4211.1814.8419.71
Account Receivables (%)
Inventories 2.683.603.643.914.287.229.5912.7316.9022.45
Inventories (%)
Accounts Payable 0.743.752.062.831.304.706.248.2911.0114.62
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 10.508.3318.1328.0622.3029.6239.3352.2369.3592.09
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 2.453.641.712.542.275.677.539.9913.2717.62
Accounts Receivable --1.04-2.27-0.042.97-4.18-2.08-2.76-3.67-4.87
Inventories --0.92-0.04-0.27-0.38-2.93-2.37-3.14-4.17-5.54
Accounts Payable -3.01-1.700.77-1.543.411.542.052.723.61
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