Discounted Cash Flow (DCF) Analysis Unlevered

T2 Biosystems, Inc. (TTOO)

$0.5433

+0.03 (+5.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -6,437.46 | 0.5433 | 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 4.6710.508.3318.1328.0647.4780.30135.85229.81388.78
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 2.942.453.641.712.5414.1023.8540.3568.26115.47
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 41.8050.8111.0342.1932.24176.54298.66505.25854.751,446
Total Cash (%)
Account Receivables 0.471.792.835.105.1310.1917.2429.1649.3383.46
Account Receivables (%)
Inventories 1.342.683.603.643.9112.4821.1135.7260.43102.22
Inventories (%)
Accounts Payable 0.650.743.752.062.838.3014.0423.7640.1967.99
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 4.6710.508.3318.1328.0647.4780.30135.85229.81388.78
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 2.942.453.641.712.5414.1023.8540.3568.26115.47
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 -0.103.01-1.700.775.475.749.7116.4327.80
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